World climate leaders are meeting in Baku, Azerbaijan for the UN Climate Change Conference (COP29) of the UNFCCC, scheduled from 11 to 22 November 2024. COP29 is also known as the “Finance COP.”
In his opening remarks on 11 November 2024, UN Climate Change Executive Secretary Simon Stiell referenced international carbon markets as an enabler for national climate policies.
“Progress in carbon markets took centre stage on Day 1 at COP29 with approval of standards for methodologies and carbon removals established by UNFCCC appointed Supervisory Body,” said John Connor, CEO of the Carbon Market Institute.
“Alongside the Article 6.4 its sustainable development tool, we now have opportunities open for private investment in climate solutions worldwide that can and must bring local social and environmental benefits.”
The COP29 Presidency’s vision is to ‘enhance ambition and enable action’, with a strong focus on climate finance as a key enabler of progress across multiple cross-cutting priorities, including:
- A New Collective Quantified Goal on climate finance (NCQG)
- Full operationalisation of Article 6 carbon market mechanisms
- 1.5°C-aligned Nationally Determined Contributions (NDCs) from Parties
- National Adaptation Plans (NAPs) and Biennial Transparency Reports (BTRs)
CMI’s delegation to COP29 is being led by Janet Hallows, Director of Climate Programs & Nature-based Climate Solutions, and Kurt Winter, Director of Corporate Transition.
CMI will be hosting and participating in a number of events. More information on COP priorities, background information and event details are available from the COP29 Hub on the CMI website.
