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Following the first day of the summit, the countries represented at COP29 in Baku (Azerbaijan) achieved agreement regarding regulation of carbon markets under the auspices of the UN, which the COP29 presidency hopes will facilitate negotiations.

“We had news last night about Article 6 of the Paris Agreement.”This was stated by the Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC). Simon Stillat a press conference on Tuesday.

The appearance took place in start of the second day of the climate summit A total of more than 50,000 people have so far attended the meeting, which will be hosted by the Azerbaijani capital until November 22, according to data presented on Tuesday.

In addition, around 90 world leaders will be attending the event on day two, so Still took the opportunity to highlight it is necessary to scale up political ambitions and stimulate the flow of climate investment beyond developing countries.

“The International Energy Agency predicts that This year alone, $2 trillion will be invested in clean energy. and infrastructure, and this is remarkable,” applauded the executive secretary, a native of the island of Grenada.

“But this is only a fraction of the global economy, and the vast majority is concentrated in a few large markets. Climate investments must go where they are needed,” he said.

The climate crisis, according to Still, “cost of living crisis” and thus action to reverse and stop global warming is a “global inflation hedge.”

“Unless all countries can sharply reduce their emissions, “Every country in every home will suffer even more than today.” because of the economic problem that the climate crisis already is, he added.

“We will live in a constant inflationary nightmare; “This is not a remote risk,” Still warned.

Progress on Article 6.4 of the Paris Agreement

The rules agreed by the parties on Monday evening for representatives present at the press conference are reflection of “progress” in building a centralized carbon market within the UN.

“There is still some work to be done, but this is a good start. the result of more than 10 years of work within the process,” Still celebrated.

“When these carbon markets become operational, will help countries implement their climate plans faster and cheaper and reduce emissions,” he explained to remind us of the need for the private sector to contribute to the global climate finance goal.

Although “we “very far from halving emissions this decade” He stressed that “the winds that blow through the carbon markets here at COP29 will help us get back on track.”

“Important step” to speed up negotiations

In turn, the chief negotiator of COP29, Azerbaijani Yalchin Rafiyev, appreciated this This start is “a very good start” and “an important step.” which will create a positive atmosphere for climate discussions in the coming days.

For environmentalists, what was agreed under Article 6.4 is not good news: Greenpeace assessed that these rules “set a bad precedent.” and criticized the lack of specificity, which he believes “opens the door to agreements that allow emissions to continue without real guarantees that carbon will be captured, for activities that harm people and the planet.”

This was stated by the representative of Greenpeace Spain at the Baku summit Pedro Zorrilla, who qualified EFE What “Additional rules may still be approved to limit what is eligible and increase transparency.”

“But if it took so long to get here, “It seems difficult.” cry.

(EFE)