BAKU - Past, present and future COP Presidencies today endorsed the COP29 Baku Initiative for Climate Finance, Investment and Trade (BICFIT) Dialogue.

In creating BICFIT, the COP29 Presidency has also brought together UNCTAD, the UNDP, the World Trade Organisation (WTO), International Trade Centre (ITC), multilateral development banks and multilateral climate funds.

BICFIT will guarantee Finance, Investment, and Trade sit at the centre of the climate-change agenda by ensuring alignment, continuity and delivery across discussions, actions and initiatives between previous and future COPs in support of the UNFCCC and the Paris Agreement.

The BICFIT Dialogue will incorporate existing global initiatives such as the Glasgow Financial Alliance for Net Zero (GFANZ), Coalition of Finance Ministers for Climate Action, Coalition of Trade Ministers on Climate, the Climate FDI Coalition, and the newly initiated Baku Global Coalition for SMEs Green Transition, to align climate finance, investment, and trade with sustainable development priorities.

COP29 President Mukhtar Babayev said, “The COP29 Presidency’s plan is based on two pillars. To enhance ambition and enable action. This means setting out clear climate plans and delivering the finance we need. As we mobilise climate finance, we allow for higher ambitions and as we signal higher ambition, we build trust to unlock greater financial commitments.

We need all actors from the private sector, philanthropies, multilateral development banks and climate funds, international organisations, and civil society to contribute.

The launch of the Baku Initiative for Climate Finance, Investment and Trade (BICFIT) and hosting the Business, Investment and Philanthropy Climate Platform (BIPCP) represent our strong commitment to bring critical partners together to accelerate ambitious climate action.”

Achim Steiner, United Nations Programme Administrator and co-leader of the BICFIT initiative, commented, “Vulnerable countries must not be held back from delivering on their ambitious climate action because of financing limitations. To meet this moment at COP29 and beyond, we require a major shift in public and private finance, domestically and internationally, including the reform of the global finance architecture.

The BICFIT initiative stands as a principal platform for fostering collaboration and innovative solutions across climate finance, investment, and trade, empowering nations to tackle this formidable yet essential journey toward transformative structural change.”

Rebeca Gryspan, UNCTAD Secretary-General and co-leader of the BICFIT Dialogue initiative, said, “Developing countries will need $1.1 trillion annually in climate finance by 2025, with $900 billion expected from external sources.

This initiative enables us to align trade, investment, and finance with climate goals, bringing stakeholders together to ensure these three drivers work in concert. Better coordination will lower the overall cost of a just transition, leveraging shared strengths and minimising conflicts between climate policies and sustainable development.”