COP29: UAE formally hands COP presidency over to Azerbaijan

UAE Minister of Industry and Advanced Technology Dr. Sultan Al Jaber officially transferred the United Nations Climate Change Conference (COP) presidency to Azerbaijan’s Mukhtar Babayev today at the opening of COP29 in Baku.

Under UAE leadership, COP28 achieved unprecedented milestones, driving meaningful progress in the global climate agenda. "By delivering the historic UAE Consensus, we accomplished what many thought was impossible,” said Dr. Al Jaber, addressing an international audience of climate leaders at COP29 on Monday.

Dr. Al Jaber said that despite COP29 being held at a time of complexity and conflict “the UAE will always choose partnerships over polarization, dialogue over division and peace over provocation.”

UAE’s climate achievements at COP28

The UAE’s COP28 presidency launched a series of impactful initiatives aimed at accelerating the global transition to a sustainable, low-carbon future.

Key achievements include ambitious goals to triple renewable energy capacity, double energy efficiency, and end deforestation by 2030.

Dr. Al Jaber highlighted the UAE's dedication to advancing practical climate solutions, noting the recent establishment of ALTÉRRA, the world’s largest climate-focused investment fund. With $6.5 billion allocated to impactful projects, ALTÉRRA serves as a model for mobilizing private capital to tackle climate challenges at scale.

Additionally, the UAE launched the Oil & Gas Decarbonisation Charter (OGDC), a comprehensive partnership covering 44% of global oil production, with commitments from 55 companies to reduce emissions and advance clean energy.

The UAE also spearheaded the creation of the Loss and Damage Fund, aimed at supporting countries most vulnerable to climate impacts. Now operational with over $850 million in initial pledges, the fund underscores the UAE’s leadership in climate finance and resilience-building.

Legacy of cooperation

To ensure sustained momentum, Dr. Al Jaber introduced the COP Presidencies Troika, a coalition between COP28, COP29, and COP30 Presidencies designed to align global climate goals with practical, actionable steps.

This new "mechanism for momentum" is tasked with carrying forward the UAE Consensus, keeping 1.5°C targets within reach, and supporting platforms like the UN and G20 to drive multilateral climate action.

Call to action for COP29 and beyond

As COP29 begins, Dr. Al Jaber urged delegates to build on the UAE Consensus and commit to a robust New Collective Quantified Goal for climate finance, capable of fully implementing the agreements made at COP28.

He emphasized that declarations alone are not enough: “The consensus we achieved in Dubai was historic. Yet history will judge us by our actions, not our words,” he said, encouraging COP29 leaders to prioritize practical solutions over rhetoric.