To combat climate change, the private sector needs to undertake ambitious and accelerated commitments in sustainable development, Mukhtar Babayev, Azerbaijan's Minister of Ecology and Natural Resources, COP29 President-Designate, told the Environmental, Social, and Governance (ESG) Summit: Public-Private Partnerships for Sustainable Development held in Baku Wednesday, Report informs.
“Working together, we can support efforts to create a collaborative environment where public and private organizations can exchange ideas, strategies and best practices for ESG implementation. We need help from the private sector in search of effective solutions to our common problems,” he said.
The minister noted that at the moment it is crucial to choose reliable transition paths that will be supported by financial plans, budgets and target indicators.
“We hope that companies can participate in COP29 and demonstrate how they allocate capital and ensure that investment decisions meet our goals in the field of climate change. Let's start with green capital markets so that we can create viable economic models,” Babayev stressed.