Watch: COP29: What are carbon markets and what is the controversy surrounding them? | Tipping Point
COP29 is currently taking place in Baku, Azerbaijan. This global climate conference usually sees participation from world leaders, yet this year, some major figures like U.S. President Joe Biden, Prime Minister Narendra Modi, and China’s President Xi Jinping have been notably absent.
On the first day of COP29, an agreement was reached to establish a UN-managed global carbon market to trade carbon credits—a step that marks significant progress. Carbon markets are a key tool in the climate policy arsenal, aiming to incentivize carbon reduction by allowing the trading of emission credits.
Ahead of COP29, a supervisory body under the Paris Agreement had already set standards for a new UN crediting mechanism. The COP29 delegates welcomed these recommendations, yet there’s still a long road ahead as nations work to finalize all aspects of this global market.
In this episode, Krithika Ravishankar, a senior analyst at CSTEP, and Federica Bietta, the managing director of the Coalition for Rainforest Nations, decode the issues related to carbon trading and carbon markets.
Credits
Script and presentation: Priyali Prakash
Video: Zeeshan Akhtar
Editing: Zeeshan Akhtar
Published – November 18, 2024 09:32 pm IST
