Guest Post: After nearly 10 years of debate, COP29’s carbon trading deal is seriously flawed

 

Kate Dooley, The University of Melbourne

Negotiators at the COP29 climate conference in Baku have struck a landmark agreement on rules governing the global trade of carbon credits, bringing to a close almost a decade of debate over the controversial scheme.

The deal paves the way for a system in which countries or companies buy credits for removing or avoiding greenhouse gas emissions elsewhere in the world, then count the reductions as part of their own climate efforts.

Some have argued the agreement provides crucial certainty to countries and companies trying to reach net-zero through carbon trading, and will harness billions of dollars for environmental projects.

However, the rules contain several serious flaws that years of debate have failed to fix. It means the system may essentially give countries and companies permissions to keep polluting.

Madrid Climate Conference COP25 enters overtime as many countries raise lack of ambition amid blockers

The United Nations Climate Conference meeting in Madrid under a Chilean Presidency was due to close on Friday 13 December, 2019, but negotiators have been working overnight trying to overcome multiple issues and blockages on Article 6 on carbon markets, on Loss and Damages, on Finance, on calling for ambition in NDCs that need to be submitted in 2020, in the acceptance of the IPCC Land and Oceans reports.

The Chilean Presidency attempted to reach a balanced approach with updated decision texts on Saturday morning, but was criticised by the blocking countries like Australia, USA and Brazil, while a great many countries and negotiating blocs called for much greater ambition in the textx, highlighting that people are marching in the streets, demanding action, watching the negotiators in this time of climate crisis and climate emergency.

Blunt statement from Mohammed Adow from Powershift Africa: "I would say here in Madrid the governments fucked up..."

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