CO2 Manager’s Post

Click-through for key COP29 takeaways 👉 Scheduled to end on Friday 22nd November, COP29 negotiations ran into the weekend and concluded yesterday. The conference was marked by intense, and at times frustrating, negotiations across several key areas, along with limited breakthroughs. COP29 concluded with a hard-fought compromise deal on climate finance — while the agreement increased funding from current levels, it fell far short of initial ambitions and has left many very unsatisfied. Progress was also made in other areas, including an agreement on carbon market mechanisms. Though the progress achieved at COP29 was uneven and fell short of its high expectations, it highlighted that meaningful action is possible even in the face of significant collective action challenges. We look forward to seeing how the outcomes of the event take shape until the next conference. #COP29 #climatefinance #climatechange

🌍 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

During COP29, we are expecting a number of countries to announce new emissions reduction targets (NDCs) – including the UK. The more ambitious these NDCs are, the more likely there is to be greater focus on net zero investment and the green transition for business over the coming few years. Read on for an overview of what else is on the radar. https://lnkd.in/eAZ8A7v2 #COP29

Although #COP29 is being called the “finance COP,” our foundation still wants to remind the world that the Nationally Determined Contributions, which outlines how a country will curb emissions, must be renewed every five years under the Paris Agreement and the next round due is February 2025. So, COP29 is a crucial moment for countries to raise the bar and hold each other to account. Please check out my column in the Guam Daily Post👇 https://lnkd.in/g9fNuVK9

After almost a decade of debate, the rules for the Paris Agreement’s global carbon market were approved on the first day of #COP29. But can the UN-backed global system address the international concerns and criticisms of carbon emissions trading? 🌎 https://bit.ly/3Zal3DR According to the COP29 president Mukhtar Babayev, the decision is “game-changing” as it enables climate action and channels “resources to the developing world.” However, as the world unpacks the consequences of this moment, some are worried that it could signal a reduced pressure on emissions reduction. The question is now: how can the agreement be effective? Our own Hana Abdelatty, MPP breaks it down for you in her new article 👉 https://bit.ly/3Zal3DR

COP29 opened with a significant breakthrough in implementing the Paris Agreement as parties agreed on the standards for the establishment of a global carbon market. Now, the pressing question is how effective this market will work in practice to meet global emissions goals while ensuring the most vulnerable countries are not left behind. 🌱Read more in my new article for the Atlantic Council's Climate Resilience Center linked here: https://bit.ly/3Zal3DR

How can countries truly work together to meet their climate goals? 🌱 As COP29 is quickly approaching, let's have a quick look back. At COP28, all eyes were on finalizing Article 6 of the Paris Agreement, a key mechanism for international cooperation in reducing emissions. However, after two weeks of negotiations, no consensus was reached on how to implement Article 6, leaving global carbon markets in limbo. What’s in Article 6? Article 6.2: Allows country-to-country carbon trading, enabling nations to share emissions reductions. Article 6.4: Creates a centralized carbon market for project-based credits, overseen by the UN. Article 6.8: Focuses on non-market cooperation through resource sharing. COP29 in Baku will offer another chance to finalize these mechanisms. In the meantime, the voluntary carbon market remains a critical tool. For more information on the key takeaways, please read our article: https://lnkd.in/gtfaq9FY #COP28 #ClimateAction #ParisAgreement #CarbonMarkets

The recent COP29 Azerbaijan agreement on carbon credit standards under Article 6.4 is a pivotal moment, setting the stage for a more transparent and credible carbon market. For years, the voluntary market has been criticised for inconsistent standards and unclear impacts, leaving businesses and individuals uncertain if their carbon contributions truly make a difference. This new consensus in Baku brings a much-needed framework, promising quality assurance through rigorous standards and third-party verification. At Greener Choice, we’re committed to aligning with these global standards by only partering with carbon reduction providers that are both impactful and transparent. We believe that consumers deserve carbon credits they can trust, and this step forward strengthens our ability to deliver exactly that. While the journey isn’t over, COP29’s focus on transparency and accountability gives us optimism that carbon credits can finally become a reliable tool in the fight against climate change. What do you think about COP29’s new standards? Is this the shift the industry has been waiting for? #COP29 #CarbonTransparency #GreenerChoice

Not long to go until we’re back with our daily coverage for COP29 🗓️This year’s event takes place in Baku, Azerbaijan from 11-22 November. Last year’s event saw some notable achievements - for the first time ever, the final agreement called on countries to ‘transition away’ from fossil fuels and on the opening day a dedicated loss and damage fund was officially set-up to support those nations most vulnerable to the effects of climate change. However many were critical of the final text for not going far enough, and of the Presidency for declaring a consensus on the final text before all countries were aligned with it. Here’s a heads up on what we’re anticipating this year… 🇦🇿 Controversy surrounding this year’s host country, Azerbaijan, as Oil and Gas make up 92.5% of the country’s GDP per capita. 💰 A strong focus on climate finance, with COP29 being coined the Finance COP. Disappointingly, Nature and Biodiversity and Oceans and Coastal Zones appear to be taking more of a back seat, as those topics are scheduled for the final day before negotiations. 🤔 Attendance from figures such as Ed Miliband, the newly appointed Secretary of State for Energy and Net Zero, but with the US election just five days before COP29, the President is unlikely to be there. We’ll have our ears to the ground the entire time to keep our community up to date with how everything unfolds. Stay tuned... You can check out our full ‘What to expect at COP29’ blog for more detail: https://hubs.la/Q02Sk8FY0 #ForOurPlanet #ClimateAction #ClimateSolutions #Sustainability #GreenerBusiness #COP29 #COP

COP29 concluded in Baku with disappointing outcomes at a time when the world urgently needed leadership to come together on a safe and just future for humanity. Here’s some of our key takeaways: 🛢️ The core of the problem, phasing out fossil fuel, has been left unaddressed 🎬 The financial sector must act where governments hesitate 🌍 New climate finance goal is a fraction of the trillions that the global south needs ⏭️ COP29’s failure to secure essential agreements puts even more pressure on next COP in Brazil Read more ➡️ https://lnkd.in/eYKrdDQU #COP29 #COP30 #climate #finance #Triodos