As the United Nations Framework Convention on Climate Change (UNFCCC) Conference of Parties (COP29) begins, countries are moving forward with carbon markets under Article 6 of the Paris Agreement.
Last month, the Article 6.4 Supervisory Body, which sets the rules for these markets, quietly introduced “internal standards” that are now in effect. This decision on carbon markets, taken on the first day of COP29 without debate or discussion, sets a concerning precedent with the possibility of limiting the agreed-upon moratorium when it comes to geoengineering practices during COP16 of the UN Convention on Biological Diversity.
According to lobbyist movements, the move embraced without due procedures entailing engagement of the member states is contrary to the renowned procedures as witnessed in COP27, and COP28 when it comes to deliberations on Carbon markets, methodologies, and operationalization.
Coraina de la Plaza, Global Coordinator of the Hands Off Mother Earth (HOME) Alliance, criticized COP29, stating, that the move sets a dangerous precedent and prioritizes the interests of a few over the planet and its people.
“Carbon markets have proven to be a false solution, perpetuating extractive development models and human rights violations,” said Coraina.
Notably, the fear is that the inclusion of carbon removal strategies opens the door to risky geoengineering solutions that could harm both the climate and biodiversity. Silvia Ribeiro, Director of the ETC Group, called the decision “a triple blow against climate justice, nature, and communities,” highlighting concerns about the lack of accountability and the potential for dangerous geoengineering experiments to profit through carbon markets.
Tom Goldtooth, Executive Director of the Indigenous Environmental Network, expressed concerns for Indigenous communities, stating that carbon markets put Indigenous lives at risk and allow fossil fuel industries to continue unchecked.
“COP29 has bypassed democratic processes and pushed through carbon market methodologies without proper consultation. We oppose geoengineering technologies that fail to provide real emissions cuts,” said Tom.
Last week, the Convention on Biological Diversity (CBD) COP16 reinforced a call for a global moratorium on geoengineering. Linda Schneider, Senior Programme Officer at the Heinrich Böll Foundation, warned that COP29’s decision could undermine these protections, risking not only climate and biodiversity goals but utmostly the people.
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