Baku, June 26, AZERTAC “Strengthening trust in the negotiation process within the framework of the United Nations Climate Change Conferences (COP) is essential to achieving more ambitious climate targets,” said COP29 President and Representative of the President of Azerbaijan on Climate Issues Mukhtar Babayev during his speech at the High-Level Ministerial Dialogue titled “Riding the Wave: Ocean-Climate from Mombasa to Antalya,” held as part of London Climate Action Week 2026.Mukhtar Babayev noted that the priorities set by the joint COP31 Presidency of Türkiye and Australia — implementing climate commitments, electrification, enhancing resilience, and the practical implementation of adopted decisions — are of particular importance.He emphasized that ocean and climate issues are no longer confined to the environmental agenda alone. “More than 3 billion people worldwide depend on marine and coastal ecosystems, while approximately 40 percent of the global population lives in coastal areas. For many countries, these issues are directly linked to economic development, security, and public well-being.”The Azerbaijani side stressed that the consequences of climate change have already become a reality for many vulnerable countries. “Rising sea levels, coastal erosion, soil salinization, the loss of livelihoods, and the forced displacement of populations pose serious challenges to sustainable development.”Mukhtar Babayev noted that although many green projects are technically feasible, their implementation in developing countries is hindered by high financing costs. According to him, the cost of capital in these countries is often two to three times higher than in developed economies.Citing the Caspian region as an example, the COP29 President said that the water level of the Caspian Sea—the world’s largest inland body of water—has been declining by more than 20 centimeters per year in recent years. “This trend creates additional challenges not only for the Caspian littoral states but also for the development of the Middle Corridor, which connects Asia and Europe and is gaining increasing strategic importance.”Mukhtar Babayev also stated that Azerbaijan continues to provide financial and organizational support to the most climate-vulnerable developing small island states. He underlined that one of the main priorities of the events held in Baku has been to ensure broader representation of these countries on international platforms and to amplify their voices.He emphasized that Azerbaijan, together with the Commonwealth Secretariat, has committed to allocating $10 million over five years for projects to be implemented in climate-vulnerable small island states. “This initiative aims to strengthen these countries’ capacity to adapt to climate change and enhance their resilience.”In conclusion, Mukhtar Babayev noted that oceans, seas, and water systems clearly demonstrate the impact of climate change on the economy, infrastructure, and security, serving as a reminder of the severe consequences of delaying climate action.