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

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

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.


Accelerating growth boosts investor confidence

Updated 06 December 2025
Follow

Accelerating growth boosts investor confidence

  • Startups attract fresh capital to scale AI, health tech, and infrastructure

RIYADH: Startups across the Middle East and North Africa are accelerating growth through strategic funding rounds, partnerships, and technological innovation. 

From agriculture tech and AI-led cybersecurity to digital health and home renovation, this week’s developments reflect the region’s expanding startup ecosystem and investor confidence across key verticals.  

Saudi agritech startup Nabt has raised $3.4 million in a seed extension round, bringing its total funding to $5 million.  

The round was led by SHG Group, with participation from Merak Capital and several angel investors, signaling strong investor confidence in the company’s long-term growth strategy.  

The funding announcement took place during a signing ceremony at the Sunbola program event under the Ministry of Environment, Water, and Agriculture.  

Founded to build both physical and digital infrastructure for the fresh-produce sector, Nabt connects farmers directly with commercial buyers through fulfillment centers that handle sorting, cold storage, and last-mile logistics.  

The company recently launched the Nabt Online Auction to support large-scale produce trading across the Kingdom, and Nabt Intel, which provides real-time pricing and market-demand data. 

CEO Abdullah Al-Otaibi said: “In just two years, Nabt has proven that building transparent and efficient infrastructure for fresh produce is not only possible but essential.”  

The new capital will support expansion into additional Saudi cities and further develop Nabt’s infrastructure and services to boost food security and farmer profitability across the country.   

COGNNA raises $9.2m 

COGNNA, a Saudi cybersecurity company founded in 2022, has closed a $9.2 million series A round led by Impact46 and co-led by BNVT Capital, with participation from Vision Ventures and Tali Ventures.  

The company offers AI-driven security operations tailored for enterprises and SMEs through its Agentic SOC platform.  

Combining AI automation with human oversight, COGNNA’s platform helps organizations simplify compliance and proactively defend against cyber threats. 

Chief Technology Officer Ziyad Al-Sheri stated: “Through our AI-led platform, we are building an Agentic SOC that doesn’t just respond to threats — it anticipates them.”  

The funding will be used to accelerate global expansion, enhance R&D in AI automation, and scale operational teams and infrastructure to meet growing demand. 

The company plans to allocate capital across product development, marketing, hiring, and international operations.  

Funch raises $500k 

Funch, a Dubai-based AI-native lunch subscription startup, has secured $500,000 in a pre-seed round led by Angelspark, with participation from investors including Mostafa Kandil, Mahesh Murthy, and Tushar F.  

Founded in 2025 by Ahmad Joehnny and Ghada Zanaty, the platform offers flexible, credit-based lunch subscriptions for 19 Emirati dirhams per day with no delivery fees. 

Founded in 2025 by Ahmad Joehnny and Ghada Zanaty, Funch offers flexible, credit-based lunch subscriptions with no delivery fees. (Supplied)

Funch replaces traditional meal plans with a system where users can pause, skip, or cancel orders while using credits only when meals are delivered.

“Our model is built around pre-planned orders, enabling us to operate with higher efficiency, reduce waste, and cut emissions with fewer trips,” said co-founder and chief operating officer Ghada Zanaty.  

The company leverages AI to forecast demand, optimize routes, rotate menus, and streamline logistics, and will use the funding to scale across Dubai and develop its AI systems further. 

Paymob teams up with Robusta 

Egyptian fintech Paymob and software development firm Robusta Technology Group have announced a strategic partnership to accelerate digital transformation across Egypt and the wider region.  

The collaboration will integrate Paymob’s digital payments infrastructure with Robusta’s AI-driven product development and analytics capabilities.  

The joint initiative aims to deliver intelligent digital experiences for SMEs and enterprises, supporting Egypt’s Vision 2030 goals. 

Both companies plan to expand regionally and develop future offerings combining automation, analytics, and seamless payment systems to improve operational efficiency for merchants and startups.  

Reno raises $4m

UAE-based renovation technology platform Reno has raised $4 million in a mix of equity and debt funding.  

The round included investments from Sanabil 500, Hub71, and Plus VC, as well as Zero 100 VC, FlyerOne Ventures,  and Sandstorm VC. AngelSpark and Swiss Founders Fund also invested.

Founded in 2024 by Marc Michel, Amr Hosny, and Farah Karabeg, Reno offers a tech-enabled, end-to-end solution for interior design and renovation services in both residential and commercial sectors.  

Reno aims to streamline the renovation process through a unified digital platform, allowing customers to manage projects from planning through execution.  

The company plans to use the new capital to expand across the GCC region, enhance its technological infrastructure, and further develop its customer experience. 

Glenwood PE and Mubadala invest in Korean desalination firm NanoH2O

Glenwood Private Equity and Abu Dhabi’s Mubadala Investment Company, along with co-investors, have completed a co-investment in NanoH2O, a Seoul-based reverse osmosis membrane manufacturer previously operating as LG Water Solutions under LG Chem.  

All closing conditions and regulatory approvals for the investment have been fulfilled.  

NanoH2O, which became an independent entity in 2024, supplies desalination and brackish water treatment solutions to municipal and industrial clients worldwide. More than 95 percent of its revenue is generated outside South Korea. 

“We have strong conviction in NanoH2O’s technology leadership and long-term growth potential,” said Mohamed Al-Badr, head of Asia at Mubadala.  

The firm aims to support NanoH2O’s global expansion, particularly in the MENA region, amid growing concerns over water security and decarbonization.