CAREC Institute Contributes to COP29 Side Events in Baku, Azerbaijan

On November 17, 2024, the CAREC Institute participated in the COP29 side event in Baku, hosted by ADA University, ADBI, and ADB. The event featured the launch of the Asia-Pacific Climate Report by ADB Chief Economist Albert Park, which focused on mobilizing private finance and developing policy solutions for climate action.

Dr. Asif Razzaq, Senior Research Specialist at CAREC Institute, presented key findings from the Renewable Energy Investment Ecosystem project, a collaboration with the Islamic Development Bank and the Islamic Centre for Development of Trade. The research outlines a framework for assessing foreign direct investment in renewable energy across Central Asia, covering key areas such as government commitment, regulatory frameworks, infrastructure, and public-private partnerships.

Dr. Razzaq emphasized the critical role of Investment Promotion Agencies in improving investment conditions. He proposed a phased Investment Promotion Programme to enhance renewable energy investment, suggesting pilot implementation in one country over 1–3 years with regional capacity-building through workshops and technical assistance.

These contributions align with COP29’s goal to accelerate the low-carbon transition by increasing private-sector investment and innovative policy solutions. Dr. Razzaq’s work addresses key barriers to renewable energy investment in Central Asia and supports COP29’s objective of creating transparent and effective climate finance mechanisms.

Additionally, Dr. Razzaq discussed challenges in implementing carbon markets in developing countries, including fossil fuel dependence, governance issues, and limited access to climate finance. He highlighted the need for phasing out fossil fuel subsidies and improving data transparency to better integrate carbon markets and support low-carbon transitions.

Earlier, on November 15, Dr. Razzaq also participated in a side event at Azerbaijan Technical University (AzTU), presenting on renewable energy investment barriers in Central Asia in the session “Smart and Low-Cost Solutions for Energy Transition.”

These COP29 side events provided a platform for climate experts, policymakers, and environmentalists to discuss strategies for addressing the global climate crisis. The CAREC Institute’s contributions underscored the importance of collaboration, innovation, and targeted investment in achieving COP29’s climate goals and supporting regional sustainable energy transitions.