Progress on Carbon Markets
One key outcome of COP29 was a decade-long effort to finalize agreements on carbon markets.
The rules governing carbon credits, their transfer, and environmental integrity were clarified, aiming to ensure that carbon credits do not get revoked and investments are not stranded.
The adoption of a global carbon market under Article 6.4 is a significant step forward.
This market will help direct capital to efficient emission reduction projects, with India likely to be a major beneficiary.
These developments mark a positive shift, as carbon markets can help mobilize global finance for climate action, though their success depends on how quickly countries adopt and implement the agreed-upon rules.
New Emission Reduction Pledges
Several countries, including the European Union, Canada, the U.K., and Brazil, have announced new or stronger emission reduction commitments, with many promising steeper 2035 targets.
Mexico also committed to achieving net-zero emissions by 2050.
Indonesia unveiled a plan to retire coal plants by 2040, marking a significant shift given its heavy reliance on coal.
However, the failure to reach significant progress on the "phase-out" of all fossil fuels remains a major concern, especially since coal continues to be a dominant global issue.
Is the 1.5°C Goal Still Achievable?
Some studies suggest the 1.5°C target may already be out of reach, with the world having warmed by 1.49°C by the end of 2023.
However, there are still potential pathways to keep it within reach, but this would require large-scale carbon removal technologies that are not yet developed or seriously funded.
Despite these challenges, the 1.5°C target remains a key leverage point for developing countries to secure financial support and for large economies to take more aggressive emission-cutting actions.
While there are pros and cons to abandoning the 1.5°C goal, it remains an important discussion as nations weigh the balance between ambition and practicality in their climate strategies.
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