Moldova welcomes the fact that during COP29, countries agreed to launch the Baku to Belém Roadmap on how to raise an additional $1 trillion to combat climate change, Moldova's minister of environment, Sergiu Lazarencu, told Report.
"Recognizing the need for further funds, the COP29 outcome also called on all actors to work toward enabling $1.3 trillion in finance for developing countries by 2035, encompassing the $300 billion as well as finance from other sources, such as significant private sector flows. This $1.3 trillion number is much closer to the level of finance needed by developing countries to protect themselves from escalating climate impacts and get on a low-carbon pathway. Parties agreed to launch a "Baku to Belém Roadmap" on how to muster the additional trillion.
In addition to raising more finance, the adoption of the new goal was also an opportunity to try to address finance quality and access.
For instance, in the case of the Republic of Moldova, the type of finance — for instance, grants versus loans and how easy it is to access — is just as important as the amount.
We also consider that the distribution of funds should be a central focus to ensure that finance reaches the most vulnerable countries," he noted.
The minister also expressed regret that wealthier countries did not agree to a more substantial increase in climate financing.
"The final decision text is light on addressing these issues. It does mention the special circumstances of many developing countries and urges easier access to finance through, for example, simplified application and disbursement processes.
It also calls for a special assessment of access to climate finance. However, the agreement stays away from some of the more concrete demands, such as setting specific finance targets based on regions, income levels or types of spending (for example, for adaptation). This left us concerned that we will continue to struggle to receive enough finance.
As we all look to COP30 in Belém, the next year will be crucial for delivering existing international public finance commitments. The current goals to double adaptation finance and provide $100 billion in climate finance annually will both come to an end in 2025. Countries must continue to follow through on these commitments while setting their sights higher moving forward.
The developing countries can also explore ways to build on the $300 billion goal, including working with international financial institutions on further reform, using innovative finance and capital enhancement, and engaging through the Global Solidarity Levies Task Force (which aims to explore feasible options for climate levies).
From our point of view, much work is needed to ensure that the full financial system — including the private sector, countries' own resources and national development banks — scale and align their financial flows with the goals of the Paris Agreement," he added.