Azerbaijan is advancing its global climate leadership with an ambitious new initiative to expand climate financing to $1.3 trillion, in collaboration with Brazil, following the landmark COP29 summit held in Baku.
The announcement was made by Mukhtar Babayev, Special Representative of the President of Azerbaijan on Climate Issues and COP29 President, during the Baku Energy Forum.
The roadmap, titled “From Baku to Belém”, symbolizes a strategic bridge between COP29 and the upcoming COP30, which will be hosted in Belém, Brazil in 2026. Babayev emphasized that the initiative represents a new phase in international climate finance and underscores Azerbaijan's commitment to maintaining momentum on the global climate agenda.
“We are determined to uphold our leadership in climate diplomacy. The success of COP29 laid the foundation, and now we are inviting all international partners—governments, energy companies, and climate investors—to join us in this effort,” Babayev said.
From $300 Billion to $1.3 Trillion
COP29 had already marked a historic achievement with the mobilization of $300 billion in climate finance—the largest such financial commitment ever agreed under the UN climate negotiations framework. While some nations had pushed for even more substantial pledges, Babayev noted that the $300 billion target was a realistic compromise, sourced primarily from public funds and donor contributions.
The $1.3 trillion roadmap aims to dramatically expand this commitment by leveraging private sector investments, international financial institutions, philanthropic foundations, and South-South cooperation mechanisms. The plan aligns with global calls for scaled-up funding to support mitigation, adaptation, and loss-and-damage efforts, particularly in vulnerable and developing nations.
Strategic Partnership with Brazil
The cooperation with Brazil—a key player in both climate and biodiversity issues—highlights the strengthening of Global South alliances in addressing climate change. The roadmap is expected to feed into policy discussions and financing strategies at COP30 in Brazil.
Next Steps
As Azerbaijan solidifies its post-COP29 leadership, the government is expected to host further multilateral dialogues, investor summits, and sector-specific working groups in Baku in the lead-up to COP30. The “From Baku to Belém” initiative could serve as a cornerstone in redefining the scale and structure of international climate finance in the years ahead
U.S. President Donald Trump has called for Iran to pay compensation for decades of deaths and damage, adding a new demand to peace talks as Tehran see...
As Russian officials praise Georgia’s “pragmatic” approach towards Moscow, Prime Minister Irakli Kobakhidze has explained why he will not descri...
Europe is facing more frequent and prolonged extreme heat, with climate change making heatwaves increasingly intense and widespread, the World Meteoro...
One hundred years after the First World War and more than eighty years after the devastation of the Second World War gave rise to the United Nations, humanity once again finds itself living in an age of permanent crisis.
Flights arriving at Catania airport in eastern Sicily were suspended after volcanic ash from a new eruption of Mount Etna drifted into the airspace around the airport, disrupting operations at one of Italy’s busiest aviation hubs.
For months, efforts to secure the Red Sea have focused on what is happening in the water. Naval deployments have increased, governments have expanded maritime cooperation and shipping companies have adapted to persistent security threats.
Greenland has issued a “strong warning” to a U.S. oil company linked to President Donald Trump after drilling equipment was brought ashore without the required government approvals, according to British media.
Iran said it was nearing a final pact with Oman defining new shipping lanes between them through the Strait of Hormuz but repeated that the U.S. must meet other conditions.
As Russian officials praise Georgia’s “pragmatic” approach towards Moscow, Prime Minister Irakli Kobakhidze has explained why he will not describe Russia as an “enemy”.
Kazakhstan has begun building the Beineu-Saksaulsk highway, a new Middle Corridor link expected to shorten freight journeys between China and Europe by around 1,000 kilometres and reduce delivery times by up to three days.
Russia has welcomed what it describes as a shift in Georgia’s approach to the August 2008 war, praising statements that place responsibility for the conflict on former President Mikheil Saakashvili and his government.
Uzbekistan has secured preferential tariffs for fertiliser and petroleum product shipments through Kazakhstan’s Kuryk port to Georgian ports, as Uzbek cargo volumes across the Caspian continue to rise.
Police in eastern India used tear gas, batons and water cannon on Monday to disperse thousands of young protesters marching on the Jharkhand state legislature over alleged irregularities in civil service examinations.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment