Azerbaijan Aims To Attract More Investments In Agri-Food System - COP29 President

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 19. Azerbaijan is looking to enhance the appeal of investments in its agri-food system, COP29 President, Minister of Ecology and Natural Resources Mukhtar Babayev said during the COP29 event themed "Launch of Baku Harmoniya Climate Initiative for Farmers: Empowering Farmers for Climate Resilience" today, Trend reports.

"We want to make investments in the agri-food system more attractive. By working with multilateral development banks and private financial institutions, we aim to secure funding for sustainable agriculture. Partnerships will be a key factor in this process," he said.

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 Presidency 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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