“Azerbaijan is a key energy provider for many European nations”

Baku, November 13, AZERTAC

Jakov Milatović, President of Montenegro, is in Baku for COP29, where he is engaging with world leaders on critical climate change and sustainability issues. In an exclusive interview with AZERTAC, President Milatović emphasized the strengthening cooperation between Montenegro and Azerbaijan, particularly in the areas of economic growth and the transition to a green economy. His visit highlights Montenegro’s commitment to global climate action and deepening bilateral ties with Azerbaijan.

-Mr. Milatović, Azerbaijan is currently hosting the prestigious 29th session of the Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC). We would be interested to hear your thoughts on your expectations for COP29.

- First of all, let me express how pleased we are to be in Azerbaijan for COP 29. I want to congratulate Azerbaijan on organizing COP this year, it has been very well managed. This summit comes at an especially critical time. Recently, UN agencies released data showing a rise in global temperatures, with 2024 on track to become the hottest year on record. These findings are deeply concerning in the broader context of global warming, which, as you know, is closely linked to CO2 emissions. As a global community, we must all come together, make every effort to adhere to prior agreements, especially the Paris Agreement of 2015, and address climate change.

Climate change is arguably one of the greatest challenges the world faces today, and it is indeed a global issue that can only be resolved through collective action. This is why it is essential to bring world leaders together annually to reaffirm our shared commitments. As we know, the largest countries in the world are also the biggest CO2 emitters, but every nation- including Montenegro and Azerbaijan is demonstrating its commitment. Each year, we gather not only to share what we have achieved individually but also to update and strengthen our collective agenda to address what is likely the world's most pressing problem.

Another important message from this year’s summit was the call for peace. We are aware that conflicts are ongoing in many parts of the world, and the levels of the conflicts across the globe are the highest they have been in decades. Without a commitment to peace, there can be no true commitment to sustainable development. I have heard many leaders call for ceasefires in their speeches. This call for peace is also Montenegro’s appeal to the world.

-As already known, COP29 focuses on climate financing. What are the main challenges in climate financing and in your opinion, how can COP29 and Azerbaijan contribute to addressing this issue?

- We all recognize the critical importance of securing financing, particularly for adaptation, which is especially vital for developing nations that lack the necessary resources. Establishing effective mechanisms to transfer funds from wealthier nations to those with fewer resources remains a central focus of every COP, including COP29 in Baku. The hosting of COP29 underscores the significance of this global gathering, particularly at such a pivotal moment in our collective climate efforts. It is an opportunity to reinforce our commitment to addressing climate challenges and ensuring that the necessary financial resources are allocated to support the most vulnerable countries in their adaptation and mitigation efforts

In this context, I would like to highlight some initiatives in Montenegro. We have established two state funds—the Eco Fund and the Innovation Fund—which support innovative financing for various development agendas. Last year, we also launched a third fund, the Montenegro SDG Acceleration Fund, specifically aimed at advancing the Sustainable Development Goals (SDGs) and promoting a green economy. This fund is a unique tool that allows us to accelerate progress toward our SDG and green economy objectives. Montenegro is, in many respects, a pioneer in utilizing such mechanisms. I shared this initiative during my discussions at COP, as I believe Montenegro's experience could provide valuable insights for other countries seeking innovative solutions to finance climate adaptation policies.

-COP29 will contribute to countries' transition to a "green economy." How can our countries cooperate in the field of green energy?

- As President of Azerbaijan Ilham Aliyev mentioned in his opening remarks at the World Leaders Climate Action Summit at COP29 Azerbaijan is known for its abundant natural resources, yet it has also made impressive strides toward greener policies, now emerging as a leader in some of these areas. Montenegro, though not a country with oil or gas, is also actively transitioning to a green economy by moving away from fossil fuels like coal and developing innovative, sustainable policies. Together with Azerbaijan and other knowledgeable partners, we are collaborating to grow the renewable sector, developing wind and solar infrastructure, and advancing policies focused on energy efficiency.

In my discussions with world leaders, I have shared Montenegro's initiatives on energy efficiency, particularly our recent emphasis on improving efficiency in public buildings and private households, with significant funding from the European Union. Like Azerbaijan, we recognize the importance of pairing renewable infrastructure with energy efficiency.

Another area of similarity is in energy security. Azerbaijan is a key energy provider for many European nations, and Montenegro, though on a smaller scale, also contributes by being the only Balkan country connected to the Italian electricity grid via an undersea cable, linking the Balkans to Italy’s electricity market. This connection offers significant economic opportunities tied to renewable sector development.

Overall, Montenegro and Azerbaijan enjoy a strong, friendly relationship, with a high level of political dialogue forming the foundation for deeper economic collaboration.

-As you mentioned in your letter to President Ilham Aliyev a few months ago, there are excellent bilateral relations and constructive cooperation between Montenegro and Azerbaijan in various fields. Could you share your thoughts on the potential opportunities for further collaboration between our countries? What areas do you consider priorities for enhancing bilateral ties?

- Montenegro has long been a major tourism destination for Azerbaijan, and we proudly refer to our country as the 'jewel of the Mediterranean.' One of the flagship investments from Azerbaijan in Montenegro is the Portonovi project, a significant development in tourism that we are very proud of. We are delighted that this investment came from Azerbaijan, as it represents a strong link between our countries and underscores the potential for future collaboration in the tourism sector. This project not only enhances our tourism offering but also demonstrates the strength of our economic ties.

I will be holding a bilateral meeting with President Ilham Aliyev, where I plan to reiterate Montenegro’s commitment to strengthening our economic ties overall. I believe that Montenegro has much to offer Azerbaijan, and vice versa, particularly in areas such as renewable energy, infrastructure, and technology. The strong political dialogue between our nations provides a solid foundation for deeper economic collaboration.

I am happy that we relaunched joint economic sessions between our governments to further explore economic links. I would like to mention that our Honorary Consul in Azerbaijan, Mr. Vuqar Aliyev has greatly contributed to strengthening ties over many years. It is also crucial that our two countries are connected by a direct airline. This direct connection not only fosters tourism but also creates greater opportunities for trade, business, and cultural exchanges.

My attendance at COP in Azerbaijan serves as another clear commitment to the enduring friendship between our nations. It is a clear signal that we continue to prioritize our collaboration and that we share a vision for strengthening ties across all areas of mutual interest

-It is well-known that Azerbaijan is one of Montenegro's key foreign investors. We would be interested in your views on Montenegro's investments in Azerbaijan. Which sectors of Azerbaijan's economy might attract Montenegrin investors?

- It is good that after several years, in 2024, we held a session of the Joint Economic Commission, where we identified areas in which we can further deepen our cooperation, and I expect that this Joint Commission on economic cooperation will play a significant role in exploring this matter further.

This is exactly why I want to emphasize the importance of fostering economic collaboration between our two nations. As I mentioned earlier, the remarkable progress in Azerbaijan over recent years has created numerous economic opportunities that should not be overlooked. I believe there is still a need for more Montenegrins to discover Azerbaijan, just as Azerbaijani citizens have increasingly explored Montenegro in recent years. My current visit to Azerbaijan, which I hope will be followed by many more in the future, is a clear step in the right direction. It demonstrates our commitment not only to maintaining a strong political dialogue but also to deepening and expanding our economic relations.