ֱ

COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities

Update Ambassador Elshad Iskandarov, COP29 Presidency. (AN Photo/Abdulrahman Bin Shulhub)
Ambassador Elshad Iskandarov, COP29 Presidency. (AN Photo/Abdulrahman Bin Shulhub)
Short Url
Updated 15 November 2024

COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities

COP29 unveils Baku Call initiative to bridge climate finance and peace for vulnerable communities
  • Elshad Iskandarov highlighted the 450 million people who live in regions simultaneously impacted by conflict and climate vulnerability

BAKU: The world’s most vulnerable communities stand at the heart of the newly launched “Baku Call on Climate Action for Peace, Relief, and Recovery,” unveiled on Friday at COP29.

The initiative addresses the urgent need to tackle the interconnected challenges of climate change, conflict and humanitarian crises.

Backed by key nations from both the Global North and South — including Egypt, Italy, Germany, Uganda, the UAE and the UK — it introduces the Baku Climate and Peace Action Hub as a platform for driving peace-sensitive climate actions and unlocking vital financial support for affected regions.

Speaking to Arab News, Ambassador Elshad Iskandarov of the COP29 Presidency articulated the stakes clearly, pointing to the 450 million people who live in regions simultaneously impacted by conflict and climate vulnerability.

“These compounded crises not only strain existing resources but also hinder the effective delivery of climate finance,” he said.

The Baku Call seeks to address this by providing a centralized mechanism to coordinate efforts across stakeholders — governments, UN agencies, think tanks and peace-building organizations. “The hub will serve as a unified entry point for vulnerable nations, ensuring streamlined access to climate finance and technical support,” he said.

The initiative builds on established frameworks such as COP27’s Climate Responses for Sustaining Peace and COP28’s Declaration on Climate, Relief, Recovery, and Peace, while adding practical innovations.

Iskandarov highlighted a digital portal in development that will provide a clear overview of existing climate finance mechanisms, application requirements and best practices.

“Imagine a country facing daily challenges of conflict, development and climate impact. Without proper guidance, navigating six to nine funding channels becomes nearly impossible,” he said. The portal aims to close this gap by strengthening national capacities and offering tools to access and manage climate funding effectively.

A central focus of the initiative lies in developing pilot projects tailored to conflict-affected areas, where conventional funding approaches often fall short. “In regions with strong non-state violent actors, we must ensure that funds reach the communities in need without falling into the wrong hands,” Iskandarov said.

To achieve this, the hub will facilitate close collaboration with UN agencies and local communities, designing projects that integrate peacebuilding goals and adhere to stringent oversight standards.

Partnerships have been instrumental in shaping the initiative. The ambassador commended the co-lead nations for their shared commitment to inclusivity and cooperation, noting how countries such as the UAE, Egypt and the UK brought their experiences as prior COP hosts to strengthen the effort.

“This is not about initiative nationalism,” he said. “We’ve drawn lessons from the pandemic, where global unity was key, and applied them to forge a collaborative approach to the climate and peace nexus.”

The Baku Call also seeks to shift the broader narrative around climate and peace. Iskandarov expressed a long-term vision where this intersection is no longer synonymous with crisis and destruction but instead embodies hope and development. “Our ultimate goal is to create a future where the nexus of climate and peace signifies resilience and harmony, not despair,” he said.


Egypt’s inflation rises 1.3% in October as price pressures persist

Egypt’s inflation rises 1.3% in October as price pressures persist
Updated 10 November 2025

Egypt’s inflation rises 1.3% in October as price pressures persist

Egypt’s inflation rises 1.3% in October as price pressures persist

RIYADH: Egypt’s monthly inflation rose 1.3 percent in October, bringing the consumer price index to 264.3 points as price pressures continued to build, according to official data. 

Figures from the Central Agency for Public Mobilization and Statistics showed the annual inflation rate eased slightly to 10.1 percent in October from 10.3 percent in September. 

The data comes as Egypt’s macroeconomic indicators show early signs of stabilization following currency and fiscal reforms introduced since early 2024. 

In its latest report, CAPMAS stated: “The main reasons for this increase are attributed to the rise in prices of the food and beverages section by 1.2 percent, the alcoholic beverages and tobacco group by 0.7 percent, and the clothing and footwear section by 1.2 percent.” 

Housing, water, electricity, gas, and fuel costs increased 5 percent month on month, while household furnishings rose 0.5 percent and health care services edged up 0.2 percent. 

The report noted that transportation and recreation sectors each recorded 0.1 percent growth. 

“This occurred despite a decrease in the prices of audio, video, photography, and information processing equipment by 1.8 percent and organized tours by 0.4 percent,” the statement said. 

CAPMAS noted that restaurant and hotel prices rose 0.2 percent overall, even as hotel service charges dropped 0.7 percent. The miscellaneous goods and services category climbed 1.1 percent. 

In October, S&P Global Ratings upgraded Egypt’s long-term sovereign credit rating to “B” from “B-”, citing structural reforms and improved policy coordination under its International Monetary Fund-backed program. Fitch Ratings affirmed its “B” rating with a stable outlook during the same period. 

S&P noted that reforms implemented over the past 18 months — including a shift to a more flexible foreign exchange regime and new investment incentives — have bolstered competitiveness and supported a recovery in growth. 

The agency added that Egypt’s economy continues to benefit from the $8 billion loan program secured from IMF in March 2024, along with over $10 billion in additional financing from multilateral lenders. 

Since the adoption of the flexible exchange-rate policy in early 2024, the Egyptian pound has traded under a market-based regime, helping stabilize the balance of payments and restore investor confidence.