EY’s Top Executives Attended COP 29 

EY urges business and governments to keep up the momentum on climate action at the UN Climate Change Conference, COP29, held in Baku.

Agreements at COP29 including the operationalization of Article 6.4, the raising of NDC ambitions, and a new climate finance goal all signal a transformative shift toward more robust and integrated climate finance mechanisms conclude a team of EY specialists who attended the UN Climate Conference in Baku.

Specialists in sustainable finance, policy, energy and business action from the EY global network engaged with COP29 contributing to events examining the role of the public and private sector in driving the transition to net zero. They underscored critical trends, including finance and carbon markets to support the transition.

Ilgar Valiyev, Managing Partner at EY Azerbaijan, spoke at the session titled “Mobilizing Private Investment to Accelerate Sustainable Development”. He highlighted the importance of the sustainability agenda for the world’s socio-economic development: ‘Sustainability is one of the most significant challenges the world faces today. Moreover, I believe it is a generation-defining matter. It’s important that all businesses play their part in tackling these challenges. Not only are we helping companies and organizations in Azerbaijan and globally to work out actionable sustainable strategies and implement them.’

Nargiz Karimova, EY Azerbaijan Partner, Consulting Services Leader, said: ‘It was truly inspiring to connect with so many passionate and knowledgeable individuals dedicated to creating a greener, more sustainable future for everyone. The adoption of the 'Baku Breakthrough' at COP 29—a landmark commitment to making sustainability the cornerstone of global progress—was both reassuring and transformative. Hosting this pivotal forum in Azerbaijan and engaging as part of EY’s global sustainability network fills us with pride and optimism for how public – private collaboration can deliver on COP29’s outcomes.

Victor Kovalenko, EY Partner, Caucasus and Central Asia Climate Change and Sustainability Services Leader, commented “The COP29 was the summit which some named as the “financial COP”. Thus, one of the most important outcomes from it, a new collective quantitative goal for climate finance is ready. Also, finally mechanisms needed to launch an international carbon markets as per the Article 6 of the Paris Agreement are ready.”

Amy Brachio, EY Global Vice Chair – Sustainability attended COP29, participating in events on renewables, business action and technology. She commented that early indications of Nationally Determined Contributions made at COP in Baku are key to set the tone for the year ahead:

“The NDC process in 2025 is a call to action – to both shape, and reflect how business can accelerate the implementation of their own plans and targets – creating a runway for multi-country investment in mitigation, adaptation and a just transition.”

About EY Azerbaijan

EY Azerbaijan is a leading professional services firm, offering a wide range of services in assurance, consulting, tax, and strategy and transactions. Established as part of Ernst & Young's global network, the firm has played a key role in supporting businesses and organizations in Azerbaijan since its inception in 1994. EY Azerbaijan works closely with clients to deliver innovative solutions, foster growth, and address complex challenges, all while maintaining a strong commitment to building a better working world. With a deep understanding of the local market and access to global capabilities, EY Azerbaijan is a trusted advisor to both local and international businesses operating in the region.