The Baku Initiative for Climate Finance,Investment, and Trade (BICFIT) will hold a high-level meeting within COP29, Azerbaijan's Minister of Economy Mikayil Jabbarov wrote on his X page, AzVision.az reports.
The minister pointed out that BICFIT represents a promising opportunity to strengthen global collaboration in areas such as climate finance, investment, trade, and sustainable development.
"In a video conference with UNCTAD [United Nations Conference on Trade and Development] Secretary-General Rebeca Grynspan we discussed preparations for the upcoming High-Level Meeting on BICFIT, scheduled for COP29. We emphasized BICFIT’s potential to drive inclusive climate finance, harness private sector contributions, and support global decarbonization efforts," he added.
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. The decision was made at the plenary meeting of COP28 held in Dubai on December 11 last year.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP stands for Conference of Parties, which is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the convention. Unless otherwise determined by the parties, COP is held annually. The inaugural COP event took place in March 1995 in the bustling city of Berlin, Germany, with its secretariat nestled in Bonn.
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