COP29: Big Opportunities Await U.S. Small Businesses in Azerbaijan
July 26, 2024
David De Falco is the ITA Deputy Assistant Secretary for Europe and Eurasia. Natig Bakhishov is the U.S.-Azerbaijan Chamber of Commerce Executive Director.
In November, nearly 200 nations will convene in Baku, Azerbaijan, for the 29th United Nations Climate Change Conference (COP29). Global leaders in government and business are coming together to forge agreements and advance partnerships in solving the climate crisis, the 21st century’s greatest existential threat.
Every year, U.S. businesses of all sizes and sectors attend COP to showcase America’s latest innovations in clean energy and technology. Foreign buyers and investors specifically look to U.S. companies for the products and services that can help their communities grapple with the challenges of climate change, from extreme weather resilience to sustainable development and clean energy transition.
If you are a U.S. small or medium size enterprise (SME), don’t miss the incredible opportunity to attend COP29 in-person to showcase your tools and services and expand your sales. Given the role of SMEs in the global economy (making up 90% of businesses worldwide and 99.9% in the United States), there is a wealth of potential for their contributions in solving the climate crisis. The International Trade Administration (ITA) will be at COP29 to help your business make inroads with our trading partners from around the world. We recognize the challenges small businesses face in terms of accessing capital, funding investments, and navigating foreign business environments, and we’re here to help. We have offices strategically positioned in more than 100 U.S. cities and 80 countries to help your business explore new markets for your products, locate buyers, and advocate for your success—especially if you are new to exporting.
Take the host country of Azerbaijan as an example. Located at the global crossroads of East and West, Azerbaijan is committed to transitioning to the green technologies of tomorrow. It’s a nation of 10 million with an economy historically anchored in oil and gas production but has enormous renewable energy potential that could reposition the country as a future provider of green electricity and green hydrogen to European markets. For this reason, ITA and our partners at the U.S.-Azerbaijan Chamber of Commerce intend to work closely to foster the development of funding mechanisms that specifically help U.S. SMEs. These mechanisms could include microfinance, grants, low-interest loans, long-term investment models, and understanding tax incentives and exporting basics.
If your company is interested in attending COP29, we encourage you to get in touch with us right away. We will help you understand the opportunities on the ground in Baku, as well as in the lead-up to November. In fact, next month, ITA, the U.S.-Azerbaijan Chamber, and Johns Hopkins University Bloomberg Center will host a COP29 Green Finance Summit to help SMEs understand the tools necessary to facilitate the green transition. Stay tuned for more details about this event from the U.S.-Azerbaijan Chamber.
We hope to see you in Baku!