Azerbaijan, Brazil lead push to mobilize $1.3 trillion for climate action

Azerbaijan and Brazil are working with other countries to mobilize $1.3 trillion annually to combat climate change, according to Mukhtar Babayev, the President’s Special Representative on Climate Issues and President of COP29.

Speaking at the 30th Anniversary Baku Energy Forum, Babayev emphasized the growing challenges in the global climate fight. “New obstacles have emerged, as some countries are now adopting divergent approaches. Notably, the United States has pulled back from certain climate negotiations, which has had a negative impact on international efforts,” he said.

Despite these challenges, Babayev noted that many donor nations have already begun preparations to fulfill the commitments they made in Baku.

He also highlighted a major milestone achieved during COP29: “We reached a historic agreement to raise $300 billion in climate financing. While this was a significant achievement, some countries had initially hoped for pledges in the trillions.”

The announcement underscores Azerbaijan’s growing role in global climate diplomacy ahead of hosting COP29 later this year.