By Sadig Javadov

Copyright trend

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

“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

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

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