СOP29 Launches Baku Initiative Dialogue On Climate Finance, Investment & Trade (PHOTO)

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 17. The Baku Initiative for Climate Finance investment and Trade (BICFIT) Dialogue, one of the key initiatives of the COP29 presidency, is set to be implemented in collaboration with the United Nations Conference on Trade and Development (UNCTAD), the United Nations Development Program (UNDP), the World Trade Organization (WTO), and the International Trade Centre (ITC), Trend reports via the Azerbaijani Ministry of Economy.

The relevant chairs of the conference of Parties (COP) to the United Nations Framework convention on Climate Change (UNFCCC), various international organizations, multilateral development banks, climate funds, civil society organizations, global think tanks, and academic institutions are contributing to and supporting this initiative.

The initiative was launched to support the UNFCCC and the Paris Climate Agreement, with the goal of creating an innovative, comprehensive dialogue and partnership platform to strengthen the links between finance, investments, trade, and sustainable development. It involves global climate, development, and trade partners, along with other stakeholders.

The Minister of Economy Mikayil Jabbarov emphasized the importance of the event in promoting climate trade policy, especially for developing countries.

He pointed out that the BICFIT Dialogue would be an effective mechanism for joint actions and attracting direct foreign investments to enhance the capacity for climate financing and trade.

Jabbarov stressed that the new initiative will stimulate the development of successful institutional partnerships for international efforts to strengthen the global green and just transition.

The minister mentioned that the Baku Climate Coalition Declaration on the green transition of small and medium-sized enterprises has been made open for others to join.

The event featured opening speeches from leading partners of the event - UNCTAD Secretary-General Rebeca Grynspan and UNDP Administrator Achim Steiner.

Moderated by Tim Cheston, Chief Research Manager at the Growth Lab at Harvard University, and Patricia Ellen da Silva, co-founder of the Aya Coalition, the event also featured speeches from WTO Director-General Ngozi Okonjo-Iweala, Executive Director of the International Trade Centre Pamela Coke-Hamilton, and Executive Director of the International Finance Corporation Makhtar Diop.

The session, which included representatives from the public and private sectors, international organizations, business associations, academia, and financial institutions, discussed innovative approaches to shaping climate, financial, investment, and trade policies, strengthening international cooperation to achieve climate goals, and aligning approaches to climate action with sustainable development.

Ministers and other high-level representatives from Morocco, Egypt, the UAE, Brazil, Australia, the Dominican Republic, and other countries expressed their support for the initiative.

In his closing remarks, COP29 Lead Negotiator, Deputy Foreign Minister of Azerbaijan Yalchin Rafiyev highlighted that the discussions and broad representation at the event reflect the need for a coordinated, multisectoral, and multilateral approach to addressing climate change, alongside development considerations.

He emphasized the importance of the global innovative platform provided by the BICFIT Dialogue.

The BICFIT Dialogue will serve as a global platform to support the development of comprehensive approaches, facilitate knowledge sharing, promote climate investments, and jointly seek solutions through dialogue.

The initiative will facilitate the exchange of information and experiences, coordination, and other partnerships, contributing to the development, structuring, and preparation of specific climate projects that will better align climate actions with development goals.

At the conclusion of the event, a Joint Declaration on the BICFIT Dialogue was adopted by former, current, and future COP presidents.

To note, the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened at the Baku Olympic Stadium on November 11. It is the largest event organized by Azerbaijan to date, and the first time in the region that it is being held in Azerbaijan.

Within COP29, the highest level event - the summit of world leaders on climate action - was held on November 12–13.

The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.

In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.

The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for“Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.

A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.

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