Blue Zone
Brazil Unveils Ambitious Climate Plan at COP29
Brazil’s Vice President Geraldo Alckmin presented the country’s latest national climate plan, known as NDC 3.0, to global leaders at COP29. This comprehensive plan positions steps up Brazil’s climate action position as it gears up to host COP30 next year. The new plan aligns with agreements made at COP28 and sets ambitious real reduction targets across all economic sectors and includes measures for all greenhouse gases. Brazil’s bold commitment demonstrates its dedication to meaningful climate progress and serves as an inspiration to other nations.
The announcement comes in a critical moment for climate action at COP29, where the UK also introduced a significant new target of cutting emissions by 81% by 2035. With two major G20 nations demonstrating strong leadership within two days, the global message is clear: climate action is stepping up. COP29 demonstrates ambitious national plans to pave the way for economic security and prosperity through cleaner energy, job growth, and reduced pollution. The conference ensures that all countries share such benefits and step up efforts to slash emissions and enhance resilience against climate impacts.
International Cooperation is Key for new NDCs at COP29
Azerbaijan, the UAE and Brazil stressed that international cooperation is essential for ambitious new Nationally Determined Contributions (NDCs) for 2035 at COP29 in Baku. Marina Silva, Brazil’s Minister of Environment reiterated on the need for joint solutions to keep global temperature rise within 1.5°C.
Adnan Amin, COP28 CEO, stressed that supporting developing economies in transitioning to renewable energy is crucial. Delegates called for the new finance goal (NCQG) to surpass the current $100bn/year target for 2020-2025, promoting policy gaps and NDCs. The energy package from COP28—phasing out fossil fuels, tripling renewable capacity, and boosting energy efficiency—was also tackled. Only the UAE, Brazil, and the UK have set new emissions reduction targets for 2035. Silva urged major emitters to increase their climate ambitions in that respect.
French Energy Minister Cancels COP29 Visit Amid Diplomatic Disputes
French energy minister Agnès Pannier-Runacher has canceled her planned visit to COP29 in Baku, referring to “unacceptable remarks” by Azerbaijan targeting France and Europe. Pannier-Runacher was scheduled to attend negotiations in the second week of the summit. For the first time since COP21 in 2015 France’s president is not represented at high-level discussions.
Azerbaijani President Ilham Aliyev criticized France’s treatment of its overseas territories and labeled European institutions as symbols of “political corruption,” during his address to a summit for small island. He accused them of suppressing opposition and blamed them for recent unrest in New Caledonia. Pannier-Runacher condemned Azerbaijan’s speech, stating that the nation was exploiting climate discussions for political motives, and criticized Aliyev’s defense of fossil fuel production. French delegates will continue their work at the conference, maintaining France’s commitment to advancing climate goals in line with the Paris Agreement regardless of the cancellation of the visit.
Brazil to reduce 67% of GHG Emissions by 2035
Brazil aims for a 67% reduction in greenhouse gas emissions by 2035, according to environment minister Marina Silva. The top end of the 59-67% range was revealed ahead of the UN Cop 29 climate summit in Baku, Azerbaijan. Silva described this goal as part of a broader “new paradigm for social and economic development,” though specifics on the impact on oil production that remain unclear.
Vice-president Geraldo Alckmin highlighted Brazil’s strengths in biofuels, noting that 85% of vehicles run on ethanol-based flexible engines, and pointed to the country’s potential in sustainable aviation fuel and green hydrogen.
Some NGOs, such as Observatorio do Clima, argued that the targets do not align with keeping global warming under 1.5°C. They criticized Brazil for not raising its 2030 ambitions or curbing fossil fuel expansion plans. Oil Change International also highlighted the contradiction between Brazil’s leadership claims in the energy transition and its planned oil production growth.
Silva urged developed nations to bolster climate finance efforts, stressing that funds “need to be in trillions” to meet global climate goals. Discussions at Cop 29 will focus on setting a new collective quantified goal, building on the unmet $100bn/year pledge for 2020-2025.
Green Zone
COP29 holds a panel discussion on Climate Justice and Equity
A joint panel discussion entitled “Climate Justice and Equity” was organized by the COP29 Azerbaijan Operating Company and Rhenus, the Official Logistics Partner for COP29. The panel stressed the critical role of businesses in mitigating climate change impacts and their contributions towards achieving the global net-zero carbon target. The discussions further highlighted the urgent need for fair and inclusive climate policies, noting the bad impact of climate change on vulnerable populations, such as low-income communities, indigenous groups, women, and youth. The session also showcased successful, real-world examples of gender-responsive approaches, equitable policies, and youth-led initiatives that promote climate resilience and social equity. By incorporating these perspectives, the session highlighted the importance of collaborative and inclusive strategies in fostering a just transition to a sustainable future, where climate action addresses both environmental and social priorities.
Azerbaijan’s Azerenerji and Saudi Electricity Company signed a memorandum of understanding at COP29
Azerbaijan strengthened its “green energy” ties with Saudi Arabia through a series of key agreements, at COP29, marking a major step in the country’s participation in the “Central Asia-Azerbaijan Green Energy Corridor.” Azerbaijani Energy Minister Parviz Shahbazov, signed the “Implementation Program for the Development and Transmission of Green Energy” with energy ministers from Kazakhstan, Uzbekistan, and Saudi Arabia, in the presence of the Presidents of Azerbaijan, Kazakhstan, and Uzbekistan. Additional agreements included a “Road Map on Energy Cooperation” between Azerbaijan and Saudi Arabia’s energy ministries and a Memorandum of Understanding on electricity knowledge exchange between Saudi Electricity Company (SEC) and Azerenergy OJSC.
Silk Way Alat Free Economic Zone and ICAO Forge Pioneering Green Airport & Cargo Village Partnership at COP29
Silk Way Alat Free Economic Zone Company (SW AFEZCO) and the International Civil Aviation Organization (ICAO) took a bold step towards greener aviation at COP29, signing a landmark agreement to create a certified green airport and cargo village in Azerbaijan’s Alat Free Economic Zone. This agreement aims at achieving concrete sustainability goals by integrating low-carbon technologies, advanced waste management systems, and sustainable energy solutions into the airport’s design and operations. These efforts will ensure that the green airport and cargo village meet international standards and best practices while significantly reducing the environmental impact associated with aviation logistics.
SW AFEZCO and ICAO invite aviation stakeholders to help shape a sustainable future for airports and global logistics through this agreement. Through the green airport initiative at Alat Free Economic Zone, they will lead by example, proving that environmental responsibility and operational excellence can go hand in hand—setting a benchmark for green aviation worldwide.
Baku Initiative Group discussed “Eco-colonialism: The Environmental Legacy of Colonial and Neo-colonial Exploitation” during CoP29
The session focused on the lasting environmental damage caused by colonial powers, highlighting the ecological destruction inflicted on colonized territories. Speakers stressed the need to assess the extent of this damage, particularly in specific regions, under the control of France and Netherlands. Representatives from these colonized areas discussed ongoing pressing issues such as illegal resource exploitation, deforestation, land pollution, and the environmental fallout from France’s nuclear tests in French Polynesia. Such issues remain unresolved, including compensation for affected populations. Other topics included the harmful impact of chlordecone contamination in Guadeloupe, nickel mining in New Caledonia, and the spread of diseases in Mayotte linked to resource extraction. The speakers shed light on the severe impacts of climate change in these regions and their relevance to colonialism, urging France and Netherlands to meet the demands of indigenous peoples for justice and reparation.
Climate Innovation Zone
COP29 Climate Innovation Zone: “What’s Next for Climate Finance?” by MSCI and BCG
“What’s Next for Climate Finance?” was a side event presented by MSCI and BCG in line with the COP29 Climate Innovation Zone’s overarching goal of mobilizing the innovation ecosystem for impactful climate action. The event brought together leaders and experts from various sectors including investment, policy-making and NGOs to discuss the future of climate finance.
The event included two high-level panels with renowned speakers, including Linda-Eling Lee of the MSCI Sustainability Institute, Veronica Chau from BCG, and Doug Beal. The first panel, “Financing a Low-Carbon Future: Where Has Capital Been Successful in Driving a Just Transition?” discussed how financial investments are advancing the shift to a low-carbon economy and fostering a just transition.
“Weathering Change: Opportunities for Financing Resilience,” was the title of the second session that explored strategies for climate resilience financing, highlighting key opportunities to adapt and support communities and sectors facing climate impacts. The event scope is pivotal in climate finance informative insights for leveraging capital to address the climate crisis effectively.
Roundtable on Investment Value Chains: Unlocking Financial Pathways for a Green Energy Future
Hosted by S&P Global
The Climate Action Innovation Zone hosted a roundtable discussion by S&P Global tackling financial strategies to support the global energy transition on November 13th, during COP 29. The session shed light on the evolving funding landscape for innovative green projects like carbon capture, utilization, and storage (CCUS), and green hydrogen aspiring that companies can gradually commit to net-zero strategies and clean energy solutions. The key highlights were opportunities to overcome challenges such as supply chain constraints, high interest rates, and complex regulatory frameworks.
The roundtable served as a platform for stakeholders across industries to exchange ideas and pave the way for more accessible and impactful financing of clean energy projects, which is an essential step toward achieving global climate goals.
Aligning for Impact- Advancing Sustainable Finance Partnerships in a Roundtable
The Climate Action Innovation Zone hosted a significant roundtable titled “Aligning for Impact: Sustainable Finance Partnerships in the Global North and South,” on November 13th, during COP 29. The session discussed the vital role of institutional investors, particularly sovereign wealth funds (SWFs) and other development financiers, in bridging the climate finance and Sustainable Development Goals (SDG) funding gap through collaborative efforts.
Challenges and opportunities in fostering impactful partnerships that connect the Global North and South were also discussed. The session stressed the necessity of alignment and innovation in aligning investment practices and strategies with achieving shared climate objectives.
This event served as a foundation for aligning high-level methodologies, with participants working towards a collective statement and actionable recommendations. These efforts are set to contribute to the Fourth United Nations Conference on Financing for Development (FfD4), scheduled to take place in Sevilla from June 30 to July 3, 2025.
References:
https://www.unicef.org/azerbaijan/stories/unicef-events-cop29
https://en.trend.az/business/3969438.html
https://en.trend.az/azerbaijan/politics/3969420.html
