The capital of Azerbaijan, Baku, is hosting the COP29 conference, which is now in its fourth day and features a variety of climate-related events.
Blue Zone Events
The fourth day of the Blue Zone activities begins with a high-level event on business, investment, and philanthropy in climate-related activities.
The COP29 presidency and the Asian Development Bank are organizing an important discussion session, "Leading Climate Action: Shifting the Focus from Financial Inputs to the Catalytic Impact of Multilateral Development Banks (MDBs)" at the Blue Zone. It focuses on discussing the role of MDBs in improving the availability, affordability, and accessibility of climate finance within emerging markets and developing economies.
Announcement of the Baku Alliance
The Blue Zone witnesses the official launch of the COP29 BICFIT Dialogue and the announcement of the Baku Global Alliance for the Green Transition of Small and Medium Enterprises. The COP29 presidency and the Ministry of Economy of Azerbaijan, in partnership with UN Trade and Development (UNCTAD), the United Nations Development Programme (UNDP), the World Trade Organization (WTO), and the International Trade Centre, organize the dialogue.
As for the State Agency for Public Service and Social Innovations under the President of the Republic of Azerbaijan, it will organize the event "Ministerial Forum on Green Governance."
Sustainable Cotton System
The Blue Zone will explore the sustainable cotton production system; it can significantly contribute to climate change adaptation while ensuring farmers' livelihoods and the stability of global food systems. This "Better Cotton" event will address sustainable cotton farming, focusing on progress, challenges, policy support, and its potential for climate adaptation and rural development.
The event aims to build consensus on actionable steps to scale sustainable practices across the industry and drive collective efforts toward integrating climate-smart solutions in cotton production. It also aims to enhance dialogue and strong cooperation between industry leaders, policymakers, and agricultural experts to promote sustainable practices in the cotton industry. The event will explore innovative strategies that enhance cotton production while significantly contributing to climate resilience and reducing the environmental footprint.
Increasing climate financing
The COP29 presidency, in collaboration with the Central Bank of Azerbaijan, will organize a session titled "The Global Financial System: Increasing Climate Finance" to discuss the role of the global financial system in mobilizing private sector investments for climate adaptation and mitigation and to emphasize the urgent need for consistent climate outcome measurements and new financial structures to mobilize private capital, especially in developing countries.
The roundtable at COP29, "Empowering a Sustainable Future: Promoting Green Growth through Finance," will address the role of climate funds in climate action.
The Conference of the Parties will also explore the role of sovereign wealth funds in financing the energy transition. The Conference of the Parties will also showcase the governments' stance on their climate actions and present the initial results of the ClimateScanner evaluation.
The Blue Zone concludes its activities by organizing a discussion session on granting trust to the private sector.
Green Zone Events
The Green Zone is launching its activities for the fourth day of the COP29 with a yoga session.
"Capital Bank" is organizing a discussion session titled "The Sustainable Landscape for Small and Medium Enterprises in Azerbaijan," which aims to explore the current sustainability landscape for small and medium enterprises in Azerbaijan, with a focus on innovative methods to promote sustainable development.
The International Bank of Azerbaijan is organizing an event about its potential contributions with partners to green growth in Azerbaijan, as well as highlighting its achievements in sustainability so far and future plans. The bank will refer to partnerships with global institutions to promote sustainable financing and corporate actions to reduce environmental impact.
A net-zero roadmap for the cement sector
NEQSOL Holding, a group specializing in energy, construction, and high technology, will organize a discussion session titled "Net Zero Roadmap for the Cement and Concrete Sector in Azerbaijan." This session will determine the commitment of cement producers in Azerbaijan to create a clear path toward achieving net zero by 2050.
This roadmap outlines the strategies adopted by cement producers in Azerbaijan to significantly reduce carbon emissions across the entire cement and concrete industry and value chain. The main initiatives include reducing cement, which is a major contributor to carbon emissions in cement production, as well as developing alternative fuels, implementing efficient building designs, and developing carbon capture technologies.
The State Oil Company of Azerbaijan Republic (SOCAR) will organize a discussion session titled "Leveraging Article 6 of Climate Finance to Reduce Methane Emissions," which will focus on financing additional emission reductions beyond current commitments. This long-term effort aims to align methane financing with the Paris Agreement on the path to phasing out fossil fuels.
Innovations for a greener tomorrow
In a session titled "Sustainable and Just Transition: Innovations for a Greener Tomorrow," COP29 will explore sustainable business models for innovations in hydrogen, carbon capture and storage, and bio-based raw materials, which are crucial for phasing out the fossil fuel economy.
COP29 will also explore in a session titled "Trust as a Catalyst: Leading the Climate Transition Forward," the powerful role of storytelling in building trust and accelerating the climate transition, and how genuine communication can strengthen relationships, empower communities, and inspire impactful climate action.
Green investment
Meanwhile, the World Bank for Azerbaijan will discuss the green investment program and green bond subscriptions, highlighting emerging trends, unique benefits, and forward-thinking strategies in sustainable finance.
The Conference of the Parties will shed light on the climate finance landscape in the South Caucasus and Central Asia, focusing on sustainable investment, public-private partnerships, international cooperation, and highlighting the financial mechanisms available to support climate change adaptation.
The Green Zone will conclude its activities by highlighting the inspiring experience of Tuvalu in combating climate change, in a session titled "Tuvalu: The Struggle to Save a Sinking Nation from Climate Change."
