Speaking at the Climate and Clean Air Coalition’s Board meeting during London Climate Week, COP29 President Mukhtar Babayev addressed the outcomes of the first Global Stocktake, emphasizing the importance of reducing emissions of methane and other non-carbon gases.
According to the COP29 Presidency, Babayev highlighted that the “Baku Declaration on Reducing Methane Emissions from Organic Waste,” presented at COP29, has been supported by 65 countries, which account for over 50 percent of global methane emissions.
Babayev noted that the next round of Nationally Determined Contributions (NDCs) will play a critical role in defining priorities and political commitments for climate action.
Drawing attention to the “Baku Finance Goal” agreed upon in Baku, the COP29 President underscored the importance of mobilizing $300 billion annually for developing countries and called on developed nations to take a leadership role in this effort.
“NDCs can serve as a green light for international donors and the private sector to invest in green initiatives,” Babayev stated.
He expressed gratitude for the Coalition’s support for the COP29 Presidency and the methane declaration, expressing hope for continued partnership in the future.
In the second half of the day, speaking at the World Climate Investment Summit held during London Climate Week, Babayev emphasized that the era of climate negotiations has concluded, and the implementation phase has begun.
He noted that the Baku Finance Goal was adopted at COP29, alongside agreements on rules for high-integrity carbon markets and the establishment of a $1 trillion annual climate finance target.
Babayev stressed that in this new era, countries will be judged not by their words but by their actions, with the private sector’s involvement in climate finance playing a decisive role.
The COP29 and COP30 Presidencies are developing the “Baku-to-Belem Roadmap,” which will outline concrete pathways to mobilize $1.3 trillion annually in climate finance for developing countries by 2035.
Babayev called on stakeholders to join and contribute to this process.
