IRENA and Azerbaijan COP29 Presidency to Hold Energy Transition Investment Forum in Baku
This two-day forum will convene global and regional stakeholders to mobilise investments for renewables-based energy transition projects across Central Asia.
The International Renewable Energy Agency (IRENA), COP29 Presidency and Ministry of Energy of Azerbaijan announced today that the first Energy Transition Investment Forum for Central Asia will be hosted in Baku, Azerbaijan, on 15-16 November 2024.
The event is strategically aligned with the COP29 priorities and action agenda outlined by President Designate H.E. Mukhtar Babayev in a recent letter to parties and constituents, focusing on enhancing ambition and enabling action, with climate finance underscored as a top priority.
IRENA Director-General Francesco La Camera said: "Central Asifa holds tremendous potential for renewable energy development, yet they face significant challenges in attracting the necessary investment. The COP29 Energy Transition Investment Forum in Baku is specifically designed to tackle investment barriers, coordinate action among stakeholders, and bring global exposure to projects from the region.”
COP29 President-Designate Mukhtar Babayev added: “Azerbaijan is committed to a green energy transition and there is currently close cooperation with neighboring countries in Central Asia in the field of renewable energy. Initiatives such as the recent agreement between the energy ministers of Azerbaijan, Uzbekistan and Kazakhstan on the interconnection of electricity systems are testament to this cooperation. When the world gathers in Baku this November, we hope that COP29 can serve as a springboard for Central Asia to progress on a green and just development pathway, aided by a young population, renewable energy capacity and vibrant economies, and attract the investment needed to continue on this path.”
The two-day forum will offer a platform for enhanced dialogue among governments, financial institutions, investors, development partners, project developers, and other key stakeholders regarding opportunities and challenges in advancing renewable energy development and scaling up investments in energy transition-related technologies to advance the UAE Consensus Outcomes achieved at COP28.
This announcement comes after the Republic of Azerbaijan hosted a COP29 session yesterday on the 18th September at the WTO Public Forum in Geneva, Switzerland, where they introduced the Baku Initiative for Climate Finance, Investment, and Trade (BICFIT). This partnership aims to integrate climate finance, investment, trade, and sustainable development agendas and ensure these elements are fully embedded in national climate policies and development plans.
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