Economics - 1999 June 29 (Tuesday)

As part of the COP29 climate summit, Azerbaijan’s Minister of Economy, Mikayil Jabbarov, held a key meeting with Ibrahim Al-Isri, Chief Investment Officer of the Oman Investment Authority (OIA). The discussions underscored the growing economic collaboration between Azerbaijan and the Gulf Cooperation Council (GCC) countries.

Sources from two negotiation teams at COP29 reported to journalists on Tuesday, November 19, that the volume of the "New Collective Quantified Goal" (NCQG) for climate financing, being discussed this week in Baku, is unlikely to exceed USD 500 billion. This limitation is attributed to the negotiation stance of the U.S. delegation in light of the shift in power following the presidential elections in the United States.

G20 leaders, in their final declaration at the Rio de Janeiro summit on November 19, have issued a clear directive to their negotiators at COP29 in Baku: do not leave without agreeing on an ambitious "New Collective Quantified Goal" (NCQG) for climate financing, UNFCCC Executive Secretary Simon Stiell announced Tuesday.

A panel discussion under the theme "Heritage Development for a Sustainable Future: Agriculture, Culture, and Adaptation to Climate Change" was held as part of the 29th session of the UN Framework Convention on Climate Change (COP29). The event, organized at the ICESCO Blue Zone pavilion, focused on integrating agricultural heritage with modern practices to address climate change, biodiversity preservation, and sustainable development.