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COP for Hope: We hope that centralized carbon trading will start operating next year – COP29 CEO

BAKU, Azerbaijan, November 16. As part of
COP29 in Baku, Trend News Agency proudly presents COP for
Hope, a special project offering an unparalleled platform to hear
from world leaders and trailblazers in politics, economics,
science, and ecology, all united by a shared commitment to
addressing today’s pressing climate challenges.

Today, we are honored to speak with Deputy Minister of
Energy of the Republic of Azerbaijan, Chief Executive Officer of
COP29 for Azerbaijan Elnur Soltanov.

In an exclusive interview with Trend, Soltanov said that, the biggest success
achieved within COP29 is very serious progress regarding paragraph
4 of Article 6 of the Paris Agreement.

He expressed hope that due to the created momentum, Article 6
will be functional already in 2025.

“This is a very serious result. Although the process began in
Sharm el-Sheikh, it was not possible to achieve serious results.
This did not happen in Dubai either, although the result was very
close. But this result was achieved in Baku. Work is also underway
on other points of Article 6 of the Paris Agreement. We are
confident and hope that due to this momentum that we created,
Article 6 will be functional already in 2025, and centralized
carbon trading will begin. I would say that this is the biggest
success achieved within COP29,” Soltanov said.

Regarding the negotiation process, he said that progress on the
mandate continues in all areas, and intense negotiations are
underway.




“We are confident that we will achieve our goals as a result,”
Soltanov said.

The 29th session of the Conference of the Parties to the UN
Framework Convention on Climate Change (COP29), which will run
until November 22, opened at the Baku Olympic Stadium on November
11.

The UN Framework Convention on Climate Change is an agreement
signed at the Rio Earth Summit in June 1992 to prevent dangerous
human interference in the climate system. The acronym COP
(Conference of Parties) stands for “Conference of Parties” and is
the highest legislative body overseeing the implementation of the
Framework Convention on Climate Change.

A total of 198 countries are parties to the Convention. Unless
otherwise decided by the parties, COP is held annually. The first
COP event was held in March 1995 in Berlin, and its secretariat is
located in Bonn.

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