NEW YORK—At the 79th session of the UN General Assembly and during New York Climate Week, a pivotal agreement was signed to propel the Baku Initiative on Climate Finance, Investment, and Trade (BICFIT), signaling a strengthened collaboration between the COP29 Presidency and UNCTAD.

According to Azerbaijan State News Agency, the letter of intent was signed by COP29 President-Designate Mukhtar Babayev, who is also Azerbaijan's Minister of Ecology and Natural Resources, and Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD). The agreement marks a commitment to advance the BICFIT initiative, which aims to synergize efforts on climate finance, investment, and trade to support sustainable development.

During the signing, Babayev highlighted the planned activities under the BICFIT umbrella, including the first-ever thematic day dedicated to climate finance, investment, and trade at the upcoming COP29. This day is being organized in cooperation with various global partners, including the World Trade Organization (WTO), the International Trade Centre (ITC), and the Azerbaijan Export and Investment Promotion Agency (AZPROMO).

Additionally, the Trade and Investment House, scheduled to coincide with COP29, will serve as a hub for discussions and partnerships, aiming to bolster the trade and investment dimensions of climate action. Grynspan commended the initiative, noting its potential to enhance the integration of climate finance and trade strategies into broader economic and development plans.

The collaboration also includes contributions from the United Nations Development Programme (UNDP) and various international organizations, ensuring a comprehensive approach to implementing the BICFIT initiative. The initiative was further discussed at a special session on September 13, 2024, at the WTO Global Public Forum in Geneva, emphasizing its global scope and the involvement of diverse stakeholders.