BAKU, Azerbaijan, February 10. COP29 presidency’s emphasis on inclusivity helped gain trust of small island, Mircea Fechet, Minister of Environment, Waters and Forests of Romania, said in an exclusive interview with Trend.
“Azerbaijan’s presidency facilitated discussions that led to the $300 billion annual climate finance goal. This required significant diplomatic effort to reconcile divergent expectations between developed and developing nations, as the latter initially sought far higher sums. The presidency worked to mediate these differences, ensuring a commitment while leaving room for scaling up efforts through additional public and private investments,” he said.
The minister noted that another critical success under Azerbaijan’s leadership was the operationalization of the Loss and Damage Fund.
“This was achieved by fostering dialogue among vulnerable nations and wealthier countries, culminating in a framework that ensures the timely distribution of resources to those affected by climate disasters. The presidency’s emphasis on inclusivity helped gain the trust of small island states and least developed countries, whose participation was essential,” Fechet added.
Romanian minister pointed out that the presidency also played a decisive role in resolving long-standing disputes over Article 6 carbon markets, establishing global standards for carbon trading.
“By prioritizing transparency and environmental integrity, Azerbaijan helped finalize mechanisms for country-to-country trading and credit verification, which are vital for equitable and effective climate action.
Through these efforts, the COP29 presidency’s leadership demonstrated adaptability, inclusivity, and a focus on outcomes. Its ability to bring together diverse stakeholders and align them toward shared goals has been credited with shaping the agreements that mark the Baku Breakthrough. This legacy sets a precedent for future COP presidencies to emphasize cooperation and accountability in addressing the climate crisis,” he added.
A primary task in implementation of the decisions made during COP29 in Azerbaijan is mobilizing financial resources, Mircea Fechet said.
“This involves operationalizing the $300 billion annual target by 2035 and securing contributions from both public and private sectors. Challenges include bridging the gap between the pledged $300 billion and the estimated $1.3 trillion needed annually by 2035, as well as resolving disagreements over equitable financial contributions among nations. The operationalization of carbon markets under Article 6 is critical. This includes setting up governance frameworks and ensuring integrity in the trading of carbon credits,” he said.
The minister believes that building capacity in developing nations is another significant task.
“This involves providing technical and financial support to enhance adaptation measures, participation in carbon markets, and compliance with reporting requirements under the Enhanced Transparency Framework (ETF). A challenge here is addressing disparities in access to resources and expertise between nations, which can hinder equitable participation. Political and economic barriers, such as domestic priorities and economic instability, pose significant challenges,” said Fechet.
He pointed out that overcoming these requires global cooperation, aligning national interests with international climate goals, and creating resilient frameworks that adapt to changing circumstances.
“Through coordinated efforts and a strong focus on transparency and equity, the commitments made at COP29 can translate into meaningful progress toward global climate goals,” added the minister.
COP29 outcomes provide a roadmap for continuity in key areas, he said.
"The decisions made at COP29 will significantly shape the collaborative efforts of the COP Troika as leadership transitions to Brazil for COP30. These outcomes provide a roadmap for continuity in key areas like climate finance, carbon markets, and transparency," he said. Fechet noted that the newly established $300 billion annual climate finance goal creates a pivotal task for the Troika to ensure steady progress.
"Azerbaijan's COP29 presidency has laid the foundation for mobilizing these resources, but it will fall to Brazil to develop innovative strategies to attract private investments while ensuring accountability. Similarly, the operationalization of the Loss and Damage Fund requires coordinated effort. Azerbaijan's success in fostering trust among nations will support Brazil in refining fund governance and disbursement mechanisms to address urgent needs of vulnerable countries. The Troika will need to maintain momentum in addressing expectations for tangible outcomes from this mechanism ," said the minister. He pointed out that the finalized carbon market rules under Article 6 establish a framework for international cooperation on emissions reduction.
"Brazil’s role will be critical in showcasing how these markets can function effectively, particularly as the country has significant natural carbon sinks. The Troika will ensure consistency in implementing the environmental safeguards and transparency standards set during COP29. As countries prepare their Biennial Transparency Reports under the Enhanced Transparency Framework, the Troika will play an essential role in building capacity, particularly for developing nations. Brazil will likely lead efforts to support regional collaboration and strengthen compliance with these reporting requirements. Lastly, Brazil's presidency will use COP29's achievements as a baseline to push for greater ambition at COP30. This includes fostering alignment on updated Nationally Determined Contributions (NDCs) due by 2025. The Troika will coordinate to ensure progress is not diluted and that the agreements reached in Baku drive actionable results in Brazil. Together, the Troika’s collaboration will be instrumental in transforming the commitments made at COP29 into impactful climate action," added the minister.
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