BAKU — Azerbaijan has officially entered the race to host the 17th Conference of the Parties to the UN Convention on Biological Diversity in 2026, the country’s ecology minister announced at the Baku Climate Action Week.

According to Trend News Agency, Mukhtar Babayev, Minister of Ecology and Natural Resources and President of COP29, made the announcement during the event’s opening, highlighting Azerbaijan’s commitment to advancing global environmental discussions. Babayev underscored the relevance of the upcoming conference, which will focus on pivotal issues such as climate financing, biennial transparency reporting due by the end of the year, and the submission of updated national climate plans by early the following year.

Babayev also disclosed plans for the COP29 presidency team to meet with representatives from the International Monetary Fund and the World Bank in October. These institutions play essential roles in funding green initiatives and facilitating climate finance, critical for fostering global efforts against climate change. He emphasized the importance of involving the private sector in these endeavors, noting that sustainable climate financing would be a major topic at the Baku Climate Action Week.

Additionally, the minister brought attention to the operational status of the Loss and Damage Fund, sponsored by the World Bank, which is expected to be fully functional by 2025. This fund is a key component of the financial strategy to support countries most affected by climate-related losses and damages.

As the world gears up for the 16th Conference of the Parties on Biodiversity in Cali, Colombia this October, and with COP29 on the horizon, Babayev mentioned that enhancing the carbon credit market will be a crucial discussion point, aiming to increase the effectiveness of reductions in greenhouse gas emissions.