Azerbaijan’s Foreign Minister, Jeyhun Bayramov, delivered a compelling address at the 79th session of the United Nations General Assembly, focusing on the COP29 Presidency’s priorities. Bayramov highlighted the critical need for fully functional carbon markets as a vital step in achieving national climate targets. “The COP29 Presidency is working with all Parties to reach a resolution on carbon markets this year. A well-established carbon market will be a significant step towards cost-effective fulfilment of nationally determined contributions (NDCs) and enhancing mitigation efforts,” he stated.
COP29 Presidency’s Ambitious Agenda on Carbon Markets and Climate Finance
To support a comprehensive approach, Azerbaijan has proposed 14 initiatives that span various aspects of climate and sustainability. These include connections between climate action and sustainable development goals, the establishment of green energy zones and corridors, innovations in energy storage, support for climate resilience, advancements in agriculture, clean hydrogen, methane reduction from organic waste, and green digital action.
Among these, the COP29 Action Agenda introduces the Climate Finance Action Fund—an innovative climate finance source, to be funded voluntarily by fossil fuel-producing countries and corporations.
Building Peace Amidst Climate Challenges
Bayramov emphasised that COP29 offers a unique opportunity to bridge divides and contribute both to global peace and the climate agenda. Given the intensifying challenges posed by the global climate crisis, Azerbaijan has put forward the COP29 Truce Initiative, part of a Joint Solemn Appeal issued recently. This initiative encourages parties to set aside differences for the duration of COP29 to allow for collective progress on urgent climate goals. “Over a thousand NGOs, faith leaders, prominent figures, and numerous parties have already joined this Appeal. We call on all to put political divergences aside, stand united, and honour the Truce throughout COP29,” Bayramov urged.
Bayramov’s address highlighted Azerbaijan’s commitment to ambitious climate action, financial innovation, and promoting unity, emphasising that these initiatives will drive momentum toward a more sustainable and peaceful global future.
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