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Akbar Novruz

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“We are all well aware of the threat that the climate crisis poses to the world. We also know that African countries, despite contributing the least to global emissions, will be at the forefront of these challenges. We are all here because we share a common vision for Africa’s climate-resilient and prosperous future. The continent has the potential to become a global leader in the transition to zero emissions,” said Mukhtar Babayev, the Special Representative of the President of the Republic of Azerbaijan for Climate Issues and the President of COP29, speaking at the Second African Climate Summit (ACW), Azernews reports.

During his address, M. Babayev drew attention to the challenges that Africa faces in combating the climate crisis, noting the disproportionate risks borne by countries with the lowest share of global emissions. He thanked the Ethiopian Government and the African Union for hosting the summit, emphasizing that “the climate crisis is a serious threat on a global scale, and that African countries with the lowest emission share are at the forefront of these threats.”

Highlighting Africa’s youthful and ambitious population, as well as its abundant renewable energy, mineral, and natural resources, M. Babayev stressed that these opportunities are still underutilized. He cited the example that, although Africa has 40 percent of the global solar energy potential, only 1 percent of its installed capacity is used.

Noting Azerbaijan’s active participation in the summit to explore new partnerships and investment opportunities, M. Babayev underscored the importance of the “Mission 300” initiative, recalling Azerbaijan’s support during the Africa Energy Summit in Dar es Salaam, Tanzania, in January.

“Such programs will only succeed if real implementation mechanisms are implemented for developing countries. At COP29, we took historic steps in this direction. Developed countries pledged to allocate $300 million in climate finance annually by 2035. At the same time, we adopted a new target to mobilize $1.3 trillion in annual finance for developing countries,” said M. Babayev.

He also highlighted Azerbaijan’s role in defining rules for highly reliable carbon markets, which could be worth $1 trillion annually. “The main issue now is the fulfillment of the commitments made. The COP29 Presidency will keep an eye on the implementation of every promise and continue cooperation with partners to make the global financial system work better for people and the planet,” he added.