BAKU, Azerbaijan, November 13. Efforts to achieve carbon neutrality must be expedited, Azerbaijan's Minister of Economy, Mikayil Jabbarov said at a panel discussion at the COP29 World Leaders’ Climate Summit on the topic "The Power of Collaboration: Unifying Forces for Net-Zero," TurkicWorld reports.
"We are here to collaborate. My response can be broken down into three key points. First, I want to address the principles that should guide our collective efforts. Second, the importance of policy. And third, the vital role of the private sector.
Regarding the principles, we have observed that some approaches have not delivered the results we had hoped for. Let’s start with the principle of inclusivity. In early January, at the Davos forum, we were the first to speak about the COP conference on behalf of the government of Azerbaijan. At that time, the question was: how does Azerbaijan plan to structure its approach? We consider the principle of inclusivity to be central. Throughout this process, there have been instances of industry exploitation and attempts to politicize the issues at hand," the minister said.
According to him, the fundamental—and perhaps straightforward—question is whether we acknowledge that this issue transcends dividing lines and that true inclusivity leads to more effective outcomes.
"Secondly, I would like to address the issue of fairness. By fairness, I mean striking a balance of interests, ensuring the right to development, and considering both ideological and scientific perspectives. Without an agreement that mechanisms should promote fairness and recognize that countries are at different stages of development, coordinating actions will be challenging. My third point is the urgency of coordination. Time is truly of the essence: we have the data and a clear understanding of how much time and effort will be required to effectively manage this challenge. Policies must be aligned—this is my second key point," Jabbarov added.
The Minister emphasized that it is clear that transitional measures, targeted investments in the right industries, and support for responsible behavior from consumers, producers, and businesses are crucial to achieving these goals.
"Regarding the private sector, I believe this is not a task for governments or multilateral institutions alone; it requires a collective initiative. In my view, the operation of carbon markets is becoming increasingly feasible. We also welcome the joint statement from major multilateral banks that have set new goals and ambitions, viewing this as a significant step toward reaching a new agreement," he concluded.
To note, the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) started in Baku on November 11. The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference in the climate system.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
