COP29: Choosing Low-hanging Fruits Unfit for Purpose C. P. Chandrasekhar

In a surprise first-day declaration from the Azerbaijani Presidency of this year’s 29th Conference of Parties, a “deal” on the institution of carbon markets with clear rules with regard to ensuring assessment of claims and integrity of data relating to carbon emissions reduction, under the United Nations auspices, was announced. If implemented, this would help create credible carbon markets and allow carbon prices to ensure the realisation of the promises of decarbonisation implicit in the nationally determined contributions of different countries. But closer scrutiny suggests that neither is the deal an adequate and complete agreement nor is it likely to deliver on its objectives, making it perhaps a mere diversion from the really significant decisions that the summit must make, especially in areas like climate finance and fossil fuel use reduction.

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(This article was originally published in The Economic and Political Weekly on November 23, 2024)