Stockhead Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. COP29 agrees on global carbon-credit trading rules COP29 considers cryptocurrency levy to fund climate action Experts call for 10x increase in climate financing COP29, the 29th annual Conference of the Parties (COP) summit , is here again, where countries gather to discuss and negotiate global action on climate change.
This year’s summit kicked off on Monday, and already there’s some big news: countries have agreed on the rules for a global carbon-credit trading system. This has been a long time coming. Basically, the agreement is that wealthier countries like the US and Japan can now meet their climate targets by buying carbon credits from smaller countries.
These credits usually come from projects like planting trees that absorb CO2. Critics aren’t happy, though, saying the deal was rushed and didn’t give enough people a chance to weigh in. Another big topic on the table this year is climate financing – how much money poor, climate-vulnerable countries need to handle disasters and build clean energy.
Experts are saying the current target of US$100 billion a year isn’t nearly enough to combat climate change, and should be raised by at least 10 times. Host raises eyebrows But there’s extra drama this year. COP29 is happening in Baku, Azerbaijan, a country where oil and gas make up 90% of exports.
Russia helped Azerbaijan secure the hosting rights by blocking o.
