Mukhtar Babayev: We are working together with Brazilian team to prepare a $1.3 trillion program

After the success of the COP29, too much ambitious programs declared at this forum. Now, there are new challenges on the agenda. Some countries already have own little bit different policy, said Mukhtar Babayev, Representative of the President of Azerbaijan on Climate Issues, COP29 President, as he addressed the panel session on “COP29 Energy deliverables — Pathway to a Sustainable Energy Future” held as part of Baku Energy Forum.

According to him, especially the withdrawal of the U.S from the climate agenda makes some impact on the process of implementation of the outcomes.

“But other countries, donor countries, especially who took the pledges at Baku, have already started the preparation how to perform it. COP29 achieved historic outcomes, $300 billion agreed in Baku. It's the first time ever in UN climate discussions, this level achieved. And this was very big success of Baku discussions. Finally, we agreed $300 billion. Another very big program adopted at COP29 is a program of preparation of Baku to Belem. Now, the Azerbaijani team, together with Brazilian team, are working to prepare a $1.3 trillion program. It means that we need to identify what kind of additional sources of finance we can invite for the climate agenda,” Babayev mentioned.

“When we are talking about the climate finance, we're talking not only about donors and consumers or beneficiaries of this climate contributions, but we need to also look to the big South-South cooperation. For us now, it is very important time, and it is quite intense and complicated work to prepare this work. We are working very intensively with the international financial institutions and the private sector, because private sector is a big source of the climate finance now,” he added.