During his address at the 79th session of the United Nations General Assembly in New York, Azerbaijan Foreign Minister Jeyhun Bayramov shared the key points that will be discussed at the COP29 summit, to be hosted by his country in the period between 11 and 22 November.
The outlined focal points include advancing the development of fully functional carbon credit markets and establishing a Climate Finance Action Fund.
The novel fund is envisioned to serve as a source for climate finance pooled from voluntary contributions made by countries and companies active in the fossil fuel industry. The collected funds will go towards the creation of climate projects in developing countries.
As announced by Bayramov, the COP29 Action Agenda will include 14 new initiatives intended to accelerate climate action and stimulate a transition towards sustainability.
These initiatives cover topics such as zones and corridos for green energy, energy storage, strengthening climate resilience, clean hydrogen, reducing methane from organic waste, and catalyzing green action in the digital sphere.
On September 29, 2024, International Peace Day, the presidency of COP29 officially launched the Joint Solemn Appeal for a COP29 Truce.
Following this publication, the climate event in Baku will introduce the COP29 Truce Initiative, promoting peace during the summit and giving attendants “an opportunity to set differences aside and contribute to global peace and the climate agenda,” as noted by Bayramov.
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According to him, more than 1,000 bodies have already endorsed the Truce Initiative, including various non-governmental organizations (NGOs), faith leaders, several countries and governments, and esteemed individuals.
Bayamon stated, “We call on everyone to transcend political divergences, stand in unity, and respect the Truce during the month of COP29.”
In this year’s edition, the COP29 summit, pressed by a dynamic geopolitical scene and ongoing conflicts, will provide a global neutral space where leaders, policymakers, climate advocates, and other relevant stakeholders can address urgent climate issues and map out future action to address the climate crisis.
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