BAKU, Azerbaijan, January 24. A primary task in implementation of the decisions made during COP29 in Azerbaijan is mobilizing financial resources, Mircea Fechet, Minister of Environment, Waters and Forests of Romania, said in an exclusive interview with Trend.
"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 held in Azerbaijan was remarkable for the decisions on a new core finance goal of $300bn that triples the previous $100bn target; full operationalization of the Loss and Damage Fund and conclusion of negotiations on high integrity carbon markets under Article 6.
Follow the author on X: @Lyaman_Zeyn