ENA Global 2024-11-13 17:12:41 <p><span style="font-size:14px"><strong>New Delhi, Nov 13 (KNN)</strong> A modest advancement in carbon market operationalisation emerged as an initial success at COP29 in Baku on Tuesday, despite ongoing tensions between developed and developing nations regarding climate finance agreements.</span></p> <p><span style="font-size:14px">The conference participants approved new standards and rules for carbon markets, addressing a component that had remained unresolved for two years.</span></p> <p><span style="font-size:14px">The carbon market mechanism, designed to facilitate the trading of carbon credits between entities based on their emissions performance, represents the final unimplemented segment of the 2015 Paris Agreement.</span></p> <p><span style="font-size:14px">UN Climate Change Executive Secretary Simon Steil characterised the development as a breakthrough, emphasising its potential to accelerate climate plan implementation and emissions reduction efforts.</span></p> <p><span style="font-size:14px">The conference's primary focus on finance negotiations, however, encountered significant resistance as the G77-plus China bloc, representing over 130 developing nations, rejected the initial draft proposal.</span></p> <p><span style="font-size:14px">The developing countries, including India, are advocating for a substantial increase in climate finance, proposing a minimum of USD 1.3 trillion annually from 2026.</span></p> <p><span style="font-size:14px">They specifically emphasised that this funding should be new, additional, predictable, grant-based, and should not include developed nations' investments in clean energy technologies.</span></p> <p><span style="font-size:14px">The financial discussions encompass fundamental considerations, including the definition of climate finance, measurement methodologies, and funding sources.</span></p> <p><span style="font-size:14px">Developing nations have also called for the settlement of previous shortfalls in the current USD 100 billion annual commitment as arrears, separate from the New Collective Quantitative Goal (NCQG) on finance.</span></p> <p><span style="font-size:14px">India's negotiating team emphasised that the NCQG represents the most critical element of the Baku discussions, stressing the importance of maintaining balance between mitigation actions and adaptation needs, particularly for vulnerable communities in developing countries.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39908 https://knnindia.co.in/news/newsdetails/global/cop29-breakthrough-in-carbon-market-mechanism-stalemate-in-finance 2024-11-13 17:12:41 knnindia.co.in