Biden's advisor: Significant progress on carbon tax expected at COP29

The United States is confident that the upcoming COP29 climate conference will yield substantial progress in implementing a global carbon tax, a levy on carbon dioxide emissions, John Podesta, special advisor to US President Biden on international climate policy, said during a briefing with Azerbaijani journalists.

According to Report, Podesta highlighted that one of the key outcomes of COP28 was the agreement that all countries must adopt coordinated commitments to reduce greenhouse gas emissions at the economic level, aiming for net-zero emissions by mid-century. The timelines vary among nations - the US, most of Europe, Japan, and many others target 2050, while China aims for 2060 - but specific measures to achieve these goals will depend on national circumstances.

The advisor also emphasized the significance of Article 6 of the Paris Agreement, which focuses on carbon markets and carbon trading, as a central topic in COP conferences.

Article 6 allows countries to account for trading carbon emission reductions and facilitates the establishment of reliable private-sector carbon markets, he said, adding that these markets can be used to finance emission reductions, investments in resilience, adaptation, and nature conservation.

Podesta noted that substantial progress has already been made on one of the main agenda items, and discussions are moving towards resolving the second.

He added that this will be an important step in creating the carbon market regime promised under the Paris Agreement, which can attract significant investments to developing countries, support forest protection, emission reductions, and the transition to renewable energy sources.