The nation is closely depending on oil and gasoline revenues to energy its financial system, creating issues for firms over being related to greenwashing. Azerbaijan President Ilham Aliyev has said plainly that oil- and gas-producing nations like his ought to proceed investing within the sector, clashing with final yr’s COP28 final result during which all nations referred to as for accelerating the transition away from fossil fuels.
On prime of that, Azerbaijan’s civil service is seen as much less succesful than the United Arab Emirates’ authorities officers.
“[There is] not a lot hype about Azerbaijan from business,” mentioned one senior UK power business official who was granted anonymity to debate inside plans. The official referred to as it a “poor selection of host (once more) that individuals really feel nervous about.”
Fewer companies from the UK will attend COP29 than final yr — and people who do will ship fewer folks, mentioned Beverly Cornaby, director of the UK Company Leaders Group, a coalition of companies supporting emissions reductions.
Monetary establishments are additionally foregoing COP29 journey regardless of the main focus of the negotiations on setting a brand new collective aim for marshaling finance from wealthy nations to growing ones, mentioned Nina Seega, director of the Centre for Sustainable Finance on the Cambridge Institute for Sustainability Management.
A part of the issue for U.S. firms is even attending to Baku — there are not any direct flights. On some stage, the choice can also be completely human: Baku is much less interesting from a tourism perspective, famous a number of folks with whom POLITICO spoke.
Logistical issues have been so distinguished that they got here up at a June assembly hosted by the U.S. Chamber of Commerce. Ogtay Mammadov, coordinating board member of the COP29 working firm, tried to assuage enterprise leaders, calling the stadium housing the occasion “properly positioned,” near main transport hubs and solely six kilometers exterior town.
It’s not convincing doubters.
“Folks don’t belief that it’s going to be pretty much as good,” mentioned Frank Maisano, a associate at Bracewell’s Coverage Decision Group, which represents power business shoppers. “Folks have been actually targeted on Dubai final time. I don’t suppose they’re as targeted on Azerbaijan.”
Zack Colman and Sara Schonhardt reported from Washington, Zia Weise from Brussels and Karl Mathiesen from London. Charlie Cooper contributed to this report from London.