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November 19, 2024

COP29 Negotiators at Odds over Carbon Markets Which Allow Polluters to Greenwash Emissions
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Here in Azerbaijan, the U.N. COP29 climate talks have entered their
final stretch with negotiators from nearly 200 nations still far apart
on a new climate finance commitment. One major source of debate is a
proposed United Nations-backed carbon market, which proponents say could
help offset an extra 5 billion metric tons of carbon emissions annually.
Opponents say carbon markets allow major polluters to greenwash their
emissions while devastating the environment in frontline communities.
This is Eriel Deranger, director of Indigenous Climate Action.

Eriel Deranger: "These carbon markets are literally putting our lands
and territories up for land grabs and to allow the sanctioning of
multinational corporations to have a system to sort of simply buy
themselves out of continuing to pollute."

A recent study in Nature Communications looked at the use of carbon
credits in more than 2,000 projects. It found less than 16% of carbon
credits issued constituted real emission reductions. After headlines,
we'll have more on the COP29 U.N. climate talks here in Baku,
Azerbaijan.


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