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
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