
The agreements on carbon markets reached at COP29 held in Baku open new opportunities for private sector participation in the green transition, Azerbaijan’s Minister of Ecology and Natural Resources, Mukhtar Babayev, stated during his speech at the World Economic Forum’s session titled “The Road to COP30,” Report informs.
“The results of COP29 are a great success for the entire world,” Babayev said.
The minister also noted that the COP29 team has prepared a program that will help increase climate financing: “We have prepared a program to increase contributions up to $1.3 trillion and to actively engage the International Bank for Reconstruction and Development, the private sector, and all other stakeholders in contributing to the climate agenda.”
He also emphasized that Azerbaijan plans to work closely with the COP30 Brazil team: “I think a lot of work awaits us this year. These are new challenges, but they also open up new opportunities that we must definitely take advantage of.”