Can carbon markets make a breakthrough at COP29?
Voluntary carbon markets (VCMs) have a strong potential, notably to help bridge the climate finance gap, especially for Africa.
However, the past years have seen an uninterrupted series of controversies, with carbon projects accused of lacking transparency, having little or no mitigation effect, and even leading to Human Rights abuse. Investments have fallen.
The potential remains high for international carbon markets, with or without a COP 29 Agreement. Actors such as African countries or the Gulf region have high expectations. They are investing important resources in the development of new organizations and mechanisms that may share the carbon markets of tomorrow.
VCMs need to improve their transparency, integrity, better demonstrate their sustainable development benefits, and to advance robust and convincing data about their impact on climate change.
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Can carbon markets make a breakthrough at COP29?
Author(s)
Thibaud VOÏTA
Associate Research Fellow, Energy and Climate Center, Ifri
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Ifri's Energy and Climate Center carries out activities and research on the geopolitical and geoeconomic issues of energy transitions such as energy security, competitiveness, control of value chains, and acceptability. Specialized in the study of European energy/climate policies as well as energy markets in Europe and around the world, its work also focuses on the energy and climate strategies of major powers such as the United States, China or India. It offers recognized expertise, enriched by international collaborations and events, particularly in Paris and Brussels.
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