Peter Perri III’s Post

Carbon Credits COP29 Breakthrough: UN-Backed Global Carbon Market Takes Shape COP29 Azerbaijan, held in Baku, made a major breakthrough in global climate action during its opening day. Nearly 200 governments agreed on a framework under Article 6.4 of the ParisAgreement.org. This deal sets up a UN-led global carbon market, allowing countries and companies to trade carbon credits more efficiently. The goal is to create a stronger demand for carbon credits, especially to fund climate projects in developing nations. #COP29 #carboncredits #climateprojects

High Stakes. Higher Ambitions. The COP29's Bold Carbon and Finance Pledges At COP29, held in Baku, considerable advancements were made in finalising the framework for a globally traded voluntary carbon market, crucial for the effective implementation of the Paris Agreement. Additionally, a significant boost in climate finance targets was agreed upon, setting an ambitious goal of $300 billion annually by 2035. Positives: · Significant Progress in Carbon Markets · Enhanced Commitment to Climate Finance · Emerging Technologies and Energy Transition The UN and other entities criticized the new finance targets for not being ambitious enough, considering the $3.5 trillion annually estimated by Wood Mackenzie needed for a net-zero transition. The slow pace in increasing commitments and operationalizing new systems could hinder the urgency required in tackling global emissions effectively. Source: Wood Mackenzie #COP29 #ClimateAction #CarbonMarkets #ClimateFinance #SustainableEnergy #NetZero2024

High Stakes. Higher Ambitions. The COP29's Bold Carbon and Finance Pledges At COP29, held in Baku, considerable advancements were made in finalising the framework for a globally traded voluntary carbon market, crucial for the effective implementation of the Paris Agreement. Additionally, a significant boost in climate finance targets was agreed upon, setting an ambitious goal of $300 billion annually by 2035. Positives: · Significant Progress in Carbon Markets · Enhanced Commitment to Climate Finance · Emerging Technologies and Energy Transition The UN and other entities criticized the new finance targets for not being ambitious enough, considering the $3.5 trillion annually estimated by Wood Mackenzie needed for a net-zero transition. The slow pace in increasing commitments and operationalizing new systems could hinder the urgency required in tackling global emissions effectively. Source: Wood Mackenzie #COP29 #ClimateAction #CarbonMarkets #ClimateFinance #SustainableEnergy #NetZero2024

High Stakes. Higher Ambitions. The COP29's Bold Carbon and Finance Pledges At COP29, held in Baku, considerable advancements were made in finalising the framework for a globally traded voluntary carbon market, crucial for the effective implementation of the Paris Agreement. Additionally, a significant boost in climate finance targets was agreed upon, setting an ambitious goal of $300 billion annually by 2035. Positives: · Significant Progress in Carbon Markets · Enhanced Commitment to Climate Finance · Emerging Technologies and Energy Transition The UN and other entities criticized the new finance targets for not being ambitious enough, considering the $3.5 trillion annually estimated by Wood Mackenzie needed for a net-zero transition. The slow pace in increasing commitments and operationalizing new systems could hinder the urgency required in tackling global emissions effectively. Source: Wood Mackenzie #COP29 #ClimateAction #CarbonMarkets #ClimateFinance #SustainableEnergy #NetZero2024

High Stakes. Higher Ambitions. The COP29's Bold Carbon and Finance Pledges At COP29, held in Baku, considerable advancements were made in finalising the framework for a globally traded voluntary carbon market, crucial for the effective implementation of the Paris Agreement. Additionally, a significant boost in climate finance targets was agreed upon, setting an ambitious goal of $300 billion annually by 2035. Positives: · Significant Progress in Carbon Markets · Enhanced Commitment to Climate Finance · Emerging Technologies and Energy Transition The UN and other entities criticized the new finance targets for not being ambitious enough, considering the $3.5 trillion annually estimated by Wood Mackenzie needed for a net-zero transition. The slow pace in increasing commitments and operationalizing new systems could hinder the urgency required in tackling global emissions effectively. Source: Wood Mackenzie #COP29 #ClimateAction #CarbonMarkets #ClimateFinance #SustainableEnergy #NetZero2024

High Stakes. Higher Ambitions. The COP29's Bold Carbon and Finance Pledges At COP29, held in Baku, considerable advancements were made in finalising the framework for a globally traded voluntary carbon market, crucial for the effective implementation of the Paris Agreement. Additionally, a significant boost in climate finance targets was agreed upon, setting an ambitious goal of $300 billion annually by 2035. Positives: · Significant Progress in Carbon Markets · Enhanced Commitment to Climate Finance · Emerging Technologies and Energy Transition The UN and other entities criticized the new finance targets for not being ambitious enough, considering the $3.5 trillion annually estimated by Wood Mackenzie needed for a net-zero transition. The slow pace in increasing commitments and operationalizing new systems could hinder the urgency required in tackling global emissions effectively. Source: Wood Mackenzie #COP29 #ClimateAction #CarbonMarkets #ClimateFinance #SustainableEnergy #NetZero2024

High Stakes. Higher Ambitions. The COP29's Bold Carbon and Finance Pledges At COP29, held in Baku, considerable advancements were made in finalising the framework for a globally traded voluntary carbon market, crucial for the effective implementation of the Paris Agreement. Additionally, a significant boost in climate finance targets was agreed upon, setting an ambitious goal of $300 billion annually by 2035. Positives: · Significant Progress in Carbon Markets · Enhanced Commitment to Climate Finance · Emerging Technologies and Energy Transition The UN and other entities criticized the new finance targets for not being ambitious enough, considering the $3.5 trillion annually estimated by Wood Mackenzie needed for a net-zero transition. The slow pace in increasing commitments and operationalizing new systems could hinder the urgency required in tackling global emissions effectively. Source: Wood Mackenzie #COP29 #ClimateAction #CarbonMarkets #ClimateFinance #SustainableEnergy #NetZero2024

🌍 COP29: A Step Forward or Just More Talk? The COP29 UN climate summit in Baku has concluded. Here’s a run down of the key outcomes: 1️⃣ Carbon Trading Framework: A framework for Article 6 of the Paris Agreement was agreed, paving the way for a global carbon removal (CDR) market. This is major news: Countries will be able to create export markets and revenue streams for carbon removal. 2️⃣ Climate Finance: Developed nations committed to $300B annually for developing countries by 2035—far below the $1.3T many had hoped for. 3️⃣ Fossil Fuels: Agreement on phasing out fossil fuels was deferred to COP30 in Brazil, leaving critical decisions unresolved. The Takeaway The Article 6 framework is sending a clear message: There will be a global market for carbon dioxide removal (CDR), finally providing some certainty around global carbon markets and the direction policy makers are going to swing, but some of the execution remains uncertain and this year's COP has ended with a fair share of controversies, forced outcomes and disappointments. #COP29 #ClimateAction #Sustainability #NetZeroFuture

The draft text has dropped here on the last day of COP29 and friends, it's not ambitious. It's a bit of a backslide. The goal was to get to the needed 1.3 Trillion USD annually needed for the developing world to have a just transition and adapt to the changes we've already committed them to with our historic emissions. The current quantum? 250 billion USD. Not sure where things go from here before the COP closes out. Unclear if developing countries will accept this. Lots of discussion as to which is worse - a bad deal or no deal.

🌍 COP29 Wrap-Up: Key Outcomes from Baku! 🌍 COP29 has ended in Baku, Azerbaijan, marking two weeks of critical negotiations and progress on global climate action. Here’s a snapshot of the highlights: ✅ International Carbon Market Standards: A framework for trading UN-backed carbon credits was established, unlocking significant climate finance for developing nations, including OECS Member States. ✅ Loss and Damage Fund: Operationalized to support countries hit hardest by climate change, with project financing set to begin in 2025. ✅ Increased Climate Finance Commitments: • Multilateral banks pledged $120 billion annually for low- and middle-income countries. • Acumen committed $300 million for agricultural adaptation across Africa, Asia, and Latin America. ✅ COP29 Hydrogen Declaration: Countries committed to scaling up clean hydrogen production, accelerating the global energy transition. ✅ Enhanced Climate Ambitions: Nations like the UK and Australia announced strengthened climate targets and funding commitments to support vulnerable regions. The OECS will continue to represent and advocate for the needs of its Members States at such international fora to ensure environmental sustainability, economic stability and a better quality of life for OECS citizens. #COP29 #OECSClimateResilience #Sustainability