Last week, Baku hosted a preliminary meeting of the Conference of the Parties to the United Nations Framework Convention on Climate Change - PreCOP29. This event traditionally precedes the climate summit itself and is considered a "LITTER in miniature". The same rules, the same principles, hundreds of guests from all over the world. PreCOP is held a month before the conference itself to check the hours. The agenda of the main event is being discussed, and if consensus cannot be reached on it, the organizers have to work out a new one for the remaining month.

But in the case of COP29, this did not happen, because the agenda developed by the Azerbaijani presidency is clearly thought out, based on the global good and meets the interests of both the developed and developing world. The leitmotif of the Azerbaijani presidency is cooperation, financing and the development of reliable mechanisms to support countries in the green transition. According to experts, even if COP29 does not become a breakthrough in the implementation of the Paris Agreement, it will move long-discussed and still unresolved issues that block the road to the implementation of the most important goals of the climate agenda. The Baku summit should be an important step in encouraging countries to responsibly fulfill their commitments.

As Mukhtar Babayev, Minister of Ecology and Natural Resources of Azerbaijan, President of COP29, noted during the discussions at PreCOP29, Azerbaijan seeks to attract all sources to climate finance. The Minister noted that the public sector cannot take over everything, and the share of the private sector in adapting to climate change currently stands at only 2 percent. Azerbaijan, as part of its chairmanship, is working with development banks and international financial institutions to maximize their role in attracting private sector investment.

The mechanisms currently in place are insufficient to achieve the set goals, including in terms of financing. Just as the current funding levels are insufficient. Because small island States and underdeveloped countries alone will need from $29 to $41 billion per year in the coming years to adapt to climate change. The representative delegations gathered in Baku were united in the opinion that the implementation of the ambitious tasks set depends on effective financing. And do not forget that it is the least developed countries and small island States that are among the most affected by the effects of climate change, while bearing the least responsibility for these changes.

The initiative of the Azerbaijani presidency is supported by the majority, but we will see how this support will be translated into real solutions. In any case, there is support at the UN level. First Deputy Secretary General of the United Nations Amina Mohammed, who is in Baku to participate in PreCOP29, said that some countries do not have the opportunity to implement their plans, and the main goal of the United Nations is to support such countries and create conditions for partnership for them. Countries should cooperate in setting new national commitments. "Time is running out and in this regard, urgent steps must be taken. Now we need a global dialogue so that everyone's voice can be heard. COP29 will show us to what extent we are united. The world needs such events," Ms. Mohammed said.

UNFCCC Executive Secretary Simon Steele called the challenges ahead "a very steep mountain to climb." And it really is.

In this light, one of the main initiatives included in the COP29 agenda is the creation of the Climate Finance Action Fund (IMFF). As Economy Minister Mikail Jabbarov said at the international carbon pricing forum in September, it is assumed that the fund's capital will be financed mainly by fossil fuel producing countries, as well as companies engaged in oil, gas and coal production. The main goal of the fund is not only to invest in climate initiatives in developing countries and small island States, but also to increase the contribution of countries with fossil fuel reserves and companies in this sector to the transition to green technologies. To begin with, it is planned to raise capital in the amount of $ 1 billion and attach at least 10 donor countries to the Fund.

The issue of financing is not something new. In 2022, developed countries contributed and mobilized $115.9 billion for countries vulnerable to climate change, meeting the $100 billion annual climate finance target for the first time. But it was difficult to call it assistance, because contributions consisted mainly of loans at high interest rates, which did not solve problems, but only increased the debts of countries. which the big states seemed to be going to help. COP28 showed that many of the promises were not fulfilled. And the Baku conference expects to do everything to fix this.

To ensure continuity of efforts, the UAE, Azerbaijan and Brazil, as chairs of COP28, COP29 and COP30, respectively, have formed a Climate Troika. Azerbaijan has developed an ambitious action program that includes 14 initiatives on a range of issues such as peace, finance, human capital, and water resources. And these are just some of them. "The call for a truce during the COP" is becoming even more relevant in the context of current geopolitical tensions, Azerbaijani President Ilham Aliyev believes. In his greeting to PreCOP29 participants, he noted that significant progress had been made in September towards the launch of a Loss and Damage Compensation Fund. And the main task now is "a fair and ambitious New Collective Quantitative Goal (NCCC) that meets the needs of developing, least developed and small island developing States. The new financial goal requires a significant increase." The Azerbaijani leader believes that it is time for countries to stop squabbling, look for those responsible for global warming and argue about who is more harmful to the environment. A multilateral approach is needed, and in this regard, COP29 will be a kind of test.

Not only the President of Azerbaijan, but also many others expect important decisions to be made from the Council in Baku. But these decisions can be worked out on the basis of discussions and consensus. Rich countries, which are the main culprits of the climate crisis, must realize their responsibility. And this responsibility should be expressed in hard currency. Azerbaijan accounts for 0.1 percent of global emissions. This is minuscule compared to the United States, Great Britain or China, but he is ready to take on an appropriate share of responsibility. What is expected from the powers.