Held in Baku, Azerbaijan, COP29 brought together more than 80 heads of state and government and more than 76,000 registered participants from around 200 countries. The event has undoubtedly become one of the biggest and most significant platforms in the past year.
Days before COP29, there were skeptical opinions and often biased statements questioning Azerbaijan's ability to host this conference. The main pessimism focused on whether COP29 could provide a platform to secure financial and technological resources for developing countries on their way to a green transition. A number of experts wondered whether the parties would be able to agree on the financial target. However, through intense discussions that continued through the night of November 23-24, a consensus was eventually reached between the parties. It is worth mentioning that the event was extended by one day to finalize this agreement. The consensus reached among the representatives of nearly 200 countries underlines the fundamental role of COP29 in promoting international cooperation, mentioning the appropriateness of the measures below:
Operationalization of the Loss and Damage Fund: Activation of this fund will significantly support developing countries in combating the impacts of climate change.
Implementation of Article 6 on carbon markets: The long-discussed mechanism was finalized, marking a crucial step in addressing environmental challenges.
Endorsement of the New Collective Quantitative Goal (NCQG): Commitment to allocate $300 billion annually to developing countries and increase funding to $1.3 trillion annually by 2035.< /p>
These agreements are particularly important for developing countries, allowing them to participate more effectively in the fight against climate change, and many leaders, experts and observers praised the organization of COP29 and the agreements reached. Thanks to Baku's effective climate diplomacy, compromises were eventually reached between the parties. During the event, Azerbaijan maintained an impartial position on global issues, successfully achieving a balance between developed and developing countries in the fight against climate change. Today, it is evident that Azerbaijan supports the green transition both at the national and regional levels. The 1,155-kilometer long Black Sea Submarine Cable (BSSC), which will connect the energy grids of Azerbaijan and Central Asia with Europe, creates a strong foundation for the “Green Energy Corridor” and supports the EU's climate goals.
It should be emphasized that COP29 was a global climate event where important environmental challenges were discussed. Environmental issues are a challenge for all of humanity, and COP29 succeeded in mobilizing civil society by raising education and public awareness about climate change, as well as serving as an inspiration to other fossil fuel-producing nations to promote closer cooperation for the sake of achieving on a smooth and fast green transition.
To this end, COP29 has declared itself as a unique platform to accelerate the green transition and attract investments in green technologies and sustainable industries that will be essential for further sustainable global development.
To this end, COP29 has declared itself as a unique platform to accelerate the green transition and attract investments in green technologies and sustainable industries that will be essential for further sustainable global development.