Jeyhun Bayramov: Climate change requires a revision of global financial goals

Azerbaijani Foreign Minister Jeyhun Bayramov, speaking at the opening of the 4th Climate Week in Baku on September 9, stated that the consequences of climate change have become an obvious reality requiring immediate action. As an example, he cited the significant recession of the Caspian Sea coastline, which has been observed over the last two years.

According to the Foreign Minister, climate change places an additional burden on national economies, which is exacerbated by global instability and market fluctuations. Bayramov emphasized that under these conditions, economic diversification and energy sustainability are becoming key factors of national security.

The Minister noted the importance of decisions made within the framework of COP29 in Baku regarding carbon markets and climate financing. He stressed that the financial goal set in Baku should exceed the $300 billion provided for in the 'Baku-Belém Roadmap.' According to Bayramov's estimates, the potential for mobilizing climate financing could exceed $1 trillion.

Azerbaijan, as the Minister noted, is taking decisive steps at the national level by submitting updated Nationally Determined Contributions (NDCs). The country is actively developing the renewable energy sector: by 2030, it plans to commission about 6 gigawatts of solar and wind generation capacity in 'green zones.'

Bayramov added that Azerbaijan aims to set an example of how traditional energy producers can lead the transition to a sustainable future. This strategy is being implemented in accordance with the vision of President Ilham Aliyev.

Baku's diplomatic activity in the climate sphere continues even after the conclusion of the COP presidency. In particular, the city hosted the 13th Global Forum on sustainable urban development in May, and events dedicated to the UN World Environment Day in June.

Source: trend.az

Prepared by:Gurban Gurbanzadeh