Channabasava Parit’s Post

Good COP or Bad COP? As I leave Baku, I can’t decide whether I’m truly excited or simply puzzled by COP... #MixedFeelings 🤩 The Excitement: Attending COP is very energizing. The buzzing Blue Zone, vibrant pavilions, flagship projects, and endless panels create a dynamic space where to learn and make great connections! But then... COP29 began with great news for carbon markets with the new Paris Agreement Crediting Mechanism (#PACM). Yet, key technical challenges remain (registries, authorizations, revocation rights) and won’t be easily resolved. And still no number for the New Collective Quantified Goal (#NCQG), even at the "Finance COP". For reminder the G77 proposed $1.3 trillion annually for mitigation, adaptation, and climate change-related loss and damages. 👨⚖️ The Politics of COP: COP reflects how we come together — or fail to — to tackle shared challenges. The reality is that countries remain divided, caught in their economic and geopolitical priorities. There is a lot of lobbying and politics in the negotiations. You can feel the frustration from the negotiators. Some commented that the upcoming Trump era may justify weak commitments from certain delegations.. More than 60% of the world’s countries are going through an election this year, which adds more uncertainty to the direction of climate policies.. The EU faced criticism over #CBAM from BASIC nations (Brazil, South Africa, India, and China). While environmental policies are required, they can be seen especially from Global South as a pretext to protect domestic industries. ✊ Acting Now: COP29 is another reminder that governments are too slow for our planet’s urgency. The private sector must act now, proving that investing in nature and the green transition is the way forward. Environmental markets enabling climate investments are set to grow with no doubt, in an inter-play of registries, standards, regulations in hybrid voluntary-compliance schemes. As rules get clarified, hopefully (re)gaining trust and credibility to ensure capital mobilization, eyes will shift to the demand side from governments, airlines under #CORSIA, corporates doing Net-Zero pledges and other green asset buyers.. While this COP29 was more technical, folks are hopping for a stronger rally and global commitment at #COP30 in Brazil next year.  🤔 What’s your verdict? Good COP or bad COP?

First day of COP29 Azerbaijan! #COP29. It with opening speeches from the UAE’s COP28 President Sultan Al-Jaber, the (now official) COP29 President Mukhtar Babayev of Azerbaijan, and the head of the UN’s climate arm Simon Stiell. After their speeches, the opening session suspended so that what makes it onto the summit’s agenda can be negotiated off camera. The European Union is opposing an item put forward by China and its BASIC allies to negotiate trade measures. The other debate, according to a developing-country negotiator, is whether the UAE Dialogue on reacting to the Global Stocktake decision from last year is listed under “matters relating to finance” or not. Read more here (we will update this link throughout the day) 👇

🌍 COP29 in Baku: Uniting the World for a Sustainable Future 🌿 COP29 officially began on November 11th, as global leaders, climate champions, and policy experts gathered in Baku, Azerbaijan. With powerful opening speeches from Sultan Al-Jaber (COP28 President), Mukhtar Babayev (COP29 President), and Simon Stiell (UN climate chief), the summit launched with strong calls for accelerated action and unity on climate goals. Key Day 1 Highlights: 🌱 Agenda Debates & Unity Calls: Achieving consensus on the agenda involved navigating complex discussions around fossil fuel transitions and trade measures, reflecting the challenge of balancing urgency with diverse national priorities. 🌐 Trade & Carbon Markets in Focus: A proposal from the BASIC countries to address Europe’s carbon border tax and trade measures was postponed to ease proceedings, paving the way for collaboration. Meanwhile, Azerbaijan placed a significant focus on advancing Article 6 of the Paris Agreement, with new rules allowing developing nations to earn credits through emissions reductions. 💼 US Climate Commitment Steady Despite Shifts: John Podesta underscored the resilience of the U.S. stance on climate, highlighting private sector initiatives and regional commitments as sustaining factors, while encouraging China to increase its global climate leadership role. 🗣️ Anticipated Announcements: With the absence of leaders from the US, China, India, and the EU, the spotlight now shifts to Azerbaijan’s President Ilham Aliyev, who is expected to reveal the nation’s climate vision, and the UK’s Keir Starmer, who may share bold new emissions targets for 2035. As COP29 progresses, global alignment and collaboration will be essential to drive forward climate finance, expand renewable energy, and build climate resilience worldwide. Together, we can make impactful strides toward a sustainable future. 🌍✨ #COP29 #ClimateAction #SustainableDevelopment #RenewableEnergy #CarbonMarkets #ClimateFinance #ClimateChange #UNFCCC #ClimateResilience #KBSCertification

COP29 - key updates from Days 1-4 ▶ COP29 Agrees International Carbon Market framework for Article 6! "This will be a game-changing tool to direct resources to the developing world and help us save up to 250 billion dollars a year when implementing our climate plans." https://lnkd.in/g2F6Wavy ▶ Negotiations around the New Collective Quantified Goal (#NCQG) on Climate Finance remain stalled. The G77 + China coalition is calling for $1.3 trillion annually. https://lnkd.in/etkd8mfs ▶ The Multilateral Investment Guarantee Agency (MIGA), The World Bank’s risk insurance arm, has previously develop insurance solution for carbon markets, and today launched its Letter of Authorization template, a public good for securing insurability rights and standardizing host government commitments to investors https://lnkd.in/emNZcpxZ ▶ Additional ~$19M in Loss and Damage funding pledged by Sweden at COP29, bringing total pledged funding to more than $720M. Yesterday, the Philippines signs to be host country of the Fund board. https://lnkd.in/g8aar-qz ▶ Argentina ‘withdraws’ from #COP29, fuels rumours that country may pull out of Paris Agreement https://lnkd.in/eusNqA42 ▶ VCM, established under Saudi's Public Investment Fund (PIF) and Tadawul Group, launches voluntary carbon market exchange platform to channel finance to high quality climate projects, aiming to enable scale up of Saudi Arabia’s voluntary carbon market and support net zero goals https://lnkd.in/eqQnqGeC ▶ IETA and the #Article6 Implementation Partnership (A6IP) surveyed 100 participants and published the "Article 6 Business Pulse Survey – Unlocking Article 6 Potential: Trends, Opportunities and Hurdles" https://lnkd.in/eQ2QzXYK ▶ The European Commission has launched a new #Methane Abatement Partnership Roadmap to further accelerate the reduction of methane emissions associated with fossil energy production and consumption  https://lnkd.in/e_uVpk3A #cop #carbonmarkets #baku #netzero #planet2050

The recent COP29 meeting in Baku marks a landmark moment in the climate agenda with the approval of Article 6.4 of the Paris Agreement, launching a global carbon market. Here is a SWOT analysis of this new initiative to understand its potential and challenges. Strengths 1. Standardized Framework: Article 6.4 brings uniformity in carbon crediting, enhancing transparency and accountability, and reducing double counting. 2. Incentives for Emission Reductions: By pricing carbon, the market encourages investment in clean technology and sustainability, especially in developing nations needing financial assistance. 3. Enhanced Climate Finance: This market aligns economic incentives with climate goals, allowing high-emission countries to fund projects in low-emission ones, balancing global emissions. Weaknesses 1. Implementation Challenges: Launching a unified market globally is complex, as countries have varying development, regulations, and technological capacity. 2. Risk of Market Manipulation: Loopholes could allow manipulation, and ensuring credits represent true emissions reductions will require strict oversight. 3. Market Volatility: Carbon prices may fluctuate due to economic and policy shifts, potentially affecting the incentive to reduce emissions. Opportunities 1. Accelerated Climate Action: This market could drive large-scale emissions reductions by offering economic incentives for climate action. 2. Investment in Developing Nations: This mechanism can invite investment in resilient infrastructure and renewables in developing countries, often lacking mitigation resources. 3. Innovation Boost: The carbon market could fuel technological advancements as companies seek affordable ways to cut emissions, crucial for reaching net-zero. Threats 1. Political and Economic Resistance: Carbon markets often face pushback from industries and governments concerned about economic impacts. 2. Equity Concerns: Wealthier nations might use the market to offset emissions instead of reducing them domestically, placing more responsibility on developing nations. 3. Greenwashing Risks: Without careful management, the market could allow entities to buy credits instead of reducing their actual emissions. Conclusion The ratification of Article 6.4 allows for controlled carbon trading. It also has potential to create a mechanism for governments and industries to collaborate on a global scale. However, the true success of this method will be determined by its execution, tough laws, and all parties' sincere commitment. As we progress, a balanced approach that recognizes both opportunities and threats will be crucial to achieving the initiative's goals of reducing emissions and fostering climate resilience. #COP29 #CarbonMarkets #Sustainability #ClimateAction #Article6 #ParisAgreement #NetZero #GreenEconomy #ClimateFinance #CarbonCredits #Innovation #EnvironmentalImpact #GlobalCollaboration #CarbonNeutral #ClimateChange

🌍 On Friday #COP29 in Baku, Azerbaijan concluded, and the outcomes have given rise to a blend of cautious optimism but also sharp critique. One of the most notable outcomes was a significant increase in climate finance. The goal for developing countries has been revised to $300 billion annually by 2035, with plans to mobilize $1.3 trillion per year from public and private sources. UN Climate Chief Simon Stiell described this increase as "an insurance policy for humanity," noting the continued escalation of climate impacts globally. But not everyone is satisfied. Delegates and activists from developing nations felt that the climate finance increase is not enough. Indian delegation representative Chandni Raina expressed disappointment, stating, “I regret to say that this document is nothing more than an optical illusion. This, in our opinion, will not address the enormity of the challenge we all face.” Other significant outcomes of COP29 included encouraging progress on: 🔹 carbon markets 🔹 transparency frameworks 🔹 and adaptation plans, such as the Baku Adaptation Road Map. Three bold initiatives were announced by the COP29, one of which is the Global Energy Storage and Grids Pledge. This sets the goal of deploying 1,500GW of energy storage by 2030, six times 2022's capacity, and adding or refurbishing 25 million kilometers of grids. Negotiators also finalized carbon trading rules under Article 6 of the Paris Agreement, ending nearly a decade of talks. The agreements on Article 6.2 and 6.4 established frameworks for international carbon markets. However, there are still some unresolved issues on the horizon. Despite some significant progress, a notable gap remains between the ambition and action on the ground. It will be interesting to see whether global leaders will take bold steps to close this gap. Read more about what the agreements at COP29 mean in the long run in the deep dive piece by Carbon Brief here: https://buff.ly/3OnUQg0 #energytransition #climateaction #sustainability

Will COP29 be a mere transitionary footnote in Climate Action? Many nay-sayers have declared this to be a transition COP. One in which not many see new decisions being taken, or commitments embraced. The reasons are attributed not just to climate-denying Trump coming back in USA, but also the general lack of momentum from the previous one in UAE. As COP29 commences in Baku, Azerbaijan, I will be looking closely at certain critical actions, to determine the potential success of COP-29. 𝗖𝗹𝗶𝗺𝗮𝘁𝗲 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗗𝗶𝘀𝗽𝘂𝘁𝗲𝘀: A central issue is the establishment of a new climate finance target for developing nations. Despite extensive negotiations, countries remain divided on the specifics of this goal, with proposals ranging from $1 trillion to $1.5 trillion annually. Developing countries advocate for substantial increases to address climate challenges, while donor nations express concerns over feasibility given current economic constraints. This a vital logjam, which will need to be addressed, if anything meaningful has to come out of this or future COP gatherings. 𝗧𝗿𝗮𝗱𝗲 𝗠𝗲𝗮𝘀𝘂𝗿𝗲𝘀 𝗮𝗻𝗱 𝗖𝗮𝗿𝗯𝗼𝗻 𝗧𝗮𝘅𝗲𝘀: China, representing the BASIC group formed in 2009 within UNFCCC (others being Brazil, India and South Africa), has proposed discussions on carbon border taxes and other trade-related climate measures at COP29. This move challenges policies like the EU's carbon border levy (or CBAM), which are perceived as unfair to developing countries. It is quite uncertain if this will be even be included in the agenda. 𝗙𝗼𝘀𝘀𝗶𝗹 𝗙𝘂𝗲𝗹 𝗣𝗵𝗮𝘀𝗲𝗼𝘂𝘁 𝗥𝗲𝘀𝗶𝘀𝘁𝗮𝗻𝗰𝗲: Oil-rich nations, including Saudi Arabia and Russia, are reportedly resisting efforts to prioritize discussions on phasing out fossil fuels. This opposition complicates negotiations aimed at accelerating the transition to renewable energy sources. The after-taste of COP-28 at Dubai (UAE), where the fossil fuel "phase out" language was changed at the eleventh hour, was considered by many to be a cop-out. Will fossil fuel rich nations, sing a different tune this time around? 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗲𝗱 𝗖𝗼𝘂𝗻𝘁𝗿𝗶𝗲𝘀 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝗔𝗯𝘀𝗲𝗻𝗰𝗲𝘀: Notably, leaders from key countries such as the United States, the European Union, and Brazil are absent from COP29. Their absence raises concerns about the summit's potential to achieve significant outcomes, especially in light of the recent U.S. presidential election and its implications for global climate policy. Will the summit see positives from other western countries, who will pick up the leadership mantle? As Day 1 begins today, I will aim to keep sharing few highlights from the summit - specifically directed on the above areas of potential success or any other break-throughs that come out of the COP. Fingers crossed, as the world watches, in hope and anticipation. #ClimateAction #COP #ClimateLeadership #Sustainability

It’s a big day as #COP29 begins in Baku, Azerbaijan. For a country that relies almost entirely on fossil fuels, how did they become the host of this years’ COP? According to the #UNFCCC, the “host country of the COP normally rotates among five United Nations regional groups”. COP29 was scheduled to be hosted by the Eastern European group which includes many former Soviet states. However, Russia blocked any country that has condemned its invasion of Ukraine, leaving Armenia and Azerbaijan as the only options. Initially, these two countries blocked each other's bids due to their longstanding conflict over Nagorno-Karabakh (an Armenian-backed enclave), but a Russian-brokered deal led Armenia to withdraw its opposition. As a result, Azerbaijan secured the bid, preparing quickly for the summit with limited time. #Azerbaijan is not necessarily known as a leader in the #greentransition as nearly all of their exports are in fossil fuels with western Europe using up much of their gas. So while Azerbaijan may seem an unusual host with its oil and gas production, perhaps it’s a great example of why and where we need to focus our attention when tackling the climate crisis. So what can we expect to come out of COP29? With the upcoming deadline for nations to provide their updated plans to reduce GHG emissions by February 2025, much is at stake. The current voluntary commitments are not on track to keep global heating from surpassing 1.5°C. Azerbaijan has set an agenda that would hopefully drive ambition: 1. Reduce emissions and increase green energy - COP29 leadership has committed to renewable energy initiatives like global energy storage, hydrogen development, and methane reduction, but its lack of focus on phasing out fossil fuels has raised concerns about possible backsliding, especially in gas-dependent Azerbaijan. 2. Building climate resilience - The COP29 presidency is promoting initiatives to support climate-resilient agriculture, protect water basins and ecosystems, improve human development for climate resilience, and strengthen urban climate resilience through a Multisectoral Actions Pathways Declaration. 3. New climate finance targets - Nations will discuss the New Collective Quantified Goal (NCQG) to replace the $100 billion annual climate finance target, with experts estimating developing countries will need $1 trillion annually by 2025 and $2.4 trillion by 2030. The results of the US election, and other elections around the world, raises concerns towards continuing progress. Are leaders empowered to invest more into climate action?

Week 1 Recap of COP29 in Baku 🌍 Week one of COP29 has brought powerful calls for stronger commitments and bold financial solutions to tackle the growing climate crisis. Key Highlights: 💰 New Climate Finance Goals: One of the major discussions at COP29 is the push for a new financial target to replace the outdated $100 billion goal. Developing nations are calling for $1 trillion annually by 2030 to help transition to green energy and build climate resilience. Securing this funding is critical, and the pressure is on for both public and private sectors to deliver. ⚖️ Carbon Credit Rules Approved: After years of debate, the rules governing the trade of carbon credits were approved at COP29, though concerns over the speed of decision-making have raised questions about collaboration and transparency. These mechanisms will be crucial in the global fight against climate change, but their success hinges on strong cooperation moving forward. 🌱 Private Sector’s Role in the Green Transition: The European Union has underscored the vital role of private sector investment in achieving ambitious climate goals. With trillions of dollars needed to meet the Paris Agreement’s targets, the private sector must step up to ensure the green transition happens at the speed and scale required. 🚨 Fossil Fuel Debate and Calls for COP Reform: Azerbaijan’s decision to grant "host country" badges to over 130 oil and gas executives has sparked controversy, with critics arguing that fossil fuel interests undermine meaningful climate action. This has led to growing calls for COP reform, demanding stronger representation for vulnerable countries and more accountability in the negotiations. 🔬 Methane Emissions Under the Microscope: Methane emissions, a potent greenhouse gas, have taken centre stage at COP29. The use of satellite tracking to identify leaks is proving to be an effective tool in addressing this issue, but the responsibility lies with both governments and corporations to take swift action. As COP29 moves into its second week, decisive action is now required. #COP29 #ClimateActionforAssociations #ClimateFinance #NetZero #ClimateJustice #Sustainability #GreenTransition #RaceToZero #ClimateAction #ClimateLeadership #TradeAssociations #ProfessionalBodies

Your in-media res reading for COP29 is a recent article proposing a new metric for measuring the national fair share of the remaining carbon budget. Determining each nation's fair share of the global carbon budget is a delicate topic. While the Paris Agreement recognizes different national responsibilities, converting this principle into numbers has proven elusive. Previous methods either focused solely on historical emissions, current economic capacity, or future development needs - but rarely combined these dimensions effectively. A new study proposes introducing "additional carbon accountability," a metric that measures past debts since 1990 and future claims through 2070. Current global emission plans vastly exceed safe ranges. To have a 50% chance of limiting warming to 1.5°C, humanity can emit only 225 gigatonnes of CO2 from 2023 onwards. It is virtually impossible with yearly global emissions north of 50 gigatonnes per year. Yet current national pledges and historical debts add up to 801 gigatonnes - creating an overshoot of 576 gigatonnes. The distribution of this accountability reveals, you guessed it, global inequities. The United States (167 GtCO2) and China (150 GtCO2) bear the largest total responsibility, while UAE and Russia lead per capita. In contrast, India has a negative historical carbon debt (-123 GtCO2). This framework assigns responsibility based on population over time, creating a simple but powerful metric for fair contribution. The economic feasibility of climate action varies dramatically between nations. While meeting these accountabilities would cost 1.71% of global GDP annually over 50 years - less than global military spending - the burden falls unevenly. Iran would need to spend 39% of its GDP annually, while the US would spend 2.1%. The scale of the challenge demands both emission cuts and carbon removal. Mathematical analysis shows that even if all accountable countries ceased emissions immediately, we would still exceed our 1.5°C budget. This reality forces us to confront the dual challenge of rapid decarbonization and large-scale carbon dioxide removal. IMO, this approach might be one of the most viable because the equal cumulative per capita approach treats all humans' emissions rights equally, regardless of when or where they live, but might need a bit of nuance regarding countries' economic profiles. Kudos to Thomas Hahn, Johannes Morfeldt, Robert Höglund, Mikael Karlsson, and Ingo Fetzer for an important piece ahead of COP29 Azerbaijan's start.