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CoP’s hasty decision on carbon credits could do more harm than good
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Context
At CoP 29 in Baku, countries reached a consensus on the methodologies for carbon markets outlined in Article 6 of the Paris Pact, which facilitates emissions trading between polluting entities and less-polluting entities. This agreement aims to address transparency issues and streamline operations in carbon markets, which have been contentious since the Paris Agreement was signed nearly a decade ago.
Key Provisions of the Agreement
- Carbon Market Methodologies: Countries have agreed on standardized methodologies for carbon credit projects, clarifying operational processes in emissions trading. This is a key development after previous breakdowns in negotiations over what constitutes a valid carbon removal credit.
- Cost Reduction for Climate Goals: Azerbaijan, the host country of CoP 29, emphasized that carbon markets could reduce the cost of implementing Nationally Determined Contributions (NDCs) by USD 250 billion annually, highlighting the potential economic benefit of carbon trading.
- Transparency & Streamlining: The agreement aims to improve the transparency of carbon markets, ensuring more reliable emissions trading, which is vital for tracking progress toward global climate goals.
Criticism & Challenges in Implementation
- Issues of Double Accounting & Reversal Risks: Critics argue that the agreement does not adequately address double accounting, where the same carbon credit is counted multiple times, and does not provide solutions for projects at risk of reversals, such as carbon stored in natural sinks that might be released back into the atmosphere.
- Lack of Safeguards for Displaced Communities: The agreement does not address the social impacts of carbon offset projects, such as the displacement of communities in regions where "green" projects like reforestation are implemented, raising concerns over environmental justice.
- Past Failures & Reputational Risks: Given the failure of previous mechanisms like the Clean Development Mechanism under the Kyoto Protocol, experts warn that if carbon markets are not carefully managed, they could undermine global trust and progress in decarbonization.
Practice Question
Q. Critically analyze the challenges and potential benefits of implementing carbon markets under the Paris Pact, particularly in the context of the recent agreement at CoP 29.
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