Speech by Vladanka Andreeva, UN Resident Coordinator in Azerbaijan, at COP29 Azerbaijan Business Forum

Excellencies, colleagues, ladies, and gentlemen, 

I am pleased to be with you today at the COP 29 Azerbaijan Business Forum, to discuss the indispensable role of the business in achieving a sustainable and green future for all. 

With support from António Guterres, Secretary-General of the United Nations , my colleagues at the global level , through the UN Global Task Force on COP29  that I co-chair with the UN Secretary General  Special Adviser for Climate action and Just transition, as well as with my UN Country Team in Azerbaijan- 18 agencies strong- we are actively engaged in support to the COP29 Presidency and we want to ensure that this COP 29 in an enabling one, that  enhances ambition and enables action.

As the urgency of the climate crisis cannot be overstated. 

Rising global temperatures, melting polar ice caps, and increasing frequency of extreme weather events are stark reminders that we must act swiftly and decisively. 

And for that we need all hands-on deck. 

The private sector, encompassing businesses of all sizes and industries, holds a pivotal role in addressing climate change,  for achieving the ambitious goals set forth in the Paris Agreement and beyond, as well as the Agenda 2030.

Historically, much of the responsibility for mitigating climate impacts has fallen on governments and international organizations. 

However, it is increasingly clear that businesses have both the capacity and the imperative to drive substantial change. 

The private sector has unparalleled resources and innovative capabilities. With access to vast financial capital, cutting-edge technologies, and a talented workforce, businesses are uniquely positioned to pioneer new solutions to reduce greenhouse gas emissions. 

From renewable energy technologies to sustainable agriculture practices, the private sector can invest in and scale innovations that significantly lower our carbon footprint.

Moreover, businesses are inherently motivated by the economic benefits of sustainable practices. The transition to a green economy presents vast opportunities for growth and profit. 

Companies that adopt energy-efficient technologies, reduce waste, and minimize resource use often see substantial cost savings. 

The private sector's influence extends beyond its operations. 

Through corporate social responsibility initiatives, businesses can drive environmental awareness and behavior change among consumers and communities.

By setting ambitious sustainability targets and transparently reporting on their progress, companies can inspire other organizations and individuals to take similar actions.

Collaboration is another critical aspect of the private sector's role in climate action. Businesses must work in partnership with governments, non-governmental organizations, academia, and other stakeholders to create comprehensive and effective climate strategies. Public-private partnerships can mobilize resources and expertise, driving large-scale projects that individual entities could not achieve alone. 

As we approach COP 29, the private sector's engagement is more crucial than ever.

One of the most effective ways businesses can contribute to COP 29 is by setting science-based targets for reducing emissions, as part of the new economy wide National Determined Contributions  (NDCs) . 

Companies should align their climate goals with the latest scientific research to ensure they are contributing to limiting global warming to 1.5 degrees Celsius above pre-industrial levels. 

In the UN system, UNDP is the technical lead on the NDCs, and we look forward to support Government in the formulation of the next iteration of ambitious NDC. 

Friends, 

Businesses have the resources, innovation, and influence needed to drive significant progress in mitigating climate change. 

As we lead up to COP 29, it is imperative that the private sector steps up its efforts, collaborates with other stakeholders, and commits to ambitious climate targets. 

Together, we can create a sustainable and greener future for generations to come.

Thank you.