IsDB and Government of Azerbaijan Host Pivotal Roundtable on the Road to COP29

Riyadh, Kingdom of Saudi Arabia, 28 April 2024 - The Islamic Development Bank (IsDB) in partnership with the Government of Azerbaijan conducted an influential high-level roundtable discussion today titled "The Road to COP29". This significant event, led by His Excellency Mr. Mikayil Jabbarov, Minister of Economy of the Republic of Azerbaijan and IsDB Governor, brought together distinguished heads of institutions and delegates from various governments, international institutions, and partners to deliberate on advancing global climate action.

The roundtable, a precursor to the Conference of the Parties (COP29) scheduled to be held in Baku, Azerbaijan, in November 2024, addressed pressing global environmental challenges and the collective action required to meet the goals of the Paris Agreement and the Sustainable Development Goals.

In his opening remarks, IsDB Vice President Dr. Mansur Muhtar expressed profound gratitude to His Excellency Mr. Mikayil Jabbarov for his pivotal role in the organization of this event. "We are united by the shared challenges of climate emergencies, biodiversity loss, and rising inequalities," said Dr. Muhtar. He highlighted IsDB's commitment to aligning all sovereign investments with the Paris Agreement's objectives and dedicating substantial resources from the IsDB towards climate action. Last year the Bank was able to meet its climate financing target of 35%, two years ahead of its schedule.

The roundtable emphasized the urgency of the upcoming COP29 as a critical milestone for global climate initiatives, particularly following the insights from the Global Stocktake in Dubai, which underscored the need for enhanced global efforts. Discussions focused on the advancement of the global adaptation goal and the crucial need to secure adequate and predictable climate finance for developing nations and vulnerable communities.

The event concluded with a reaffirmation of the commitment towards a successful and inclusive COP29. "This roundtable has provided us with invaluable insights and set the stage for a unified approach to COP29," Dr. Muhtar remarked in his closing statement. He also thanked all participants for their active engagement and contributions, which are expected to significantly influence the discussions and outcomes of COP29.

IsDB and the Government of Azerbaijan are looking forward to continuing their collaborative efforts to ensure a productive and transformative COP29, fostering a future where sustainable development and environmental resilience are at the forefront of global priorities.