Azerbaijan submits bid to host UN Biodiversity Conference

Azerbaijan has officially submitted its bid to host the 17th Conference of the Parties to the UN Convention on Biological Diversity in 2026.

Mukhtar Babayev, Azerbaijan’s Minister of Ecology and Natural and COP29 President-designate, made the announcement during the opening of the Baku Climate Action Week on Monday, News.Az reports.

Babayev emphasized that this event will lay the groundwork for addressing critical issues that will be at the forefront of the upcoming COP29. Key topics include climate financing, the submission of biennial transparency reports (BTR) by the end of the year, and the preparation and submission of national climate plans (NDC) by February of the following year.

He also noted that the COP29 presidency team is scheduled to engage in a joint meeting with the International Monetary Fund (IMF) and the World Bank (WB) in October, highlighting the essential role these global financial institutions play in developing and funding green initiatives to facilitate climate financing.

Furthermore, Babayev mentioned that the Loss and Damage Fund, sponsored by the World Bank, is expected to be fully operational by 2025, following discussions at the Board of Directors' third meeting in September.

“In the fight against climate change, sustainable climate financing is vital. The involvement of the private sector will be crucial, and this topic will take center stage during Baku Climate Action Week,” he concluded.

News.Az