Javid Mustafayev, executive director of investment agency InvestBaku, explains to Real Asset Media how the Azerbaijan capital is aiming to become a global exemplar for sustainability and urban renewal.

Congratulations on the selection of Baku as host city for COP29. How important is this to the city and its aspirations? What can Baku itself add to the global sustainability imperative?

Thank you for the congratulations. Hosting COP29 is a monumental occasion for Baku, particularly as 2024 has been declared the Year of Solidarity for the Green World in Azerbaijan. It’s important to note that COP29 is not the first international eco-event hosted by our nation.

Baku has been the venue for a series of international events, including, in 2016, the UN’s 7th International Forum on Energy for Sustainable Development. This history of hosting major international events underscores our capacity and readiness to facilitate global discussions on critical issues.

Hosting COP29 aligns perfectly with both our city’s aspirations and the broader objectives of our country and businesses towards a sustainable future, marking a pivotal moment in our journey towards environmental stewardship and global collaboration. It provides a unique platform to showcase our advancements in renewable energy, green technology, and sustainable urban planning. This aligns with our vision to transform Baku into a leading example of eco-friendly urban living, and demonstrates our resolve to contribute actively to global sustainability efforts.

Azerbaijan has been investing significantly in renewable energy sources, such as wind and solar power, with the aim of increasing the share of renewables in our energy mix. This experience positions Baku as a living laboratory for renewable energy initiatives, green urban planning, and sustainable development practices. We can share valuable insights and lessons learned with the global community, contributing to the collective search for scalable and effective climate solutions.

Baku’s hosting of COP29 is not just an honour, it’s a call to action. It is an opportunity for us to contribute to the global sustainability imperative, share our successes and challenges, and learn from the global community. We are committed to making COP29 a milestone event that not only advances the global climate agenda, but also catalyses more ambitious action and cooperation among nations.

What sustainability initiatives from the city can you highlight?

Our commitment is guided by a strategic framework, notably the Baku City Master Plan for 2040, developed with the expertise of AS+P Albert Speer + Partner. This plan aligns with the global sustainability goals and addresses our unique urban and environmental challenges.

Central to our initiatives is the dedication to a green economy, as emphasised in Azerbaijan 2030: National Priorities for Socio-Economic Development, a document that underscores the importance of a clean environment and green growth. It advocates for the adoption of environmentally-friendly technologies, the promotion of waste recycling, and the expansion of green technologies.

Recent foreign investments have been pivotal, driving forward projects that demonstrate Baku’s investment potential and underscore our commitment to sustainable energy and environmental stewardship.

“Baku’s commitment to renewable energy sources offers fertile ground for investments in solar, wind and hydroelectric power projects.”

Javid Mustafayev, InvestBaku