Exploring Finance and the Renewable Transitions – Chapal Bhavsar

Posted on by

It has been a fun time here at United Nations COP29 in Baku, Azerbaijan! After landing here on Saturday afternoon, we have all had a whirlwind of adventures both in and outside of COP. From exploring the old city of Baku to taking taxis to talking to delegates, ambassadors, and even cabinet secretaries, COP has been a dynamic place filled with the energy of all who want to try to make a positive impact on the world before the end of this busy but relatively short conference.

My Experience at the Conference:

Saudi pavilion at COP29
Saudi Arabia’s Pavilion at COP29 in Baku, Azerbaijan.

Coming from a finance background as a finance major in the School Of Business at UConn, I was truly looking forward to taking part in this conference as it has been labeled the “Finance COP”. Behind the scenes, there has been a lot of negotiation in regards to new financial implications of the agreement in progress. Finance has taken a front seat role in this COP as people see the transition from renewable energies being just in the investment phase, to now starting to show signs of return. The move from fossil fuels to the renewable field is inevitable, but the former will continue to hold massive influence for decades. It is important to note that fossil fuels will play an important role in society and it is imperative that they are not disregarded.

One really interesting chat that I had was with the Saudi Delegation regarding a massive infrastructure project that they have undertaken. They are building an energy corridor which will connect renewable energy sources in Saudi to countries in the Caucasus and further. The delegate was telling me about how the cost of a renewable kilowatt has dropped to about 1.08 cents in this project. It emphasizes the importance of time and international cooperation in rebuilding and financing the new and developing energy systems that exist all around us. Overall, I am looking forward to taking part in more of these conversations during my time here at COP and am looking forward to bringing these experiences back to UConn! Thank you for reading!

Chapal Bhavsar is a Finance major in the School of Business.