COP29 reaches agreement with bitter taste for countries of the South

The new rules are a start, but the risk of abuse still remains alive and well,

said Injy Johnstone, a research fellow at the University of Oxford

International carbon markets have crashed twice in two decades. This was due to an erosion of credibility. At Baku, the operationalisation of international carbon trading under Paris can prevent a third meltdown that could be fatal,

said Axel Michaelowa, a carbon markets expert at the University of Zurich

The idea to grow the carbon market is to get climate financing to the right places. A London taxpayer is not going to give thousands of dollars to developing countries to reduce the emissions, especially if you’re not sure about those developing countries’ commitment. We’re all in the same bucket, whether it’s Mali, Saudi Arabia or China; that’s where the idea of where carbon markets came about,

she added

We have to learn the lessons of past mistakes and watch for new ones this system could create, otherwise we risk the Paris agreement becoming a market failure,

she said

We’ve invested in millions of dollars for no guarantee of any return [in the new rainforest carbon credit methodology]. It’s all done at risk,

she said

They are a powerful tool to accelerate the diffusion of low-carbon technology around the world. The Paris carbon market is now ready to roll out in 2025. It can accelerate mitigation and thus help close the gaping emissions gap that separates us from achieving the 1.5C target,

he said

The available evidence suggests that many carbon credits are not backed by any actual emission reductions. If these quality issues continue under article 6, this could undermine our efforts to achieve our climate targets. It is critical that we fix the integrity issue of the market,

he said

We currently see proposals on the table that would credit the natural absorption of carbon dioxide by forests. But these removals occur anyways and not because of any human intervention. If these credits are used by buyers to emit more, this would result in more carbon added up to the atmosphere. And the potential for issuing such credits is very large,

he said

It is the biggest economic opportunity of the 21st century and through our championing of it we can help crowd in private investment

the UK's energy secretary added

We will keep up the pace, working with other countries before the world meets again in Brazil for COP30

he said

Mukhtar BabayevcOP29 President

We have ended a decade-long wait and unlocked a critical tool for keeping 1.5 degrees in reach,

said COP29 President Mukhtar Babayev

Rich countries spent 150 years appropriating the world’s atmospheric space, 33 years loitering on climate action, and three years negotiating [a financial settlement] without putting numbers on the table. Now, with the help of an incompetent Cop presidency and using the forthcoming Trump administration as a threat, they force developing countries to accept a deal that not only doesn’t represent any actual new money but also may increase their debt.”

Claudio Angelo, of the Observatorio do Clima in Brazil, said

It was clear from day one that Saudi Arabia and other fossil fuel-producing countries were going to do everything in their power to weaken the landmark Cop28 agreement on fossil fuels. At Cop29 they have deployed obstructionist tactics to dilute action on the energy transition,

said Romain Ioualalen, of the pressure group Oil Change International

This [summit] has been a disaster for the developing world. It’s a betrayal of both people and planet, by wealthy countries who claim to take climate change seriously. Rich countries have promised to ‘mobilise’ some funds in the future, rather than provide them now. The cheque is in the mail. But lives and livelihoods in vulnerable countries are being lost now.”

Mohamed Adow, director of the Power Shift Africa thinktank, said

Despite major headwinds, negotiators in Baku eked out a deal that at least triples climate finance flowing to developing countries [from a previous longstanding goal of $100bn a year]. The $300bn goal is not enough, but is an important down payment toward a safer, more equitable future. The agreement recognises how critical it is for vulnerable countries to have better access to finance that does not burden them with unsustainable debt.”

Ani Dasgupta, chief executive of the US-based World Resources Institute thinktank, said

We will shoulder all the risk,

pointed out one negotiator

What they've done essentially is undermine the mandate to try to reach 1.5,

said Tamara Gilbertson, climate justice program coordinator with the Indigenous Environmental Network

The $300 billion goal is not enough, but is an important down payment toward a safer, more equitable future,

said World Resources Institute President Ani Dasgupta

Everybody is committed to having an agreement,

Fiji delegation chief Biman Prasad said as the deal was being finalized

I'm disappointed. It's definitely below the benchmark that we have been fighting for for so long,

said Juan Carlos Monterrey, of the Panama delegation