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At the COP29 Azerbaijan summit in Baku, negotiators agreed on rules for a UN-operated global carbon market. 📊 This framework, known as Article 6.4, will set a gold standard for emissions trading. For many years, an agreement has been stalled due to disagreements on how to best regulate such a system. A global carbon market could generate substantial climate finance for mitigation projects in developing nations, while helping buyers reach climate goals through purchasing credits. 🌎 However, some critics express concerns about the quality and regulation of these credits, emphasizing the need for stricter oversight to ensure emission reductions. 📉 One group, Carbon Market Watch, was concerned over something called reversal risks, where stored carbon reenters the atmosphere, such as through fire. What are your thoughts on a global carbon market? Share your insights in the comments below. ✍ Source: Bloomberg 11/11/2024 Disclaimer: This post is made for entertainment purposes only. Nothing in this post constitutes investment advice. #CCUS #climatechange #carbonremoval #innovation #technology #COP29

🌍 COP29 Kicks Off in Baku: Day 1 Highlights and Key Developments 🌍 On Day 1 of COP29, global leaders and climate experts convened in Baku, Azerbaijan, to launch this crucial summit. Here’s a breakdown of the main takeaways so far: 🌱 Opening Speeches: Urgent Calls for Action: COP29 opened with compelling speeches from Sultan Al-Jaber, President of COP28, Mukhtar Babayev, President of COP29, and Simon Stiell, UN climate head. 🤝 Reaching a COP29 Agenda: Negotiating Complex Issues An agreement on the agenda took time, with debates over how to transition away from fossil fuels and the inclusion of trade measures in climate discussions. 🌐 Trade Tensions: The BASIC group, led by China, proposed including trade measures like Europe’s carbon border tax, but ultimately agreed to defer it to presidential consultations, easing the path for COP29 proceedings. 💼 A Game-Changer in Carbon Markets: Azerbaijan prioritized the operationalization of Article 6 of the Paris Agreement, with COP29 approving new carbon crediting rules that allow developing nations to earn credits from emission reductions. However, some countries and civil society groups expressed concerns over the rapid approval process, fearing it lacked proper scrutiny and could compromise human rights and environmental safeguards. US Climate Stance Remains Resilient: John Podesta, the US climate envoy, reassured the world that despite political changes, the US will stay committed to reducing emissions. He highlighted the resilience of policies like the Inflation Reduction Act, driven by private and sub-national initiatives, and encouraged China to step up as a global leader in climate action. 🗣️ Notable Leader Absences and Key Upcoming Statements: Many prominent leaders are absent from COP29, including those from the US, China, India, and the EU. Azerbaijan’s President Ilham Aliyev is expected to seize this opportunity to spotlight the country’s climate plan, while the UK’s new Prime Minister, Keir Starmer, may unveil ambitious 2035 emissions targets. COP29 has already set the stage for critical discussions. Global cooperation is essential to turn commitments into action and ensure that nations can meet the climate finance needs of developing countries, accelerate renewable energy growth, and reduce reliance on fossil fuels. 🌍 #COP29 #ClimateAction #SustainableDevelopment #RenewableEnergy #CarbonMarkets #ClimateFinance #ClimateChange #UNFCCC #ClimateResilience

Here are some of the key takeaways from last week’s COP29 summit. The UN-led meeting was held in Baku, Azerbaijan from 11th - 22nd November. 💰 Richer nations agreed to double the yearly payments made to poorer nations to $300bn to help them tackle climate change. This has been criticized by some as ‘too little, too late’. 🛢️ The choice of location was considered problematic as Azerbaijan is an authoritarian state which has strong ties to the oil and gas industry. 🦕 Some nations are reluctant to cut fossil fuels as it could jeopardise their economic growth, provoking arguments that they are backsliding on agreements made last year at COP28. 🔴 China agrees to voluntarily contribute to the above-mentioned $300bn fund - China is classed by the UN as a developing country with no formal obligation to provide financial help to poorer countries, despite being the world's largest carbon emitter. 🌎 Many negotiators feared that the US would fall behind in climate action and financial contributions due to the re-election of Donald Trump, who has called climate action a “scam” and did not attend COP29. 🗯️ Representatives from the Alliance of Small Island States and others walk out of COP29 climate talks, saying that the new deal shows “contempt” for their vulnerable people. What are your thoughts on COP29? Let us know in the comments. #COP29 #UN #ClimateAction #FossilFuels #CarbonEmissions #ClimateChange

COP29, dubbed 'the finance COP' has left many disappointed by its limited progress on critical issues like phasing out fossil fuels and addressing the vast financial gap for developing countries. The commitment to provide “at least $300 billion” annually in climate finance falls far short of the $1.3 trillion goal needed to drive meaningful action. However, amidst these challenges, there were significant developments for heavy industry and decarbonisation such as the launch of the Global Matchmaking Platform by the Climate Club, practical resources like the Industrial Deep Decarbonisation Initiative’s Green Public Procurement Guide and the Industrial Transition Accelerator’s Green Demand Policy Playbook, and continued efforts to harmonise standards for low-emission steel including a mapping of current methodologies by the World Steel Association (worldsteel). Read more insights from ResponsibleSteel on COP29 here ➡️ https://lnkd.in/d3nkSUp9 Mission Possible Partnership UNIDO #IDDI #COP29 #steel #decarbonisation #heavyindustry

One of the key agendas at the UN #COP29 climate summit is to establish rules for a global system for trading carbon offset credits. Article 6 of the Paris Agreement sets out two options for countries and companies to trade offsets. The first option allows countries to set their terms for a bilateral carbon trading agreement (Article 6.2), while the other aims to create a central, UN-managed system for countries and companies (Article 6.4). During the talks at #COP28 in Dubai, countries failed to seal a deal on necessary details to operationalise Article 6. If the key points are resolved at COP29, the new carbon offset credit trading system can be launched as early as 2025. #ParisAgreement #Article6 #CarbonOffset

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) 👇

📢 Will COP29 Azerbaijan unlock trillions required to pay the #netzero bill while pulling the plug on #coal, #oil, and #naturalgas growth by embarking on massive scale #fossilfuels phase-out, enabling #climate activists to win this year’s round of high-stakes #energy game or will the outcome favor #BigOil? 𝐊𝐞𝐲 𝐭𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬: 🔗Stronger focus on #climatefinance 🔗Bridging funding gaps and tackling money troubles 🔗$1.3 trillion required annually by 2035 for #ParisAgreement goals 🔗#Undercover ops: COPs and ‘sinister’ petrostate playbook 🔗At least 1,773 fossil fuel lobbyists gain access to COP29 ⚓ 𝐅𝐮𝐥𝐥 𝐬𝐭𝐨𝐫𝐲 ➡️https://buff.ly/40O2Heb #oilgas #energysecurity #energytransition #oilandgasnews #offshoreenergy #oilandgas #decarbonization #climateaction #climatechange #COP #UN #COP29 #fossilenergy Global Witness UN Climate Change UN Trade and Development (UNCTAD) United Nations Development Programme (UNDP) World Trade Organization 📸 António Guterres, United Nations Secretary-General; Credit: UNFCCC/Kiara Worth

LAST FEW HUSTLE 🔈 🌎FIVE TAKEAWAYS- COP29 | DAY 09 🌎 *No new text till early hours of Thursday* If you’re stuck in the media centre waiting for a text - go back to your hotel (or head off to buy an oil-rig snow dome in the Old City). Talks on a new climate finance (NCQG) text are likely to stretch well into the night in Baku with a text due in the morning. *Did rich countries do their homework?* The chair of the Africa Group, Ali Mohamed, just told a presser he’s unsure if G7 + other developed countries crunched the numbers pre COP29. “It’s the second week and we were hoping to have direction. Our position is clear. We have been asking for a clear target from 2019. Target is clear: $1.3tr. Clear obligation from developed countries. Very frustrating. Need a justifiable number that will meet what we need.” A $200bn core funding goal was described as “a joke.” *Everything is totally fine* Meanwhile the COP29 Presidency says it has everything in hand and there’s absolutely nothing at all to worry about. During the Presidency presser on Wednesday the COP29 lead negotiator Rafiyev doubled down on the Presidency’s view on a cover text and said there was no plan for one in the final COP29 outcome. *Argentina: we’re still in* "We are not leaving" - that was the latest word from Argentina’s Foreign Minister Gerardo Werthein on the country’s position on the Paris Agreement. The comment may allay some fears after the Argentinian delegation was recalled from COP29 talks last week. An impending IMF bailout may have had something to do with this. *Peak fossil power - in 2020* New analysis from think-tank Ember finds that half of the world’s economies are already transitioning away from fossil fuels, and at least five years past a peak in power generation from fossil fuels. COP29 Azerbaijan #ClimateAction #NCQG

Where Has COP Gone?: Sunday, November 17, 2024 On November 11, 2024, the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change began in Baku, the capital of the Republic of Azerbaijan on the coast of the Caspian Sea. Baku is home to the Baku oil fields, which greatly contributed to the Nobel family amassing vast wealth as oil magnates. The Nobel Brothers Petroleum Company was established there in 1878 and remained operational until it was nationalized by the Bolsheviks (Russian Communist Party) in 1920. In Baku, there is Yanar Dag (“Burning Mountain”), which is said to have been burning for thousands of years, as well as a temple of Zoroastrianism, a fire-worshiping religion. This is why Azerbaijan is known as the “Land of Fire.” Despite being held in this “Land of Fire,” COP29 is seeing major absences following the November 5 U.S. presidential election, where Trump, the Republican candidate who advocated during his campaign for a “second withdrawal from the Paris Agreement,” emerged victorious. Due to this, current U.S. President Biden, European Commission President Ursula von der Leyen, Chinese and Brazilian leaders, and Japanese Prime Minister Ishiba are absent from the conference. Additionally, it was announced on November 14 that the Argentine delegation would be withdrawing from negotiations and returning home. Where has COP truly gone? The discussions at COP have become little more than international meetings focused on financial support (raising funds), with no concrete measures or effective international strategies for the most critical issue: reducing greenhouse gas emissions. In fact, merely holding the conference itself might even contribute to increasing greenhouse gas emissions. Perhaps conducting the meetings online would be far more beneficial for the planet, or so I believe. Meanwhile, according to a report in the Wall Street Journal on November 12, Darren Woods, CEO of ExxonMobil, publicly opposed the U.S. re-withdrawing from the Paris Agreement. He cited the reasoning that large swings in environmental policy with each change in administration are detrimental to business. ExxonMobil, which has already invested substantial capital into low-carbon businesses, also views frequent policy changes as disruptive. Given ExxonMobil’s significant influence on U.S. energy policy, the CEO’s statement opposing a re-withdrawal from the Paris Agreement carries considerable weight.

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