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COP29: Azerbaijan’s Pursuit of Global Recognition and Financial Support - The Geopolitics

COP29: Azerbaijan’s Pursuit of Global Recognition and Financial Support - The Geopolitics
Oil defines Baku, from its smell to its skyline. As Azerbaijan transitions to renewables, COP29 will highlight the urgent need for climate finance to support developing nations in the green transition.

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Azerbaijan's Oil Legacy and the Challenges of Climate Finance

The city of Baku is steeped in the smell and sights of oil, with tankers lining the shores of the Caspian Sea and flares lighting up the sky. As the host of the upcoming COP29 climate summit, Azerbaijan's Minister of Ecology, Mukhtar Babayev, sees his country as a global crossroads, connecting oil and gas producers with consuming countries.

Despite its heavy reliance on fossil fuels, Azerbaijan is making strides in renewable energy, with plans to expand wind and solar power and transport low-carbon energy to Eastern Europe. However, the country faces the challenge of financing climate action, with developing nations needing an estimated $2.4 trillion annually by 2030 to implement necessary changes.

The upcoming COP29 summit will focus on addressing the critical shortage of finance for climate action, with a particular emphasis on the needs of developing countries. However, the lack of consensus on funding sources and mechanisms poses a significant challenge.

Azerbaijan's presidency of COP29 comes with the potential to make significant strides in addressing climate finance and paving the way for a global financial agreement that meets the needs of developing countries. However, achieving this goal remains uncertain given the current obstacles.

The conflicts in Ukraine and Gaza, as well as the influence of fossil fuel producers, further complicate the outlook for COP29. Nonetheless, the summit has the potential to address critical issues and make progress towards a global financial agreement for climate action.

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