Planet2050’s Post

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

What was the outcome of COP 29 in Baku? 💲 An 11th hour deal was reached for a climate finance goal that includes $300bn annually by 2035, trebling the current $100bn. This will help poorer countries get more investment to decarbonise their economies and protect their populations. 🌏 The finance goal reflects a new global landscape where traditional donors will be joined by big emitters such as China to help fund the transition. 👎 Many developing countries do not feel that this finance goal will address their requirements. ⛽ No further language was agreed on the phase-out of fossil fuels as 2024 sees a new emissions record and climate catastrophes intensify. 📈 There are some steps ahead still needed on operationalising carbon markets as countries finalise some missing pieces of Article 6 of the Paris Agreement. These are essential elements to create the $1.3tn of finance for developing countries set out in the COP29 deal. 🇬🇧 Some aggressive nationally determined contributions (NDCs) were announced. Keir Starmer came to the COP with a UK target for 2035 – 81% emissions reductions 🇧🇷 Brazil’s president, Luiz Inácio Lula da Silva announced Brazil’s NDCs. Brazil will host next year’s COP30. ☀ ️ There is optimism around the clean-energy transition which is happening and is unstoppable as economic prosperity and tackling the climate crisis now point in the same direction. 🔍 Additional transparency methods have been agreed to ensure further clarity around the reporting of climate and nature goals and finance. #cop29 #sustainability #cop30 #netzero #climateaction #climatefinance https://lnkd.in/emaywWrE

🌍 COP29 Spotlight (Nov 2024): Carbon Credits and the Global Push on Article 6 As COP29 unfolds in Azerbaijan this November, world leaders and negotiators are tackling a major challenge: creating a unified, transparent carbon credit market under Article 6 of the Paris Agreement. Here’s what’s at stake and why it could be a game-changer for global climate action. 💡 What’s a Carbon Credit? Carbon credits represent a ton of CO₂ reduced, captured, or avoided, often through green projects like reforestation or renewable energy. For businesses and countries, buying these #credits means funding real environmental action to offset their emissions. 🔥 Why It’s a Big Deal Now If finalized, Article 6 could shape a truly global carbon market, making it easier and cheaper for countries to hit climate targets. This system could attract major investments, driving #emissions reductions where they’re most cost-effective—helping us all move closer to net-zero by 2050. 🌱 Challenges and Controversy Some argue that carbon credits allow polluters to “buy” their way out of responsibility. The COP29 discussions aim to set strict rules by 2025 to avoid double-counting and ensure projects deliver genuine emissions cuts, adding credibility to the system. 🚀 The Potential Impact With fair, transparent rules, this market could mobilize billions for #climate solutions, level the playing field globally, and encourage ambitious climate goals. 🌐 What’s Next? If #COP29 achieves consensus on #Article 6 this November, it could unlock transformative financing for climate action, providing a new model for global cooperation on emissions. 🔗 Read the full story on #Reuters https://lnkd.in/dvFCZ-P9

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 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

📢 COP29 - UN Approves Article 6.4, Launching Global Carbon Market Today, COP29 Azerbaijan saw a landmark moment with the approval of the Paris Agreement's Article 6.4 mechanism. This mechanism enables countries to trade carbon emission reduction or removal credits, creating opportunities for international collaboration to reach the climate goals of the Paris Agreement. COP29 President Mukhtar Babayev hailed it as a “game-changing tool” to channel resources toward developing countries while advancing global climate goals. 🛠 The CCSA is encouraged by this framework, which could bring a boost to engineered carbon removal technologies by aligning international standards. The operationalising of the Article 6.4 mechanism could unlock private sector investment and support the scaling of CCS and carbon removal technologies to help meet net zero objectives. While the approval of Article 6.4 is a step forward, additional work remains, including finalising standards on insurance policies, monitoring and reporting requirements and definitions of permanency to secure investor confidence. #CCUS | #CarbonCapture | #NetZero | #COP29