In a significant move towards combating climate change, nations gathered at the two-week COP29 summit in Baku, Azerbaijan, have endorsed quality standards for carbon credits. This approval paves the way for a UN-backed global carbon market aimed at funding projects that reduce greenhouse gas emissions.
On the first day of the UN Climate Change Conference, governments reached an early agreement on carbon credit standards, a crucial step towards launching the market as early as next year. The initiative, years in the making, seeks to allow countries and companies to invest in projects worldwide that either reduce or remove CO2 emissions from the atmosphere.
Projects under this framework could range from cultivating CO2-absorbing mangroves to distributing clean stoves in rural communities, replacing polluting cooking methods. These initiatives not only help mitigate climate change but also support sustainable development in vulnerable regions.
Despite potential challenges, such as the U.S. President-elect Donald Trump’s indication of withdrawing from the Paris Agreement, experts like Juan Carlos Arredondo Brun from Abatable remain optimistic. They believe the endorsement will help operationalize the carbon market, offering a pathway for U.S. companies to continue their participation in global climate efforts through voluntary climate targets.
However, the new standards have faced criticism from some campaigners who argue they do not sufficiently protect the human rights of communities impacted by these projects. Rebecca Iwerks from Namati highlighted concerns about market stability and credibility, emphasizing the need for robust standards to attract investment.
Additionally, some negotiators have raised issues about the decision-making process, claiming that a small group of technical experts dominated the agreement without adequate input from all participating countries. Kevin Conrad of the Coalition for Rainforest Nations expressed support for the outcomes but criticized the manner in which they were achieved.
Looking ahead, COP29 participants aim to finalize additional rules to ensure the market's robustness. The International Emissions Trading Association projects that by 2030, the UN-backed market could generate $250 billion annually, reducing carbon output by 5 billion metric tons each year. This ambitious framework represents a pivotal step in global efforts to address climate change, combining economic incentives with sustainable environmental practices.
Reference(s):
cgtn.com
