The Republic of Azerbaijan hosted a COP29 session at the WTO Public Forum in Geneva, Switzerland. The session featured the participation of the WTO Secretariat, UN Trade and Development, the International Trade Centre, and the International Chamber of Commerce. Organized as part of the WTO Public Forum on 13 September 2024, the session provided an update on COP29, scheduled to take place in Baku, Azerbaijan, from 11 to 22 November 2024.
The audience was informed of the COP29 Presidency’s preparations for Thematic Days, Presidency-led global initiatives, trade priorities and initiatives, and the Trade and Investment House – a dedicated space for exploring how trade can contribute to addressing climate challenges.
Elmar Mammadov, Senior Negotiator and Co-Leader of the Action Agenda Initiatives Team from the COP29 Presidency, informed participants at the WTO Public Forum that the Presidency will host the first-ever Climate Finance, Investment, and Trade Thematic Day as an integrated event. The Trade and Investment House will be set up in both the blue and green zones, organized by the Ministry of Economy of Azerbaijan (AZPROMO) with support from partner institutions, including the WTO, UN Trade and Development, the International Trade Centre, and the International Chamber of Commerce.
Mammadov introduced to the global trade community the COP29 Presidency-led Baku Initiative for Climate Finance, Investment, and Trade (BICFIT), a new partnership aimed at enhancing coherence by integrating climate finance, investment, trade, and sustainable development agendas. BICFIT will provide a global platform for supporting policy development, sharing knowledge, promoting climate investment, and co-creating solutions through dialogue. It will contribute to ensure that climate finance, investment, and trade are fully embedded in national climate policies and development plans, while also exploring ways to strengthen investment promotion institutions to attract climate-positive investments.
BICFIT will encourage the creation of national, regional, and sub-regional platforms to enhance the climate finance, investment, and trade nexus. This initiative will also support the design, structuring, and preparation of concrete, bankable climate projects, aligning climate action with development objectives at more targeted, local levels. To foster collaboration and shared solutions, regular BICFIT Dialogues will take place as part of the biannual UN Trade and Development (UNCTAD) World Investment Forum and other global platforms.
The COP29 session at the WTO Public Forum 2024 contributed to the global consultation process on BICFIT. As the WTO’s largest outreach event, the Public Forum offers a unique platform for stakeholders from around the world to discuss the latest developments in global trade and propose enhancements to the multilateral trading system. Each year, the event attracts over 3,000 representatives from civil society, academia, business, government, international organizations, and the media.
