Brazilian government official: Baku Initiative for Climate Finance makes strong contribution to global efforts
Bonn, June 20, AZERTAC
“The COP29 Presidency’s Baku Initiative for Climate Finance, Investment, and Trade (BICFIT) holds great promise for attracting investment. This initiative will help expand global climate finance and can play a crucial role in achieving the $1.3 trillion target outlined in the Baku to Belem Roadmap,” said Azerbaijan’s Deputy Foreign Minister and COP29 Lead Negotiator Yalchin Rafiyev at the session titled “BICFIT as a catalyzer of investments, including via operationalization of Article 6, and one of the platforms contributing to the Baku–Belem Roadmap to 1.3T,” held during the Bonn Climate Change Conference (SB62).
“We launched BICFIT within COP29 with the goal of aligning and integrating financial flows, sustainable investment, and trade with our climate and development objectives. The initiative, implemented jointly with the United Nations Conference on Trade and Development (UNCTAD) and the United Nations Development Programme (UNDP), is led by the COP29 Presidency,” the Deputy Minister said, adding, “We are also pleased to cooperate with other international organizations and stakeholders, including the Asian Development Bank.”
“BICFIT aims to create a global dialogue platform for policy formulation, knowledge exchange, climate investment promotion, and joint solutions in line with its purpose. The initiative is built on five core pillars, each playing a significant role at the intersection of climate finance, investment, and trade,” Yalchin Rafiyev emphasized.
“The growing interest in the BICFIT Dialogue within COP29 demonstrates that innovative policies, strong and coherent financial commitments, unity, and cooperation are essential to combat climate change and achieve a sustainable, inclusive future. Our efforts to advance climate finance, improve investment strategies, and integrate trade policies aim to bridge the gap between high-level climate commitments and tangible outcomes, especially in vulnerable countries and communities,” the COP29 Lead Negotiator added.
The session underscored the crucial role of both multilateral organizations and the private sector in scaling up climate finance. It was also noted that sustainable institutional cooperation would be fostered through a structured platform and the regularly held BICFIT Dialogue Conference.
COP 30 Lead Negotiator and Director for Climate at the Brazilian Ministry of Foreign Affairs, Ambassador Liliam Chagas, expressed her appreciation for Azerbaijan’s leadership in launching the Baku Initiative within COP29. She emphasized that the initiative plays a vital role in strengthening global efforts in climate finance, investment, and trade. Liliam Chagas noted that improving developing countries’ access to financial resources to combat climate change remains a core agenda.
“We are now seeing more clearly the consequences of the important decisions made during COP29 in Baku,” Liliam Chagas stressed, adding that informal and open dialogues allow for better assessment of the strengths and weaknesses of these new ideas.
The COP 30 Lead Negotiator also reported on recent steps taken within the BRICS framework.
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