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Armenia and Azerbaijan could sign a peace treaty before the Climate Change Conference (COP 29) in Baku scheduled for November 2024, analysts of the S&P Global Ratings say, citing official statements.

“Azerbaijan remains in talks with Armenia on a comprehensive peace deal, amid a shifting geopolitical situation across the region,” they said in a report.

"One of the points of contention in signing the peace treaty remains the process of border demarcation. Armenia's government earlier agreed to Azerbaijan's demands to hand over several exclave villages inside its borders. This has led to public protests against this decision in Armenia with protesters demanding the resignation of Armenian Prime Minister Nikol Pashinyan. Nevertheless, the two sides have stepped up bilateral negotiations, which have been held in several capitals in Europe and the Commonwealth of Independent States. Official statements suggest that it remains possible to sign the agreement before the COP-29 conference in Baku scheduled for November 2024," reads the report.

In an interview with NE Global in May, Elchin Amirbayov, Azerbaijani President Ilham Aliyev's envoy for special assignments, said now that the whole world’s eyes are focused on Baku hosting COP 29, it is a good opportunity for Armenia and Azerbaijan to finally sign the peace agreement.