Romanian Environment Minister Highlights Key Tasks For Implementing COP29 Decisions (Exclusive)
Date
1/24/2025 12:06:53 AM
(MENAFN- Trend News Agency)
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.
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