False Hope: COP29 Fuels Concerns as Carbon Markets Expand and Funding Falls Short
The 29th UN Climate Change Conference (COP29) in Baku, Azerbaijan, concluded with a series of decisions that have left many experts worried about the fight against climate change. Two key issues emerged: the expansion of controversial carbon markets and a paltry funding pledge for developing nations struggling with the consequences of a crisis they didn’t cause.
Despite mounting evidence of their inefficacy and ethical failings, world leaders doubled down on carbon markets as a solution. A new framework under Article 6 of the Paris Agreement was adopted, allowing countries to trade carbon credits earned from emissions reductions. Critics, however, point to a disturbing trend of deception and human rights abuses plaguing these markets.
A groundbreaking study published in Nature in November 2024 revealed a sobering truth: only 16% of carbon market projects actually resulted in verifiable reductions in greenhouse gas emissions. "Less than 16 percent of carbon markets and projects have resulted in actual reductions in greenhouse gas emissions," the study stated (Probst, BS et al., Nature Communications 15, 9562, 2024, https://doi.org/10.1038/s41467-024-53645-z).
This dismal success rate is further aggravated by scandals involving major carbon credit verifiers like Verra. An investigation by The Guardian revealed that a staggering 94% of Verra’s credits were based on "ghost" emissions reductions, created by inflated measurement techniques. The lucrative carbon trading market, critics argue, is more about generating profit than combating climate change, and often serves as a greenwashing tool for polluting industries.
Adding to the ethical concerns are reports of widespread human rights violations tied to carbon offset projects. A global map compiled by ETC Group shows that 72% of these projects involve abuses against indigenous communities. Reports range from land grabs and exploitation to cases of sexual violence.
Alongside the expansion of carbon markets, COP29 saw a disappointing funding agreement for developing nations struggling to adapt to the increasingly devastating impact of climate change. While these countries demanded at least $1.3 trillion annually in public funds, the summit settled on a paltry $300 billion, a figure that may be further diluted by allowing private sector contributions.
This funding gap is particularly alarming given projections that climate change-related damages to developing nations could reach $170 billion annually by 2050, according to a 2023 study published in Nature. https://tinyurl.com/ympsmwwf
As Silvia Ribeiro, a researcher from ETC Group, starkly put it: "It is paradoxical that a UN body decides to give new life to carbon markets, a technique that has been harmful and useless in dealing with climate change…"
The outcomes of COP29 have fueled serious doubts about the international community’s commitment to addressing the climate crisis effectively. While some see a glimmer of hope in ongoing negotiations, many fear that the decisions made in Baku will only exacerbate the problem, leaving vulnerable populations to bear the brunt of the consequences.
## False Hope? Expert Weighs in on COP29 Outcomes
**World Today News -** Teh 29th UN Climate Change Conference (COP29) in Baku, Azerbaijan, wrapped up last week with a mix of cautious optimism and simmering frustration. While some progress was made, key decisions regarding carbon markets and financial assistance for developing nations have ignited concerns among experts about the future trajectory of the climate fight.
We spoke to Dr. Maria Rodriguez, a leading climate scientist at the University of Oxford and a veteran observer of the COP process, to unpack the implications of the conference’s outcomes.
**WTN:** Dr. rodriguez, COP29 saw a significant push towards expanding voluntary carbon markets. Can you explain the concerns surrounding this development?
**Dr. Rodriguez:** The premise behind carbon markets is theoretically sound: putting a price on emissions encourages businesses to reduce their carbon footprint. Though, the reality is far more complex.
Voluntary carbon markets, in particular, often lack openness and suffer from issues like double-counting, where the same emission reduction is claimed by multiple parties. Furthermore, there’s a risk these markets could incentivize “offsetting” instead of genuine emission reduction. Instead of tackling the root cause, companies may simply buy their way out of responsibility by funding projects that may not deliver the promised benefits.
**WTN:** What about the pledges made for financial assistance to developing nations? Was the outcome satisfactory?
**Dr.Rodriguez:** Hourly speeches about loss and damage, but the wallet remain light.
developing countries are bearing the brunt of the climate crisis despite contributing the least to it. They need financial support not only to adapt to the impacts of climate change but also to transition towards enduring development paths.
The funding pledged at COP29,while welcome,falls woefully short of what is actually needed. Moreover, the disbursement mechanisms remain opaque and often favor developed nations’ interests. Until we see a genuine commitment to equitable and accessible financing, developing nations will continue to struggle.
**WTN:** what message should emerge from COP29? What needs to change going forward?
**Dr. Rodriguez:** COP29 has served as a harsh reminder that words alone are insufficient. We need concrete, measurable action and accountability.
The focus must shift from market-based solutions that often perpetuate rather than solve the problem,to real system transformations. This involves investing in renewable energy,promoting sustainable agricultural practices,and fostering international cooperation based on equity and shared responsibility.
The clock is ticking,and the next COP must demonstrate a genuine commitment to bolder action. Or else,the hope for a sustainable future will continue to erode.
