COP29 Kicks Off with Early Agreement on Carbon Credit Standards and Ambitious Climate Goals » Capital News
BAKU, Azerbaijan Nov 12 – The COP29 climate summit opened in Baku, Azerbaijan, with an early breakthrough as nations reached a consensus on standards for carbon credits under Article 6.4 of the Paris Agreement.
This agreement aims to create a robust international carbon market, ensuring the integrity of climate action and increasing demand for carbon credits, thereby facilitating more effective climate mitigation globally.
COP29 President Mukhtar Babayev hailed the achievement, noting it as a “game-changing tool” for channelling resources to developing nations and advancing global climate goals. “Following years of stalemate, the breakthroughs in Baku have now begun,” he stated, emphasizing that much more remains to be accomplished.
The summit, running from November 11-22, has drawn over 70,000 delegates, including heads of state and government.
Kenya’s delegation is led at the conference by Prime Cabinet Secretary Musalia Mudavadi and Environment Cabinet Secretary Aden Duale.
During his opening address, Babayev underscored the summit’s urgency, citing the latest UNEP Emissions Gap Report predicting potential warming of 3 degrees Celsius under current policies. “We are on a road to ruin,” he said, stressing the need for leadership and action.
One of the central priorities for COP29 is the establishment of a New Collective Quantified Goal (NCQG) for climate finance.
This objective aims to secure “hundreds of billions” in public funding to aid vulnerable nations, with a realistic target acknowledging the financial strains faced by wealthier countries. COP29 President Babayev and UN Climate Change Executive Secretary Simon Stiell highlighted that an ambitious climate finance goal is essential for global self-interest, as inaction would lead to severe economic and environmental consequences.
The conference also calls on countries to submit revised Nationally Determined Contributions (NDCs) by next year, aligning with the 1.5°C goal, and National Adaptation Plans by 2025 to prepare for escalating climate impacts. Babayev urged nations to take decisive steps on mitigation, including emissions reduction commitments and operationalizing transparent climate action.
Participants are expected to tackle financing, adaptation, and long-term climate goals, aiming to solidify global commitments in this “moment of truth” at the end of the Paris Agreement’s first decade.
About The Author
