BAKU, Azerbaijan, September 29. Azerbaijan is advancing the Baku-Belem Roadmap to mobilize climate finance from all sources, aiming to reach an annual target of $1.3 trillion, said Mukhtar Babayev, Azerbaijan’s Presidential Envoy for Climate Affairs and President of COP29, Trend reports.
While addressing the Baku Climate Action Week (BCAW), Babayev reminisced that just a year back, Azerbaijan was gearing up to roll out the red carpet for COP29.
"At that time, the world’s attention was on us. Many doubted that a small country could shoulder such a significant responsibility successfully. Deep divisions in the international community also raised questions about whether joint decisions could be achieved. The year 2024, marked by elections, wars, and economic crises, was one of the most challenging for international cooperation.
However, under the leadership of President Ilham Aliyev, Azerbaijan embraced this responsibility as both a moral duty and a strategic opportunity. Hosting COP29 was crucial for demonstrating that any country can lead and deliver results. Azerbaijan benefited greatly from the process, hosting 70,000 participants and over 80 world leaders, marking the second-largest COP in history. We invested in human capital, trained a new generation of negotiators, policy experts, and organizers, and established international partnerships. We proved to the world that even the greatest challenges can be overcome," he stated.
Babayev shone a light on the standout victories of COP29, wrapping up the long-delayed carbon market talks, which will funnel a mountain of money into climate initiatives in developing nations.
"Azerbaijan’s banking sector committed $1.2 billion to green projects, while the Asian Development Bank allocated $3.5 billion for glacier protection. International financial institutions have pledged to provide $170 billion annually by 2030, and global asset managers overseeing more than $10 trillion in assets have joined these initiatives.
Additionally, the newly established fund for losses and damages is now operational and ready to distribute resources this year. Among the most significant outcomes of COP29 in Baku was the adoption of an ambitious new financial goal: donor countries committed to mobilizing at least $300 billion in annual climate finance from 2035, marking the largest target ever set within the United Nations framework. Azerbaijan is now collaborating with Belem to prepare the Baku-Belem Roadmap, aiming to scale financing from all sources to $1.3 trillion annually.
These substantial commitments will translate into real-world impact. Initiatives have also been launched across a broad spectrum of sectors, including peace, energy storage, infrastructure networks, hydrogen, digitalization, methane reduction, urban development, tourism, and water management. Complementary programs in trade, investment, human development, agriculture, and transparency are also underway, designed to deliver lasting benefits for years to come," the official added.
Babayev indicated that the presidency of COP29 continues to engage dynamically.
"We are holding countries accountable for the commitments they made in Baku. This month, alongside Secretary-General Antonio Guterres at the UN General Assembly in New York, we reminded donor nations of their pledges. At the same time, we are forging new partnerships and preparing for the World Urban Forum, set to take place in Baku in 2026.
I would like to extend my deepest gratitude to everyone who contributed to the success of COP29. The vision and leadership of President Ilham Aliyev, the coordinated efforts of ministries and state agencies, the support of business representatives, the dedication of civil society, the hospitality and energy of thousands of volunteers, and the tireless work of the COP29 team—all of this became integral to our achievement. It was a true demonstration of national solidarity.
We have shown that when a nation unites around a common goal, anything is possible. We proved that countries can reach agreements, the multilateral system can function effectively, and Azerbaijan can assert its voice on the global stage. Our responsibility now is clear: to deliver on the promises made in Baku, cultivate new partnerships, and safeguard our shared future.
As we open the second Baku Climate Action Week, let us carry forward the spirit of COP29, marked by solidarity and ambition. Let us remember that every action matters, every fulfilled promise inspires hope, and every new partnership strengthens our ability to build a safer, greener, and more peaceful world," he concluded.
The Baku-Belem Roadmap is a political commitment from COP29 in Baku, Azerbaijan, to develop actionable steps to scale up global climate finance to at least $1.3 trillion annually by 2035, specifically for developing countries. It aims to define a pathway to meet this ambitious financial goal by reforming international financial institutions, mobilizing private investment, expanding concessional finance, and supporting policies that foster climate-resilient development. The roadmap's work is being guided by the presidencies of COP29 in Baku and COP30 in Belém, Brazil, with a final report expected by the conclusion of COP30 in November 2025.
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