Azernews.Az

“The Baku-to-Belém Roadmap demonstrates that achieving $1.3 trillion in annual climate finance by 2035 is within reach,” said Mukhtar Babayev, COP29 President and Representative of the President of Azerbaijan on Climate Issues, during the High-Level Event on the Roadmap held at COP30 in Belém, Brazil, Azernews reports.

The COP29 President conveyed important messages regarding the future climate finance goals and enhancing global cooperation.

“We must acknowledge the scale of the challenge before us. We are trying to intervene in the normal functioning of the world economy. We are attempting to direct the forces of global finance. This is an immense task. Success will require great political will. It will need sustained focus. It will demand relentless action from all of us. And it will need coordination with many people who are not in this room,” he noted.

“As policymakers read every recommendation and action point, they must remember the importance of this mission. Finance is essential to deliver climate action. And this roadmap comes as we ask countries to submit their next generation of climate plans. Reaching the highest possible ambition in these plans requires record investment. But so far, climate finance has failed to reach the developing world at the speed or scale needed. Countries simply cannot cut emissions or protect communities if they cannot count on capital,” the COP President mentioned.

“And at the heart of the 1.3 trillion-dollar target is the 300-billion-dollar public pledge. This is the core element of the Baku Finance Goal. Because grant-based and concessional public finance is essential. It is needed to support those who have done the least to cause this crisis but face its worst impacts with the fewest means to respond,” Mukhtar Babayev stated.

Noting that the 300-billion-dollar target was a shared commitment, the COP29 President added: “But it will require national action – country by country. Too often when we set a target for everyone, no one steps up. Collective responsibility can undermine individual accountability. That must change. And we can start with each country publishing how they plan to contribute their fair share over the next ten years. The COP29 Presidency will continue to hold donors to account for the promises they made in Baku.”

Speaking at the event, Yalchin Rafiyev, COP29 Lead Negotiator and Azerbaijan’s Deputy Foreign Minister, highlighted the key COP29 achievements and the role of Azerbaijani diplomacy in climate.

Rafiyev said the concept of “Baku-to-Belém” is not only a technical transition, but also the embodiment of sustainability of goals and shared responsibility.

Noting that climate finance plays a key role in global climate action, Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), stated: “Climate finance is the lifeblood of successful climate action.”

“At COP29 we finished the first decade after the Paris Agreement by closing the rulebook and setting a goal for the future. We are now in the first full implementation cycle, with COP30 as the moment to begin the decade of delivery. And on finance, this decade must be guided by the roadmap,” Mukhtar Babayev concluded.

Brazil's COP30 President, Ambassador André Corrêa do Lago, underlined that since he was elected as COP President just five days ago, he will continue to do whatever it takes to bring the $1.3 trillion goal closer to reality over the next 360 days.