(MENAFN- KNN India)
New Delhi, Nov 13 (KNN) 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.
The conference participants approved new standards and rules for carbon markets, addressing a component that had remained unresolved for two years.
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.
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.
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.
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.
They specifically emphasised that this funding should be new, additional, predictable, grant-based, and should not include developed nations' investments in clean energy technologies.
The financial discussions encompass fundamental considerations, including the definition of climate finance, measurement methodologies, and funding sources.
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.
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.
(KNN Bureau)
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