During a panel at COP29, Yusif Abdullayev, Executive Director of the Export and Investment Promotion Agency of Azerbaijan (AZPROMO), highlighted Azerbaijan’s commitment to attracting foreign direct investment (FDI), particularly in green energy. Abdullayev noted that Azerbaijan has adopted a new approach to draw foreign investment, with AZPROMO playing a central role. He emphasized that one of the core pillars of Azerbaijan’s 2030 development strategy is the shift to a greener energy sector, aiming to increase FDI in renewable energy projects.

He acknowledged the global competition among investment agencies for green FDI, emphasizing that AZPROMO remains dedicated to creating optimal conditions for foreign investors. Abdullayev praised the engagement of major companies already present in Azerbaijan and expressed enthusiasm about the growing interest from Azerbaijani companies, many of which are actively participating in COP29 initiatives.

Abdullayev also underscored AZPROMO’s essential role in facilitating collaboration between companies, multinational banks, and financial institutions, describing this as a critical component of the agency’s mission. He added that AZPROMO is taking an individualized approach to prospective investors attending COP29 to maximize engagement and partnerships.

COP29, which began in Baku on November 11, marks the 29th session of the United Nations Framework Convention on Climate Change (UNFCCC), initially signed at the 1992 Earth Summit in Rio de Janeiro. With 198 countries as parties, COP29 aims to agree on a new climate finance goal and drive sustainable development through initiatives that include green energy and clean hydrogen.

The COP29 chair has launched 14 initiatives that integrate climate action with Sustainable Development Goals (SDGs), addressing areas like green energy storage, climate resilience, clean hydrogen, and green digital technologies, setting the stage for transformative climate finance.