Carbon Market Push at COP28 Tries to Fix Scandal-Tainted Credits
- Media Manager
- Dec 8, 2023
- 1 min read
Financial Post - Bloomberg News
Written By: Ewa Krukowska
Published: December 8th, 2023
A push to fix carbon markets is gaining momentum as climate envoys at the COP28 conference in Dubai look for ways to meet green finance pledges and keep the goals of the Paris Agreement alive.
The aim is to restore investors’ trust and strengthen a mechanism which could channel cash to developing countries that need billions of dollars to pay for their energy transition and adapt to climate change.
With cheap loans and grants in short supply, especially at a time of higher interest rates, allowing firms in richer countries to pay for emissions reductions in the developing world to partly offset their own pollution is an attractive way of increasing financial flows. But voluntary offset mechanisms have been tainted by concerns that some of their projects do little or nothing to slow global warming.
