Ali Faqeeh: COP29 agreements in Baku increase level of trust between parties

Ali Faqeeh: COP29 agreements in Baku increase level of trust between parties The agreements reached at COP29 on Article 6 of the Paris Agreement will help increase transparency in carbon markets and promote greater trust between parties to the UN Framework Convention on Climate Change
COP29
January 16, 2025 14:47
Ali Faqeeh: COP29 agreements in Baku increase level of trust between parties

The agreements reached at COP29 on Article 6 of the Paris Agreement will help increase transparency in carbon markets and promote greater trust between parties to the UN Framework Convention on Climate Change, Ali Faqeeh, non-resident fellow at the Atlantic Council in Washington, D.C., told Report.

"Additionally, Article 6.4's centralized mechanism introduces higher integrity standards for carbon credits, which may drive investments in sustainable projects. Similarly, Article 6.8 focuses on non-market approaches, which support capacity building and technology sharing for countries with less developed market infrastructures," he noted.

Faqeeh also pointed out the need for fair distribution of climate finance funds to minimize the economic gap between wealthy states and countries with low economic indicators. In his opinion, this will allow for the full implementation of carbon market concepts without economic losses for developing countries and the most vulnerable populations.

"It is essential to consider the equitable distribution of the $300 billion financing pledged in the Baku Financing Goals. A strategic approach should prioritize vulnerable groups, such as smallholder farmers, who often bear the brunt of climate change impacts," he said.

"Implementing the new frameworks under Articles 6.2 and 6.4 demands significant administrative and technical resources, which may disadvantage lower-income countries, especially smallholder farmers. Additionally, there are concerns that the mechanisms could disproportionately benefit wealthier countries and larger corporations, potentially limiting accessibility for smaller or less equipped stakeholders," he noted.

"Engaging diverse stakeholders is crucial, and ensuring the inclusion of local communities, private sector actors, and policymakers in the decision-making process. Also, targeted investments should be directed toward civil society initiatives, businesses, university-led research projects that develop innovative, scalable solutions to address the challenges faced by these marginalized groups. Such efforts can enhance adaptive capacity, promote sustainable practices, and ensure that the benefits of climate financing are both inclusive and impactful," he added.

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