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
The total value of foreign currency transactions between banks and individuals in Uzbekistan reached 14.5 billion U.S. dollars in the first six months...
North Korea has stopped foreign tourists from visiting its new Wonsan-Kalma resort just weeks after it welcomed the first Russian visitors....
U.S. President Donald Trump says Coca-Cola has agreed to use real cane sugar in the U.S., though the company has not confirmed the claim....
U.S. markets closed mostly flat Friday, capping a third winning week out of four....
Netflix has used generative artificial intelligence to produce a visual effects scene in an original series for the first time, marking a new step for...
The total value of foreign currency transactions between banks and individuals in Uzbekistan reached 14.5 billion U.S. dollars in the first six months of 2025, reflecting a 24% increase year on year.
The South Caucasus—comprising Armenia, Azerbaijan, and Georgia—has long been a geopolitical crossroads where regional and global powers intersect.
China has accused foreign intelligence agencies of smuggling rare earth metals out of the country by manipulating shipping logistics and recruiting insiders, according to a statement from the Ministry of State Security.
An explosion at a Los Angeles County Sheriff's Department training facility has reportedly claimed the lives of three deputies, according to local media reports on Friday. However, officials have not yet confirmed any casualties.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
Germany's export slump since 2021 is largely driven by deep-rooted competitiveness issues, the Bundesbank warned in its latest report, calling for urgent structural reforms.
Israeli researchers have unveiled an artificial intelligence tool that can determine a person’s true biological age from tiny DNA samples with remarkable precision.
Two Harry Potter actresses, Emma Watson and Zoe Wanamaker, have each received a six-month driving ban after separate speeding offences, both sentenced on the same day at a Buckinghamshire court.
The total value of foreign currency transactions between banks and individuals in Uzbekistan reached 14.5 billion U.S. dollars in the first six months of 2025, reflecting a 24% increase year on year.
Syrian security forces are preparing to redeploy to the Druze-majority city of Sweida in the south of the country after a brief ceasefire collapsed, reigniting clashes with Bedouin tribes, according to the Syrian Interior Ministry.
Pope Leo said on Thursday he hopes to travel to Türkiye later this year for the 1,700th anniversary of a major Christian Church summit, in what would be the first foreign trip of his papacy.
United Nations Secretary-General António Guterres announced on Thursday that the latest discussions on Cyprus were "constructive" and that progress had been made on several initiatives.
Turkish President Tayyip Erdoğan has called Israel 'a terrorist state', stating that its aggression poses a threat to the entire region.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment