COP29 in Azerbaijan: Climate finance at the heart of the issues

Azerbaijan initiates discussions on climate finance ahead of COP29, planning to strengthen its climate targets.
COP29 Azerbaïdjan finance climatique

Partagez:

In preparation for COP29, host country Azerbaijan has begun negotiations with financial institutions, companies and countries on the thorny issue of climate financing. The Minister of Ecology and Natural Resources, Mukhtar Babayev, stresses the importance of finding a consensus to make climate finance operational. This move comes as the Baku conference approaches, marking a decisive moment for global climate commitments.

Reinforcing climate ambitions

Azerbaijan is considering raising its own climate ambitions in the run-up to COP29, despite the fact that the country’s economy is currently 90% dependent on oil and gas. Babayev, designated President of COP29, emphasizes the importance of a new global climate finance framework to support the overall climate agenda. This initiative aims to overcome the growing mistrust between developed and developing countries, exacerbated by limited progress on climate financing.

Energy and renewable targets

Beyond climate finance, COP29 will highlight issues such as water, land degradation, food security and agriculture. Babayev also mentions Azerbaijan’s aim to develop its renewable energy sector, while increasing its gas production. The country has not yet set a net-zero target, but has pledged to reduce its emissions by 40% by 2050 compared with 1990 levels, conditional on international support.

Preparations for the Copenhagen ministerial meeting

Climate ministers will meet in Copenhagen to prepare the agenda for COP29, with a likely focus on climate financing. Danish Climate Minister Dan Jorgensen stresses the importance of this meeting to assess the progress made since COP28 in Dubai, where world leaders agreed on an energy transition away from fossil fuels.

Despite its oil- and gas-focused history, Azerbaijan is striving to position itself as a reliable partner in EU gas supplies, seeking alternatives to Russian gas imports. The country is currently producing below its OPEC+ quota due to the decline of mature fields in the Caspian Sea, while at the same time experiencing an increase in gas production, reflecting its growing role in the European energy market.

  • Populaires ​
Envision Energy wins French 120 MW energy storage contract
Maurel & Prom strengthens presence in Angola with strategic offshore acquisition
Q ENERGY inaugurates Europe’s largest floating solar power plant
Israel resumes gas exports to Egypt and Jordan
BP suspends blue hydrogen project at Whiting, Midwest future uncertain
Hungary and Slovakia jointly oppose European ban on Russian energy
Budapest and Bratislava jointly reject the European Commission's proposal to ban Russian energy supplies, highlighting significant economic risks and a direct threat to their energy security, days ahead of a key meeting.
Libya Denounces Greek Oil Exploration off the Coast of Crete
Libya officially contests Greece's allocation of offshore oil permits, exacerbating regional tensions over disputed maritime areas south of Crete, rich in hydrocarbons and contested by several Mediterranean states.
Hungary firmly opposes European plan on Russian energy
Hungary, supported by Slovakia, strongly expresses opposition to the European Commission's plan to phase out imports of Russian energy resources, citing major economic and energy impacts for Central Europe.
Israel strikes Natanz: underground facilities intact according to IAEA
Israeli military strikes on Iran's Natanz nuclear site destroyed critical electrical infrastructure but did not reach strategic underground facilities, according to the International Atomic Energy Agency (IAEA).
Macron presents a united European front in Greenland amid US ambitions
The French president travels to Nuuk on 15 June to support Greenlandic sovereignty, review energy projects and respond to recent US pressure, according to the Élysée.
visite souveraineté arctique Macron
Kazakhstan selects Russia and China for its first nuclear power plants
Kazakhstan has selected Rosatom and China National Nuclear Corporation to build two nuclear power plants totaling 2.4 GW, a decision following a favorable referendum and coinciding with Xi Jinping’s upcoming strategic visit.
Israel strikes Iran, uncertainty over US nuclear negotiations in Oman
Israeli strikes against Iranian nuclear sites disrupt US-Iranian talks on the nuclear deal. Tehran now considers canceling the upcoming negotiation round in Oman, heightening regional economic concerns.
Israel Strikes Iranian Nuclear Facilities After Critical Uranium Enrichment Levels
Facing alarming breaches of uranium enrichment thresholds by Iran and explicit existential threats, Israel launches targeted military strikes against Iranian nuclear infrastructure, escalating regional tensions dramatically.
Putin proposes mediator role between Washington and Tehran over Iran’s nuclear issue
The Kremlin has confirmed that Vladimir Putin aims to help resolve the nuclear dispute between the United States and Iran, leveraging strengthened strategic ties with Tehran.
South Korea Accelerates Energy Diplomacy Amid Growing Geopolitical Tensions
President Lee Jae-myung adopts an energy diplomacy rooted in national interest, amid a complex international landscape of rivalries that could create challenging situations for the country and its energy businesses.
France and Poland align on investment priorities in electricity networks
Paris and Warsaw held a bilateral workshop in Warsaw to strengthen coordination on electricity infrastructure investments and supply security under the Nancy Treaty.
Trump Rejects Any Uranium Enrichment by Iran, Moscow Supports Tehran
Donald Trump firmly rejects any uranium enrichment by Iran, while Russia affirms Tehran’s right to civil nuclear power, intensifying tensions in negotiations over the Iranian nuclear program.
Syria signs $7bn energy deal with foreign partners
Syria has signed a $7bn agreement with a consortium of companies from Qatar, Turkey and the United States to rebuild its national power sector.
Berlin firmly opposes any reactivation of the Nord Stream 2 pipeline
Friedrich Merz confirmed that Germany would block any attempt to relaunch the Nord Stream 2 pipeline, despite internal calls suggesting a potential reopening of dialogue with Moscow.
The European Union seals strategic energy agreement with OLADE
A memorandum of understanding formalises energy cooperation between the European Union and the Latin American Energy Organization, including permanent EU participation in the organisation’s governance bodies.
Hungary to veto Brussels’ proposed ban on Russian gas
Prime Minister Viktor Orban announced that Hungary would oppose the EU's plan to ban Russian energy deliveries by 2027, both legally and politically.
A German conservative leader calls for reopening the Nord Stream 2 file
Michael Kretschmer, Minister-President of Saxony, proposed restarting dialogue with Russia on the Nord Stream 2 pipeline, despite clear opposition from the German government to any reactivation of the project.
Trump urges London to favor offshore oil over wind power
Donald Trump is calling on the United Kingdom to abandon wind energy in favor of revitalizing offshore oil extraction, sparking debate over the economic and political implications of such an energy strategy after their recent trade agreement.
Sino-Egyptian energy deals worth $1.8bn signed during Cairo summit
China and Egypt concluded over 30 energy-focused agreements, including electric vehicles, smart grids and storage technologies.
Turkey faces Russian control over its nuclear future at Akkuyu
Facing Russian dominance in the Akkuyu nuclear project, Turkey accelerates international negotiations, aiming to mitigate risks related to energy dependency and potential strategic conflicts of interest.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS