Clarity on new climate finance goals and continuity from the previous COP (Conference Of Parties) meets would be among the key focus areas at the 29th edition of COP in Azerbaijan, with the Transcaucasian country looking to propose a truce process as part of the action agenda at the scheduled November meet.

The adoption of the new collective quantified goal (NCQG) on climate finance is a key mandated deliverable for COP29 and there is a wider expectation of a positive outcome.

“The approach from Azerbaijan’s side would be to build synergy and consistency between the COPs. We should not look to reinvent the bicycles over and over again. We have taken this torch from our UAE friends and we would like to give the torch to our Brazilian counterparts,” said Hikmet Hajiyev, foreign policy advisor to the President of Azerbaijan.

“One of the biggest expectations of the international community is about a new quantified financial goal. We are avoiding speaking about any particular figures at the moment. There are different ideas. But we respect the negotiation process. We should also work together on the modalities and mechanisms for the funding to be delivered,” he said.

According to a report from the Center for Climate and Energy Solutions in March 2024, the first global stocktake (GST) had acknowledged the cost of implementing current nationally determined contributions (NDCs) at $5.8-5.9 trillion in the pre-2030 period. Discussions around new and more ambitious NDC targets are also expected in the upcoming meeting to mobilise greater financial flows towards climate action.

“The previous quantified financial goal is not reflecting the new reality. We need a more ambitious new financial goal. Along with the goals, mechanisms are also important. We should agree on the fundamental principle that was also the philosophy of the Paris arrangement about a common but differentiated responsibility. Less developed countries, particularly small island countries, have legitimate concerns,” said Hajiyev.

He said that while on geopolitical issues, countries could have different stands, climate issues affect everybody and there is a need for an inclusive process.

“We have also gained certain diplomatic skills particularly being the chair of the Non-Aligned Movement. We also appreciate our collaboration with our Indian partners within the Non-Aligned Movement process and by jointly working together with all countries we have achieved consensus,” he said.

Hajiyev further said that Azerbaijan is currently taking inventory of what has been the initiatives, declaration and statements in the past COPs

“One agenda that we are working on is the COP truce process. It’s like an Olympic truce. At COP times, all canons should stop and we should work together on the climate issues. That is one of the initiatives by Azerbaijan and we are working with our UN counterparts,” said Hajiyev.

At the Baku Energy Forum, three large- scale renewable projects with aggregate capacity of around 1000MW were announced by Azerbaijan, marking its initiative towards expanding in renewables.

The reporter was part of a South-Asia media delegation invited to Azerbaijan