Carbon credits predicted to enable big increase in climate spending but critics says backdoor deal was rushed and undermines UN climate process
Sultan Ahmed Al Jaber, chief executive officer of Abu Dhabi National Oil Co. and president of COP28, left, and Mukhtar Babayev, president of COP29 , during the opening ceremony of the COP29 climate conference in Baku, Azerbaijan , on Monday, November 11th, 2024. Photograph: Bloombergclimate talks in Baku which will end years-long deadlock over rules to govern global carbon markets – and free up large sums of money for spending on climate action.
Gladiator II review: Don’t blame Paul Mescal but there’s no good reason for this jumbled sequel to exist“This will be a game-changing tool to direct resources to the developing world. Following years of stalemate, the breakthroughs in Baku have now begun. But there is much more to deliver,” add Mr Babayev who is lead negotiator.
Diplomats have agreed rules governing the trade of “carbon credits”, paving the way for rich countries to pay for cheap climate action abroad while delaying expensive emission cuts at home.The rules deal with some of the final hurdles to creating a system in which countries can buy credits for removing or avoiding planet-heating pollution in other parts of the world – for instance, by planting trees or saving rainforests – and count progress toward their own emissions targets.
Isa Mulder, a policy expert at the non-profit group Carbon Market Watch, said adopting the rules on the first day of the summit without discussion “undermined trust” in the UN climate process. But the text also leaves many unanswered questions, said Ms Mulder – such as how to deal with projects whose carbon-saving successes face a risk of reversal.
Erika Lennon, an attorney at the Centre for International Environmental Law, said: “We’ve seen over and over again how carbon markets are not doing what they claim to be doing, as well as market projects that violate people’s rights. If they don’t have strong rules in place to prevent all of the abuses, it can totally undermine the integrity of the Paris agreement.
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