As the first country in our region to host COP, Azerbaijan recognized that it bears a special responsibility. We need the world to understand the climate challenges our people face, from melting glaciers to drying seas. And we wanted to show everyone how we can play a key role in building solutions, with our rich renewable energy potential and our plans to create green energy corridors. During COP29, we made many historic strides forward, stated the President's Representative for Climate Issues, President of the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), Mukhtar Babayev, in Uzbekistan during the first Samarkand International Climate Forum on "Central Asia in the Face of Global Climate Challenges: Consolidation for Common Prosperity."

In his speech, Babayev highlighted the significant outcomes of COP29, noting the agreement to mobilize at least $300 billion annually for developing countries by 2035. "We completed the work on the carbon markets framework under Article 6 of the Paris Agreement. We launched the Loss and Damage Fund, and over 50 countries endorsed the COP29 Green Energy Zones and Corridors Pledge, among other key achievements. These breakthroughs in Baku are significant. They have strengthened the multilateral system and will unlock trillions of dollars in climate finance during the second decade after the Paris Agreement. I would like to thank everyone who contributed to these accomplishments," emphasized the COP29 President.

Babayev acknowledged the evolving global situation this year, with different challenges for each state. He explained, "We spent ten years since the Paris Agreement’s adoption building the architecture for a multilateral climate system. Now, we are in full implementation mode. Progress will no longer depend solely on collective agreements but on individual actions. We all must step up. First, having agreed on the financial goal set in Baku, we now need a pact."

He further stressed the need for donors to outline their contributions to achieving the $300 billion target. "I am grateful for the continued engagement of colleagues from multilateral development banks and institutions. The goal was a collective commitment, and it must be fulfilled together," Babayev stated.

Looking ahead, he outlined the next steps for advancing climate finance: "We will continue engaging all stakeholders to develop the Baku to Belém Roadmap to increase climate finance to $1.3 trillion annually by 2035. This is a crucial year for all countries to raise their ambitions in the next generation of national climate plans."

We all need to develop plans for how we will reduce emissions, known as Nationally Determined Contributions (NDCs). It is crucial that these NDCs are submitted no later than September. This will mean they can be synthesized in time for COP30, where we can take stock of our collective progress.

Then we will need national adaptation plans for how we will prepare for the impacts of climate change. And finally, we need to submit our first transparency reports to build trust and confidence. As a developing country, Azerbaijan understands the complexity of preparing such reports. We organized capacity-building workshops in Baku. We worked with the entire UN system to mobilize support. Today, assistance is available to everyone who needs it. We also believe that everyone has a direct interest in ensuring that these reports are as robust and credible as possible. Because robust and credible reports can give the green light to green investments. Setting goals and deadlines, prioritizing, demonstrating government commitment to climate action, and reporting transparently will send strong market signals. These signals will attract and direct capital. The only way to shape our future is through collective action," concluded the COP29 President.