Bayramov: COP29 put climate finance for developing states at center

Expanding climate finance for developing countries was one of the key priorities of Azerbaijanchr("39")s COP29 Presidency, Foreign Minister Jeyhun Bayramov said.

According to Olaylar, he made the remarks at the conference "Strengthening Global Solidarity through Humanitarian Assistance and Development Cooperation," dedicated to the 15th anniversary of the Azerbaijan International Development Agency (AIDA).

Bayramov recalled that COP29 in Baku established the New Collective Quantified Goal on Climate Finance (NCQG), which envisages mobilizing at least $300 billion annually by 2035.

He also referred to the Baku to Belém Roadmap, aimed at scaling annual climate finance flows to $1.3 trillion by 2035.

"For developing countries, climate change is not only an environmental challenge. It is also a development, financial and humanitarian issue. Addressing it requires combining financial resources with technical expertise, stronger institutional capacity and investment in human capital," Bayramov said.

He added that another important part of Azerbaijanchr("39")s COP29 legacy is the Baku Climate and Peace Action Hub, established to promote practical cooperation in support of climate-vulnerable and conflict-affected countries.

According to Bayramov, the hub is already bringing together governments, international organizations and financial institutions to mobilize support, strengthen national capacity and develop concrete pilot projects tailored to the needs of vulnerable countries.