Are new UN climate credit rules rushed?

Are new UN climate credit rules rushed?

Friday 15 Nov 2024

At the UN Climate Change Conference (COP29) in Azerbaijan, new rules for the trade of carbon credits were swiftly agreed upon, allowing wealthier nations to invest in cheaper climate action projects abroad instead of cutting emissions domestically. This agreement ends years of deadlock on carbon credit trading, marking it as an early win for the conference hosts. However, critics argue that the decision was rushed, lacking proper transparency and discussion.

The new rules aim to establish quality standards for carbon credits, enabling a UN-backed global carbon market to finance projects that reduce greenhouse gas emissions. This falls under Article 6 of the Paris Agreement, which has faced challenges in past negotiations. While the agreement could accelerate carbon financing for developing countries, critics express concerns over the potential for misuse and lack of safeguards, which could undermine the integrity of the Paris Agreement.

Additionally, COP29 is overshadowed by the absence of key world leaders, such as US President Joe Biden and French Prime Minister Emmanuel Macron. There is also uncertainty following Donald Trump’s victory in the US presidential election, which raises fears of a potential US withdrawal from climate commitments.

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Source: Stuff

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