COP29 opens opportunities to further expand initiatives in the transition to a green economy, Azerbaijani Deputy Minister of Economy Sahib Mammadov said on Monday.

He made the remarks while speaking during an opening ceremony of “5th Exhibition for the Promotion of Local Companies” in Baku, News.Az reports.

“The hosting of a prestigious international event like COP29 in Azerbaijan this year, along with President Ilham Aliyev’s declaration of 2024 as the ‘Green World Solidarity Year,’ creates opportunities for further expansion of initiatives in the transition to a green economy,” he emphasized.

He noted that, starting with establishing a legal framework for entrepreneurship and implementing modern organizational models to support this activity, significant successes have been achieved through important systemic measures. The private sector has played a crucial role in the economy, contributing to the development of the country’s non-oil sector, employment, and foreign trade.

“The role of entrepreneurs in our society has grown significantly, making them an essential pillar of economic reforms. The active participation of the private sector has sustained positive trends in Azerbaijan’s economic dynamics.

Today, enterprises operate in a highly competitive and flexible environment. Being open to innovations and adapting to trends is crucial for responding to current challenges and fostering development. In this regard, our state continuously supports entrepreneurs, regularly enhancing the scope and content of this support to align with contemporary realities.

One of our main focuses in the near future will be ensuring the green and innovative transformation of the private sector, increasing its sustainability, and developing new drivers of economic growth that create high added value,” Mammadov added.

This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70–80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP—the Conference of the Parties—is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. There are 198 countries that are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

Source: https://news.az/news/cop29-opens-up-opportunities-for-expanding-green-economy-initiatives-azerbaijani-deputy-minister

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