According to analysts at S&P Global Ratings, a peace agreement between Azerbaijan and Armenia could be signed before November 2024, coinciding with the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) in Baku. 

The report highlights ongoing negotiations between Azerbaijan and Armenia regarding a comprehensive peace deal amidst a shifting geopolitical landscape in the region. One major point of contention in signing the peace treaty is border demarcation. S&P analysts note that Armenia's government has previously agreed to Azerbaijan's demands to hand over several villages within its borders.

The report suggests that official statements indicate the possibility of signing the agreement before the COP-29 conference in Baku, scheduled for November 2024.