The first week of the 2024 United Nations Climate Change Conference (COP29), held in Baku, has concluded, with the event running until November 22. As previously reported, the opening days were marked by several key moments. Among them was reaching a consensus on standards for creating carbon credits under Article 6.4 of the Paris Agreement. Additionally, on the first day, priorities were set for achieving the so-called New Collective Quantified Goal for Climate Finance (NCQG). By the third day, NCQG co-chairs released the first draft decision on the new climate finance target. Furthermore, it was announced that the Loss and Damage Response Fund is ready to receive contributions, and the Baku Declaration was adopted.
As part of the COP29 Climate Business, Investment, and Philanthropy Platform (BIPCP), over 1,000 leaders from these fields convened to jointly examine the critical role of the private sector in combating climate change. These leaders, managing assets exceeding $10 trillion, committed to defining concrete steps to accelerate investment in sustainable projects and markets focused on climate actions.
The Asian Development Bank (ADB) launched a regional program to promote sustainable water use and food security in Central Asia, the South Caucasus, and Pakistan, addressing the severe impacts of glacier melting. Supported by the Green Climate Fund (GCF), the program includes risk assessments for glacier melting in Azerbaijan, Kyrgyzstan, Tajikistan, and Uzbekistan. The plan involves mobilizing up to 3.5 billion dollars from various stakeholders to invest in sustainable water use, agriculture, and support for vulnerable communities in mountainous regions.
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Azerbaijan’s banking sector announced plans to allocate 1.2 billion dollars for developing green and sustainable projects in the country by 2030. These funds will support projects that contribute to Azerbaijan’s transition to a low-carbon economy.
Notably, Sweden pledged 19 million euros to the Loss and Damage Fund last week and has now announced a 730 million dollars contribution to the UN Green Climate Fund (GCF).
At COP29, support was extended to the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT), which aims to prioritize climate finance, investment, and trade in the agenda for combating climate change.
Another significant milestone was the launch of the Baku Climate Action for Peace, Assistance, and Recovery Initiative (BCCAP). This initiative addresses the urgent interconnections between climate change, conflicts, and humanitarian needs. It responds to the growing recognition that the adverse effects of climate change—such as water scarcity, food insecurity, land degradation, displacement, and livelihood disruptions—contribute to emerging conflicts and instability, particularly in vulnerable regions.
As part of this initiative, the Baku Center for Climate and Peace Action was established. This platform coordinates activities to support the most vulnerable communities affected by climate and conflict crises.
The United Nations Industrial Development Organization (UNIDO) and the Climate Club launched a Global Connection Platform to accelerate the decarbonization of industrial sectors. Open to all developing countries, this platform provides opportunities to connect with global technical and financial resources to reduce emissions in high-emission industries.
