Baku, Azerbaijan, 13 November 2024—The Islamic Development Bank (IsDB) President, HE Dr. Muhammad Al Jasser, held a fruitful deliberation with COP29 President Designate and Azerbaijan Minister of Ecology and Natural Resources, Mr. Mukhtar Babayev to discuss mutual areas of interest and IsDB Group’s support for the COP29 Presidency on the sidelines of the UN Climate Conference in Baku, Azerbaijan.

President Dr. Al Jasser expressed his admiration for Azerbaijan’s leadership and vision for COP29, particularly in the areas of Finance, the New Collective Quantified Goal on Climate Finance (NCQG). He reiterated the Bank’s unwavering commitment to assisting member countries in achieving their climate goals. He highlighted the significant participation of the IsDB Group in COP29, including the IsDB’s pavilion and its involvement in the joint MDB pavilion, underscoring the diverse delegation representing all IsDB Group departments and entities. 

President Dr. Al Jasser outlined the IsDB Group’s vision towards enabling action to promote fair and just transition. He noted that since COP27 (2022), the IsDB has approved over US$5.5 billion in climate financing, with 47% of this amount dedicated to adaptation. He stated that the Bank had already achieved its ambitious goal of allocating 35% of its financing to climate action by 2025, two years ahead of schedule.

On Enabling Action on Supporting Fair and Just Transition, President Al Jasser stated that the Bank has developed a Just Transition Conceptual Framework & Action Plan for 2023-2025 to support its member countries in reaching their JT ambitions. He emphasized that IsDB’s strategic direction of driving green, fair, and inclusive economic growth is aligned with the COP29 pillars of enhancing ambition and enabling action. He said the IsDB is actively supporting some of the 14 initiatives of the COP29 Presidency, including endorsement of some of the declarations, such as the COP29 Truce Appeal, COP29 Global Energy Storage and Grids Pledge, COP29 Declaration on Green Digital Action, COP29 Multisectoral Actions Pathways (MAP) Declaration to Resilient and Healthy Cities, and the COP29 Declaration on Water for Climate Action.  

Additionally, Dr. Al Jasser highlighted that the Bank is currently engaged with the COP29 Presidency team to support ongoing events, notably the Baku Initiative on Human Development for Climate Resilience and the Azerbaijan development agenda in numerous areas, such as green and sustainable infrastructure, renewable energy, water and agriculture, private sector development, and climate adaptation and resilience projects.