PanamaTimes

Monday, Dec 09, 2024

COP29's Carbon Trading Deal Faces Major Criticisms

Landmark Agreement on Carbon Credits Faces Backlash Over Serious Flaws
After nearly a decade of debate, negotiators at the COP29 climate conference in Baku have reached an agreement on global carbon trading rules.

This new deal aims to establish a system where countries and companies can purchase carbon credits to offset greenhouse gas emissions, theoretically contributing to their net-zero goals.

While the agreement is seen by some as a vital step towards certainty in carbon offsetting and could potentially channel billions into environmental initiatives, significant flaws remain.

Critics, including the Climate Land Ambition and Rights Alliance, warn that the rules could lead to 'double counting' of carbon credits and fail to protect vulnerable communities.

These shortcomings have been consistently debated at past COP meetings, and were not fully resolved in Baku.

The newly defined Paris Agreement Trading Mechanism has been criticized for its approach to carbon removal, especially regarding the permanence of carbon storage.

Current methods primarily depend on forests and soils, offering only temporary carbon sequestration compared to geological storage solutions.

This issue is heightened by recent reports indicating a reduction in carbon absorption by natural ecosystems due to climate-induced droughts and wildfires.

Despite chances to strengthen the rules, the agreed-upon standards appear insufficient to handle fossil fuel emissions' longevity.

As the United Nations prepares to roll out a centralized carbon trading registry next year, countries like Australia are encouraged to reconsider land-based offsets for emissions from major sectors.

Additionally, there is a call to revise national carbon trading frameworks and refocus on emissions reduction over carbon removals as compensatory measures.

The debate over effective carbon trading strategies reflects a broader struggle in aligning international climate policy with scientific recommendations.
Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
Special counsel Jack Smith asks the court to dismiss his appeal against Trump in the Mar-a-Lago classified documents case.
A Chinese retail chain has substituted traditional mannequins with real women walking on treadmills to display their clothes in motion.
Iranian Man Charged in Plot to Assassinate Donald Trump
Vatican Synod Concludes with Support for Women in Leadership Roles
Biden Labels Trump a Threat to Democracy
McDonald's Linked to E. coli Outbreak Leading to One Death
AI Regulation Takes Center Stage in 2024 US Presidential Campaign
Cuba's Power Struggles: Nationwide Blackout Strikes Again
Meta Faces Legal Battle Over Teen Social Media Addiction
UK Government Proposes Weight-Loss Injections to Combat Obesity and Boost Employment
Russia's Call for a BRICS Financial System Alternative
Indigenous Groups in Brazil Protest Carbon Credit Deal
Tesla's Robotaxi Design Strikes Controversy
Boeing to Reduce Workforce by 10% Amid Financial Strain
Brazilian Man Arrested for Decades-long Abuse and Imprisonment of Family
Donald Trump Amplifies Anti-Migrant Sentiments in Colorado Speech
Mass Looting of Chicago Cargo Train: 50 to 150 Looters Ransack Containers in Chaotic Scene
The Impact of Online Culture on Young Women: Survey Insights
Hypersonic Jet to Revolutionize Air Travel
Facilitated Communication: Miracle Tool or Manipulative Method?
US Election 2024: A Deadlock Between Trump and Harris
Dominica Sells Citizenship to Boost Climate Resilience
Elon Musk's X Faces Fines and Account Error in Brazil
Scott Jennings leaves CNN panel speechless as he tears apart Tim Walz's flimsy excuse of being "too dumb to tell the truth."
Earth Faces Severe Geomagnetic Storm from Solar Flare
China-Led Bloc Challenges The Quad in Indo-Pacific Region
Biden-Harris sent forklifts to open the border when Texas built a razor wall.
Storm Helene Devastates Eastern and Midwestern US, Claims 44 Lives
Trump Taps Elon Musk to Lead Federal Spending Cuts, Promising Trillions in Savings
Importing voters: With an election looming, the U.S. is approving citizenship applications at the fastest speed in years.
Hurricane Helene Set to Slam Florida with 'Unsurvivable' Conditions
El Salvadoran President Bukele at the UN: "Some complain that we put thousands in prison. In reality, we set millions free."
Google Commits 120 Million Dollars for Global AI Education: Sundar Pichai
Tennessee Woman Sentenced for Attempted Murder-For-Hire
Amazon Rainforest Suffers Massive Deforestation
Earth's Planetary Boundaries Breached
Elon Musk’s X Circumvents Brazil’s Supreme Court Block
Brazilian Judge Accuses Elon Musk’s X of Circumventing Court-Ordered Ban
Venezuelan Opposition Leader Coerced into Recognizing Maduro's Victory
Brazil's Firefighters Battle Amazon Blazes and Arsonists
X Social Media Platform Ordered Offline Again in Brazil
Global Workdays Required to Afford iPhone 16
In his podcast, Joe Rogan rightly questioned, "YOU NEED A VACCINE PASSPORT FOR FOOD, BUT VOTER ID IS ‘RACIST'?!"
Trump Unveils New Cryptocurrency Venture Amidst Campaign
X Update Enables App to Bypass Brazil Ban, Say Internet Providers
Delta Airlines Sets Strict Wardrobe Guidelines for Flight Attendants
Norway Achieves Milestone in Electric Vehicle Adoption
Hezbollah Hit by Explosive Pagers in Lebanon
Ex-Soldier Describes Trump Assassination Suspect's Troubled Ukraine Stint
Ghislaine Maxwell's Sex-Trafficking Conviction Upheld by Appeals Court
×