Therefore! the parties need to agree on exactly how carbon credits will be determined! how projects can be approved and reviewed! and what information about the agreements can be kept confidential and what should be made transparent.
At a meeting in Baku in October! the UN body responsible for creating carbon Call for new markets adopted standards for the creation and assessment of projects related to carbon credits! as well as for measures to reduce greenhouse gas emissions. These standards are to be discussed and possibly approved at COP29.
The new wave of NDCs is due to be submitted by February 2025
Ahead of COP30. The COP Troika has pledged to “actively promote job function email list the early submission” of these documents. They have also said they will demonstrate their commitment by submitting “NDCs aligned to the 1.5°C objective! in line with the UAE Consensus.”
However! for countries heavily dependent on fossil fuels! this is likely to be a significant Call for new challenge. This is particularly true for Azerbaijan! which backtracked on its climate ambitions in the last review of its NDC and was recently rated “critically insufficient” on climate action by the Climate Action Tracker.
While the review of NDCs is considered the responsibility of the COP30 President! Brazil! COP29 will play an important role in creating momentum for this process.
Losses and damages in scale
The UAE! the host of COP28! kicked off the last conference with a significant victory! quickly implementing the Fund for Developing Countries Suffering Loss and Damage from Climate Impacts (FRLD). The Philippines will host the fund! and we also have a proposal to ensure the executive director! Ibrahima Sheikh Diong! has already been appointed. However! the amount of pledged contributions so far is only $661 million. Given that Hurricanes Helen and Milton caused about $55 billion in damage in the United States alone! the funding for the FRLD is clearly far from the level needed.
The COP29 presidency has pledged to “continue to mobilize additional contributions to the fund” during the conference. The issue of loss and damage will also be raised during the NCQG negotiations. Civil society organizations and conference participants! including the Coalition of Least asb directory Developed Countries! are lobbying for a portion of the NCQG to address such impacts.
