COP29 is not just a global conference; it is a beacon of hope and action in the fight against climate change. We hope that this November in Baku we will see firsthand the renewed vigor and commitment to continue this fight in the face of such impending danger. This may be the world’s last opportunity to keep 1.5C within reach and if we miss it, the damage and costs of returning to 1.5C will be great.

As the CEO of COP29, I am aware of the important role the business community needs to play in our shared journey towards a sustainable future. Nowhere is that truer than in the MENA region, where about 70 percent of the region’s emissions now fall under net-zero pledges. The private sector can support ensuring that these pledges become a reality.

COP29: Two pillars of action

At the heart of the COP29 Presidency’s vision is a plan built on two equally ranked and mutually reinforcing pillars: to enhance ambition and enable action. To enhance ambition, the critical reporting and planning tools due in the coming years must signal clear intent from all parties and align to the target and ambitions set out in the Global Stocktake agreed at COP28 in the UAE for how to keep 1.5C within reach, leaving no one behind.

To enable action, we must reach important agreements on climate finance: agreeing to a new climate finance goal (NCQG) and finalizing Article 6 to support the development of high-integrity carbon markets for climate-positive action. Progress on climate finance will send an important signal, to parties and the world, that the ambition we need to meet our climate goals will be supported by the resources required. Both of these pillars have the same priority, and should be pursued simultaneously and in solidarity among parties and non-party stakeholders.

Through these pillars, COP29 will address key topics from energy transition, to sustainable agriculture to technology and innovation. To achieve the breakthrough we need, we will have to work in solidarity, strengthening existing foundations to build on the progress made in the UAE last year. A good example of this is the ‘Troika’ (the partnership between the COP28 UAE, COP29 Azerbaijan, and COP30 Brazil Presidencies) established to enhance cooperation and maintain focus on stimulating ambition in the next round of nationally determined contributions (NDCs).

Azerbaijan is ideally positioned to bring the Parties together to deliver climate action at COP29. Among many other things, we will also build on our multilateral diplomacy experience and successful four-year chairmanship of the Non-Aligned Movement (NAM) together with our understanding of the needs of all parties to work with them to find fair and shared solutions.

Since the commencement of our Presidency, we have made significant strides, and the MENA region, with its unique challenges and opportunities, can play a pivotal role in COP29’s vision and call to action. COP28 laid a strong foundation, highlighting the urgent need for sustainable energy solutions and water conservation in arid environments. Building on this, COP29 aims to further integrate the region’s efforts into the global framework.

The MENA region’s vast solar potential, for instance, has a lot of qualities to become a game-changer of global proportions. By investing in solar energy, the countries of the region are already leading the way in renewable energy adoption. Additionally, water scarcity solutions, such as advanced desalination technologies and sustainable agriculture practices, can set global benchmarks. The region’s commitment to these areas not only addresses local challenges but also contributes significantly to global sustainability targets.

Examples of collaboration and innovation

A shining example of international collaboration can be seen in the partnership between Azerbaijan and regional countries. Azerbaijan, with its rich oil history, is pivoting towards renewable energy, aligning with the green goals of COP29.

We are already making progress on our target to achieve 30 percent renewable electricity generation capacity by 2027, working with international energy corporations including MENA based Masdar and ACWA Power on a pipeline of renewable energy projects amounting to more than 20 GW.

Mobilising the Middle Eastern private sector

This year’s COP29 is aptly termed the ‘Finance COP,’ reflecting our intensified focus on mobilising climate finance. The private sector in the Middle East is uniquely positioned to be a leader in this charge. With sovereign wealth funds and significant private capital, the region can spearhead investments in green technologies and sustainable infrastructure, and there is evidence of an ambition to lead on these fronts.

Already, we are witnessing transformative initiatives and tangible progress not just in the GCC, but also in the Levant in countries such as Jordan, as well as in North Africa in Egypt and Morocco. There are numerous examples I could point to, such as the UAE’s Green Fund and Saudi Arabia’s Public Investment Fund, who are allocating substantial resources to renewable energy projects and sustainable urban development. These funds are not just investments in infrastructure; they are investments in the future, ensuring long-term economic stability and environmental stewardship.

Meanwhile, Morocco has the highest total installed electrical capacity from renewables among Arab countries, and Jordan has raised its renewable energy target to 50 percent. Ambition in these countries, and others across the region, presents an immense opportunity for the private sector to play its part in the transition.

Furthermore, innovative financial instruments such as green bonds and sustainability-linked loans are gaining traction in the region. These tools enable businesses to raise capital specifically for environmental projects, aligning financial success with ecological responsibility. By adopting these instruments, Middle Eastern companies can set a global example of how the private sector can drive climate action.

Several countries in the Middle East have been setting up voluntary carbon markets, which act as platforms where those looking to offset their emissions can connect with project developers offering verified carbon offsets.

RVCMC, established by PIF and Saudi Tadawul Group in October 2022, demonstrates the progress being made in the MENA region. RVCMC is creating a credible voluntary carbon market at speed and at scale with global impact. The market prioritises high-quality carbon credits and positive climate action, creating an ecosystem that includes an investment fund for climate mitigation projects, an exchange for the trading of carbon credits and advisory services that help organisations understand how to decarbonise.

Conclusion: A call to action

At COP29, Azerbaijan will seek to bring parties together on this critical issue. Given our country’s important role in global energy security, we recognise the need for a just and orderly transition.

And it is our actions that will speak louder than our words.

We are embedding climate action into our national development plans and aiming to transition towards exporting renewable energy with the development of 5GW of renewable energy capacity by around 2030, which can be exported to Europe via the Black Sea through the Caspian-Black Sea-European Green Energy Corridor and Türkiye.

As we advance through COP29, I urge the Middle Eastern business community to show the world how the region holds the potential to lead in renewable energy, sustainable water management, and climate finance. By embracing these opportunities, you are not only contributing to global sustainability but also safeguarding the prosperity and resilience of your own economies.

COP29 presents an opportunity to unite in our commitment to a greener world. By collaborating with partners in the MENA region, and through innovation and investment, we can show our clear commitment and turn the tide on climate change.