Paris, 28/11/2024
COP29, held in Baku, Azerbaijan, was a key moment for the planet. But victory or disappointment? We’ll tell you all you need to know! 👇
A financial agreement... but not enough
The key announcement at COP29? A commitment by developed countries to contribute $300 billion a year by 2035 to help developing countries adapt to climate change and finance their energy transition.
Sounds like a lot? In reality, this amount is far from sufficient to meet the climate challenges facing these countries. Some experts even denounce it as a simple “recycling” of old financial pledges dating back more than 10 years, without any real new effort.
The countries of the South were hoping for more, and this amount may not be enough to help them move away from fossil fuels while supporting their local economies 🌐.
Progress on carbon credits
On a positive note: after 9 years of discussions, COP29 validated the rules of the carbon credit market. This market will enable countries and companies tobuy credits to offset their CO2 emissions by financing ecological projects.
But beware: several experts are pointing the finger at the lack of integrity of these credits. In other words, we need to be vigilant to ensure that these offsets have a real positive impact on the planet and don’t just become a marketing tool 🚨.