COP29 Climate Summit Day 2 Highlights: UN Chief calls 2024 a ‘masterclass in climate destruction’

COP29 World Climate Action Summit Highlights: At the COP29 climate summit in Baku, Azerbaijan, countries approved vital carbon credit quality standards essential for facilitating a U.N.-backed global carbon market aimed at funding greenhouse gas reduction projects. This early agreement marks a significant step forward, despite concerns about the upcoming U.S. administration under President-elect Donald Trump, who has indicated intentions to withdraw from the Paris Agreement. Experts suggest that the endorsement might help operationalize the market by next year, enabling countries and companies to purchase carbon credits for climate initiatives worldwide. However, while the approved standards seek to address the credibility of projects, campaigners have raised concerns about their adequacy, especially regarding human rights protections. Criticism also arose regarding the decision-making process, with some nations feeling excluded from discussions. Moving forward, negotiators aim to establish further rules to ensure the market’s integrity, which could potentially yield $250 billion annually and cut carbon emissions significantly by 2030.