Analysis: From carbon markets to CBAM, where we stand on climate finance after COP28
- Media Manager
- Dec 20, 2023
- 1 min read
Reuters
Written By: Angeli Mehta
Published: December 20th, 2023
Even if all the many government and corporate pledges made at COP28 were to come good, there is nowhere near enough money on the table to meet the scale of the challenges faced. Hundreds of billions of dollars will be needed annually to help the Global South transition to green energy, adapt to the heating of the planet, and rebuild after disasters. Many hundreds of billions more every year will be needed to spur efforts to decarbonise and to restore and preserve nature.
So there was disappointment that COP28 yet again failed to reach agreement on operationalising Article 6 of the 2015 Paris Agreement, which would provide a high integrity framework for countries to trade carbon credits generated by the reduction or removal of greenhouse gases from the atmosphere.
According to the International Emissions Trading Association, Article 6 has the potential to halve the total cost of implementing nationally determined contributions to $250 billion by 2030.
