Discussions have focused on establishing climate finance on inclusive foundations, leveraging the private sector's potential, and addressing global decarbonization issues.
Minister of Economy Mikayil Jabbarov held a video conference with Secretary-General of the United Nations Conference on Trade and Development (UNCTAD), Rebeca Grynspan.
The meeting covered preparations for the High-Level Meeting on the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT), set to take place within COP29. It was noted that BICFIT, by integrating climate finance, investment, trade, and sustainable development issues, holds significant potential for fostering global synergy. Discussions under BICFIT could play a key role in establishing inclusive climate finance frameworks, leveraging the private sector’s potential, and supporting the global decarbonization process.
The initiative includes key objectives such as supporting sustainable development, promoting investments in green diversification, and facilitating the exchange of international best practices in these areas.
It should be noted that within the COP29-related Global Task Force established by the UN, the United Nations Conference on Trade and Development (UNCTAD) and the United Nations Development Programme (UNDP) serve as coordinating entities for the BICFIT initiative proposed by Azerbaijan.
