Full implementation of Article 6 could reduce countries’ annual costs of implementing Nationally Determined Contributions (NDCs) by approximately US$250 billion. founding director, guest lecturer at St. Anthony’s College, Oxford University, Professor Mohammad Nurunnabi said.
According to him, 2024 remains quite challenging given the current geopolitical situation. However, at the 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29) held in Baku, significant efforts were made to agree on a new financial target that will help countries protect the population and economy from climate disasters, as well as use the advantages of clean energy.
The professor expressed his gratitude to the COP29 presidency for giving hope to the implementation of the agenda that is important for everyone for the future of the planet.
M. Nurunnabi recalled that at COP29, the final version of the proposed agreement on combating climate change, which provides for the allocation of at least 300 billion dollars annually until 2035, was approved, as well as Article 6.2 of the Paris Agreement, which regulates emission quota trading, and Special attention was paid to articles 6.4. It commits to deliver more effective nationally determined contributions (NDC) in 2025. These new climate plans must cover all greenhouse gases and sectors in order to keep temperature increase under the 1.5°C target. At COP29, two G20 countries – Great Britain and Brazil – clearly stated that they plan to strengthen their climate actions within the framework of NDC3.0, because it is in the interests of their economy and their people,” he said. M. Nurunnabi noted that , the work on carbon markets is not finished in Baku: “The parties have submitted a long list of tasks for 2025 to the monitoring body that created the new carbon credit mechanism, and this body will report to them as before will give”.