Mukhtar Babayev: Attempts to сut сlimate сrisis funding are short-sighted

COP29 President Mukhtar Babayev has described attempts to "cut funding" for the fight against the climate crisis as a "short-sighted decision," according to Report.

"Defunding climate action is a short-sighted decision because every dollar spent is an investment in our shared future," Babayev, who serves as the Azerbaijani President's Special Representative on Climate Issues, said in an interview with EFE on the sidelines of the 62nd session of the UN Climate Change Subsidiary Bodies (SB62) in Bonn.

He noted that Azerbaijan will consult with governments and civil society on the Baku to Belem roadmap to achieve the climate finance goal of $1.3 trillion.

Babayev also mentioned that Azerbaijan, as the COP29 chair, will participate in the 4th UN International Conference on Financing for Development (FFD4), which will take place in Seville, Spain, from June 30 to July 3. He stressed that the conference comes at a "critical moment."

Babayev recalled that at the COP29 conference in Baku last November, a historic decision was made to establish annual climate financing of $300 billion to support developing countries in tackling climate change.

"But instead of increasing their contributions, donors began retreating from their commitments already in 2025. Climate budgets have been cut across the world. Azerbaijan will attend the Seville conference to advocate for climate finance and demand accountability from countries for the promises they made," Babayev said.

The Azerbaijani presidential representative also reminded that following COP29 in Baku, Azerbaijan initiated the adoption of the "Global Commitments on Energy Storage and Grids." The goal is to increase global energy storage capacity sixfold compared to 2022 — reaching 1,500 GW by 2030.

"New commitments on hydrogen and green energy zones were also launched. All these measures will help build a new energy system ready for large-scale deployment of renewable energy. This is how the action agenda will support a fair, equitable, and orderly transition from fossil fuels to clean energy," said the COP29 President.