BAKU, Azerbaijan, October 30. The Baku
Initiative for Climate Finance, Investment, and Trade (BICFIT) will
hold a high-level meeting within COP29, Azerbaijan’s Minister of
Economy Mikayil Jabbarov wrote on his X page, Trend reports.
The minister pointed out that BICFIT represents a promising
opportunity to strengthen global collaboration in areas such as
climate finance, investment, trade, and sustainable
development.
“In a video conference with UNCTAD [United Nations Conference on
Trade and Development] Secretary-General Rebeca Grynspan, we
discussed preparations for the upcoming High-Level Meeting on
BICFIT, scheduled for COP29. We emphasized BICFIT’s potential to
drive inclusive climate finance, harness private sector
contributions, and support global decarbonization efforts,” he
added.
During the meeting, they discussed preparations for the
high-level meeting on BICFIT, which will take place at COP29. It
was noted that BICFIT holds great potential for creating global
synergy by integrating climate financing, investment, trade, and
sustainable development. The discussions within BICFIT are expected
to play a significant role in shaping climate financing on an
inclusive basis, utilizing the private sector’s potential, and
contributing to the global decarbonization efforts.
The initiative encompasses several key goals, including
supporting sustainable development, promoting investments in green
diversification, and facilitating international experience exchange
in this area.
The UN Conference on Trade and Development (UNCTAD) and the
United Nations Development Programme, represented in the relevant
Global Working Group for COP29, are coordinators for the BICFIT
initiative proposed by Azerbaijan.
To note, the 29th session of the Conference of the Parties to
the UN Framework Convention on Climate Change (COP29) will be held
in Azerbaijan in November this year. The decision was made at the
plenary meeting of COP28 held in Dubai on December 11 last
year.
