International Advisory Committee Meeting with Mr. Yalchin Rafiyev, COP29 Lead Negotiator, deputy Minister of Foreign Affairs

Published 30 April 2024

During the meeting which was held 30 April, 2024 between the IAC and Mr. Yalchin Rafiyev, several topics were discussed that are critical for the success of COP29 and require further collaboration. 

The need for enhanced collective financing, particularly in loss and damage, was emphasized, with reports suggesting a $2.4 trillion requirement, creating urgency around sourcing these funds. Notable progress has been made on carbon markets under Article 6, with discussions elevated from technical levels to active negotiations involving key stakeholders like the US and EU. The importance of Biennial Transparency Reports (BTRs) was also highlighted, as they are critical for unlocking financial resources and updating Nationally Determined Contributions (NDCs) by 2025. Additionally, the meeting underscored the necessity for effective logistics, continuous engagement between the COP29 Presidency and the Advisory Committee, and the formation of specialized subgroups to enhance collaboration. These discussions are crucial as they aim to operationalize key outcomes from COP28 and prepare for future milestones.