Babayev, who is also the COP29 president-designate, made the remark in an interview with the British newspaper The Guardian, AzVision.az reports.
According to the COP29 president, the private sector is "a very good source for new initiatives, new formats, new financing mechanisms".
Babayev also emphasised that achieving the "1.5°C target" should remain the focus of the UN Framework Convention on Climate Change negotiations.
"We need to consolidate our efforts to achieve the 1.5°C target. I am not pessimistic on this issue. We have to move towards the target and implement the programme [to reduce global emissions]. If we start acting, start implementing the agreements reached at the previous COPs, we have a chance. We will do our best," the minister concluded.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in Azerbaijan in November this year.
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