Today the COP29 Presidency is hosting the “Enhancing Ambition, Enabling Action: COP29 Sustainable Business Forum” in Baku, Azerbaijan. The event will bring together Azerbaijan’s business community to mobilise climate finance and innovation, in support of global climate efforts.

The COP29 Presidency encouraged the business community to raise its ambitions and accelerate sustainability commitments, while emphasising the importance of engagement to find shared solutions to the collective challenge of climate change. The event also provides an opportunity for the private sector to better understand the COP Presidency team’s vision for COP29, and for businesses to offer their perspectives on reducing emissions, technology and innovation, adaptation and funding for climate change.

“Businesses have already made progress in committing to net-zero targets. Companies must now ratchet up their ambitions further,” said CO29 President-Designate Mukhtar Babayev, addressing the Forum. “Today is an opportunity to consider how Azerbaijan’s business community can help us to lead by example.”

“We need the support of the private sector to find workable solutions to the shared challenges brought about by climate change. The organisations represented here today are already role models and leaders in this fight. Your example and sharing of best practices will be critical,” said High-Level Champion Nigar Arpadarai.

In her turn, Ms. Alessandra Roccasalvo, the UNDP Resident Representative a.i. in Azerbaijan, highlighted the importance of strengthening partnerships between UNDP, the COP29 Presidency, and the Government of Azerbaijan, and other stakeholders to ensure a cohesive and effective response to climate challenges: “The Sustainable Business Forum brings together a diverse group of stakeholders to foster dialogue and collaboration that will enhance business engagement in climate mitigation and adaptation actions. This gathering is a crucial step towards COP29.”

The COP29 leadership team was joined by partners including Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) and representatives from government, business, and industry coalitions. “It's particularly encouraging to see Azerbaijan, as the host of COP29, placing a strong focus on the critical role of finance. This may prove vital in unlocking the full potential of NDCs. Transparent reporting of climate efforts is equally important to build trust and strengthen ambition. Azerbaijan's commitment to facilitate submission of new transparency reports this year is a very welcome step in that direction. Enabling more ambitious climate plans can open markets for clean technologies, create jobs, and foster a more resilient and prosperous planet for everyone,” said Simon Stiell.

The event is part of an ongoing programme of engagement to encourage private sector action at COP29. The Green Zone will provide a forum for non-state actors to share best practice and explore efforts to contribute to Azerbaijan’s sustainability goals.