COP29: Carbon markets must be fixed, but they are not a quick fix for the climate crisis

The world is dangerously close to the 1.5°C temperature rise limit set by the Paris Agreement, and the UN warns that unless course is reversed, the world is on track for a catastrophic warming of 3.1°C by the end of the century. , humanity is spewing more planet-warming gases than ever before. These alarming signals make it abundantly clear that we need to massively reduce our collective carbon footprint, but most of the world's governments are fighting back.

At the previous climate conference, COP28, governments made a historic pledge to transition away from fossil fuels, but failed to translate this into additional action or ambition. In addition, they also failed to meet the voluntary carbon market commitments they announced in Dubai.

With another oil nation, Azerbaijan, deepening its commitment and investment in fossil fuels at the forefront of COP29, and other countries either increasing their emissions or not reducing them fast enough, the prospects for COP29 appear bleak. But it is imperative that governments take their collective responsibility and halt our spiraling descent into climate disaster. (More on carbonmarketwatch.org)