"COP 29 Presidency also works with the Parties to deliver an outcome on carbon markets this year. Fully functioning carbon markets will be a significant step in implementing nationally determined contributions (NDCs) cost-effectively and bolstering ambition in mitigation," said Foreign Minister Jeyhun Bayramov as he addressed the 79th session of the United Nations General Assembly, Azernews reports.

"Moreover, we have put forward 14 initiatives covering topics such as the link between climate action and sustainable development goals, green energy zones and corridors, energy storage, harmony for climate resilience, agriculture, clean hydrogen, methane reduction from organic waste, green digital action, and more. One of the initiatives under COP29 Action Agenda includes the establishment of the Climate Finance Action Fund, an innovative source for climate finance to be voluntarily supported by fossil fuel-producing countries and companies.

COP29 will also be an opportunity to set differences aside and contribute to global peace and the climate agenda. Given the intersection of conflicts and the increasingly challenging climate crisis, Azerbaijan introduced a flagship COP29 Truce Initiative embedded in the Joint Solemn Appeal announced a few days ago. More than thousand NGOs, Faith Leaders and prominent personalities, as well as many parties have already joined this Appeal. We call on everyone to transcend political divergences, stand in unity, and respect the Truce during the month of COP29," the minister said.