The new UN climate conference, which has just opened in Azerbaijan, must succeed in providing better financial assistance to the countries of the South.
An agreement on carbon credits
COP29 has just started in Baku, Azerbaijan. A destination criticized between the ethnic cleansing of a part of Armenia and exports based solely on oil… Reason why, undoubtedly, most of the leaders of the G20, the main countries on the planet, are absent. Countries that represent nearly 80% of global greenhouse gas emissions.
However, this climate conference notably displays a central intention: to increase financial aid to countries in the South. From the outset, an agreement has already been reached on the controversial carbon credit market. An essential step to help countries meet their climate obligations. As provided for in Article 6 of the 2015 Paris Agreement, COP29 has just adopted the rules for implementing a new global carbon market.
Dozens of leaders pose for a family photo at COP29 in Baku. More than 75 leaders are expected there over two days, but the heads of some of the most powerful and most polluting economies are not attending the summit #AFPTV pic.twitter.com/46oe78KWni
— Agence France-Presse (@afpfr) November 12, 2024
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A thousand billion for the countries of the South
Under UN supervision, this article makes it possible to exchange carbon credits respecting environmental and social standards in order to help countries and companies reduce their carbon footprint. An important point since in 2009, developed countries committed to providing the most vulnerable nations with 100 billion dollars per year between 2020 and 2025.
This COP in Baku should make it possible to go further in order to help them in their energy transition and their adaptation to global warming. Thus, developed countries should agree on a new amount of aid for after 2025. How much exactly for this New Collective Quantified Goal (NCQG)? The president of COP29 spoke of “hundreds of billions” during his opening speech.
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