COP29: Countries clinch Article 6 deal in momentous win for international carbon markets
Negotiators from nearly 200 countries have reached a historic agreement on international carbon markets at COP29, in a decision that finally concludes the rules governing the trading and crediting of mitigation outcomes under Article 6 of the Paris Agreement.
Read MoreCOP29: Countries on cusp of historic Article 6 deal in Baku as final texts land
Negotiators from nearly 200 countries could be on the verge of a historic agreement on international carbon markets at COP29, after presidency proposal texts were published late on Friday and multiple sources said that consensus may now be present on the key outstanding technicalities of international carbon trade under Article 6.
Read MoreCOP29: New climate finance goal proposal offers $250 bln by 2035
A new climate finance goal of $250 billion by 2035 was proposed in a draft presidency text published on Friday at COP29, falling well below the $1.3 trillion figure requested by developing nations, while provisions that would encourage carbon markets were deleted.
Read MoreCOP29: North-South alliance with Group of Negative Emitters launched
An alliance of carbon neutral likeminded nations keeps growing at the COP29 UN climate summit, as the group brought the Global North and South together on Thursday.
Read MoreCOP29: ‘Empty place-holder’ – Countries under pressure to set climate finance goal, amid worry and dismay
The COP29 global climate summit enters its last day on Friday amid widespread frustration surrounding negotiations over a new global climate finance target, as a headline sum is yet to emerge.
Read MoreCOP29: Oil companies lobbying at climate negotiations tied to 17 mln deaths since Paris, NGO says
Fossil fuel companies that have sent lobbyists to COP summits produced enough oil and gas since the 2015 Paris Agreement to cause 17 million heat deaths, according to new analysis released on Thursday.
Read MoreCOP29: Fossil fuels transition dropped from hollowed-out deal on emission reductions
Large, heavy-emitting economies appear to be winning the battle over if and how the COP29 summit should push forward on last year’s landmark commitment to transition away from fossil fuels — raising alarm bells for many in Baku.
Read MoreCOP29: “Is it a joke?” — Climate finance splits persist as negotiators await new text
Developing countries have rebuffed the idea of a $200 billion annual climate finance target for wealthy government coffers, calling it a “joke” as ministers rushed to bridge persistent differences in the last stretch of COP29 negotiations on Wednesday.
Read MoreCOP29: Farmers should be climate finance recipients for carbon sequestration, NGOs say
Nearly 80 civil society are calling on UN Climate Change to facilitate the allocation of climate finance to farmers to help them engage in more sustainable practices like restoring degraded soils, in an open letter published on the sidelines of the COP29 climate conference.
Read MoreUPDATED – COP29: G20 endorses broad climate finance, but fails to provide clarity on NCQG
The G20 reaffirmed a broad commitment to climate finance efforts in a communique following the conclusion of its summit in Brazil, but observers say more is needed from the world’s wealthiest countries to adequately address climate change globally.
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