COP29 has agreed to the International Carbon Market Standards.
Three COP 29 leaders emulate how these standards and the actual will enable the world to mitigate climate action and save the planet from further destruction.
According to Yalchin Rafiyev, Lead Negotiator, COP29, the Parties agreed on Article 6.4 standards and update mechanism, crucial for climate plans implementation. This could save $250 billion annually by directing resources to developing countries.
“,,, there is much to be delivered during COP29 and we have complex issues to address. We have worked intensively over the last days and hours to ensure that we can adopt the agenda on the first day,” he said.
Simon Stiell, UN Climate Change Executive Secretary, remarked that Article 6 is not some obscure UN red tape.
Climate investment is crucial for saving and improving the lives of billions of people worldwide. If emissions are not reduced, global inflation will be a permanent issue. Climate action is global inflation insurance, as climate disasters impact food production and supply chains. A good outcome on the National Climate Change Goals (NCQG) is essential for billions of people to afford COP29 withdrawals. Bolder climate action can lead to stronger economies, more jobs, less pollution, improved health, and a more secure energy supply.
The IEA predicts two trillion dollars will be invested in clean energy and infrastructure this year alone. And that’s remarkable, but it’s only a fraction of the global economy. And the vast majority of it concentrates on just a few big markets.
“These carbon markets will reduce emissions by assisting nations in implementing their climate plans more quickly and affordably once they are up and running. We have to make sure that new financial flows help developing nations.”
Climate change requires a societal and global community approach, involving non-state actors, civil society, philanthropy organizations, the private sector, academia, and youth. Collaboration with these groups is crucial for effective action, said Nigar Arpadarai, Climate Change High-Level Champion, COP29.
“Also, another subject that we have tried to focus our attention on is the SMEs ‘ green transition of small and medium enterprises, because we want to make sure that SMEs are not surviving this green transition, but they are shaping this green transition. So one of the campaigns that we’ve been working on is climate-proofing SMEs, and I’m happy to share that already 35 collaborators have 65 million SMEs in their networks joined us,” he said.
