ResponsibleSteel™’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

The headlines from COP29 left me with mixed emotions this week. Yes, we secured a $300bn climate finance commitment, but when I heard developing nations call it "paltry," it hit home. They're right - we need to move faster. Much faster. Here's what's giving me hope though.... Companies aren't waiting for perfect policies to act. While the political machinery works towards 2035 targets, innovative businesses are rolling out clean energy solutions today. Not because they have to, but because they know it's both right and smart. And, business and investors don't need to move at the speed of COP negotiations. The criticism of COP29 is valid and there will always be a deep sense of unease when the negotiations are held in oil-rich nations. But, even if governments aren't keeping pace, businesses can and are stepping up. Not because of what was agreed in Baku, but because they know waiting isn't an option. What gives you hope at the moment when it comes to climate change action? #ClimateChange #Sustainability #COP29

While COP16 is about to conclude, all eyes will soon turn to COP29. Although different COP, similar criticisms are likely to emerge.   What do we expect from COP29? Will it enable any progress? Find our views in the article below.   Ambitions without finance are just words, and COP29 must deliver on the latter. https://lnkd.in/eviWH8iJ

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

COP 28: Good COP - Bad COP 🌍 COP 28 has concluded with a pivotal agreement marking the "beginning of the end of the fossil fuel era." Here are some key highlights: • The global stocktake acknowledges the urgent need to slash global greenhouse gas emissions by 43% by 2030. However, it's evident that parties are falling short of their Paris climate agreement targets. Including fossil fuels in the GST is a crucial step forward, paving the way for discussions on the path ahead, emphasizing funding and fairness. • Despite efforts, countries failed to adopt rules under Article 6.2 (Global Carbon Markets), which addresses bilateral actions to mitigate GHG emissions. • On a positive note, the loss and damage fund commenced operations on day one, amassing $792 million to date. It's disappointing to note that the US, the largest historical emitter of GHGs, contributed only $17.5 million to this vital fund. COP 28 was a beacon of hope for addressing the existential threat of climate change. However, my biggest expectation was for governments to transcend their narrow national interests and unite for Our Common Future. It's imperative for the world to stand together and act as one to combat this pressing challenge. #COP28 #ClimateAction #GlobalUnity #sustainability #esg 🌱🌎

See you at COP 29 ? 🧐 Why it matters despite all criticisms👇 COP 29 at Baku is dubbed the "Finance COP". Moving money into the right impact areas... I will be there - in my role es "Industry Decarbonisation Lead" for the High-Level Climate Champions. Here are top 3 critical areas left open at COP 28, which are now even more urgent: 1️⃣ Operationalising Article 6 / carbon markets: Despite agreements on principles at previous COPs, Article 6 of the Paris Agreement, which governs carbon markets, has yet to be fully operationalised. This is crucial for ensuring that carbon markets effectively reduce emissions and prevent greenwashing. Achieving a robust framework for these markets is essential to mobilise capital for climate action. 2️⃣ Loss and Damage Fund: At COP 28 we saw some progress with pledges towards a 'Loss and Damage Fund', but substantial gaps remain in climate finance, particularly for adaptation and mitigation in vulnerable regions. COP 29 must address these gaps, ensuring sufficient and equitable financial support. 3️⃣ Phase-out of fossil fuels: While COP 28 marked a turning point by mentioning fossil fuels explicitly, the lack of a clear commitment to phase them out remains a contentious issue. This is critical for aligning global energy policies with climate goals and preventing further environmental degradation We got work to do ! What are your priorities? Please reach out & DM me for impactful meetings 🙌🏽 #circulareconomy #COP29 #linkedintopvoices