The "Istanbul Climate Finance Summit" was held in Istanbul within the framework of Turkey's COP31 presidency. This was reported to the Operative Information Center-OMM by the Ministry of Foreign Affairs of Azerbaijan.
Azerbaijan was represented at the event by Mukhtar Babayev, the President of the Republic of Azerbaijan's representative for climate issues, and Deputy Foreign Minister Yalchin Rafiyev, both serving as members of the Advisory Board for Turkey's COP31 presidency.
The summit featured panel discussions, high-level sessions, roundtable meetings, and various thematic discussions dedicated to climate finance. Bringing together government agencies, multilateral development banks, international financial institutions, investors, and private sector representatives, the summit addressed critical issues such as climate finance, the development of climate-resilient cities, and preparations for COP31.
Deputy Minister Yalchin Rafiyev participated as a moderator and speaker in the roundtable discussions on "Climate Finance for Climate-Resilient Cities." During his address, he highlighted that the agreement on the New Collective Quantified Goal (NCQG) on Climate Finance, also known as the Baku Finance Goal, was reached during COP29. He noted that for the first time, a long-term financing target was established, aiming to increase support for developing countries to 1.3 trillion US dollars by 2035.
Emphasizing that the COP29 Action Agenda identified sustainable cities as a key priority, Rafiyev highlighted the launch of the Baku Sustainability Coalition and the Multi-sectoral Action Pathways (MAP) for Sustainable and Healthy Cities initiative. Referring to the 13th World Urban Forum (WUF13) held in Baku this May, he stressed that the forum yielded significant results for the development of the climate resilience agenda for cities. He also noted the importance of the upcoming Baku Climate Action Week in ensuring the continuity of these achievements.
Furthermore, Mukhtar Babayev and Yalchin Rafiyev spoke at a high-level session titled "Bridging Climate Commitments: A High-Level Roadmap for Implementation and Financing," chaired by Turkey's Minister of Environment, Urbanization and Climate Change, Murat Kurum. They underscored the contributions of COP29's historic outcomes to global discussions on climate finance.
The Istanbul Climate Finance Summit serves as a pivotal platform for aligning international financial strategies with global climate goals, building upon the momentum generated by previous COP conferences to ensure sustainable development and effective climate action.
