US EditionCOP30: EU backs global carbon market alliance to cut CO2 emissions
The alliance urges nations to adopt carbon pricing and markets to raise funds for clean technologies, with 55 jurisdictions covering 28% of global emissions, World Bank data shows.
- On Friday, the European Union and Brazil launched an appeal for carbon pricing at COP30, with Ursula von der Leyen confirming support and endorsement by France, Germany, the UK, China and Brazil.
- Launching the coalition aims to raise funds from carbon pollution and invest them in clean technologies to support national climate plans and the Paris Agreement adopted 10 years ago, with developing countries needing $1 trillion annually by 2030.
- World Bank data show around 55 national jurisdictions use carbon pricing, covering around 28% of global GHG emissions and half of power and industrial-sector emissions.
- Axel van Trotsenburg, World Bank Senior Managing Director, hailed carbon credit markets as a way to mobilise capital, while Ursula von der Leyen, European Commission President, said pricing is central to emissions cuts.
- At the COP30 opening around 130 of 194 signatory countries had no new emission pledges, and a U.N. report finds current cuts would only reduce emissions 10 percent by 2035.
13 Articles
13 Articles
Hawaii Tribune-Herald
West Hawaii TodayThere’s already a deal to beat dirty fossil fuels
A United Nations climate summit has once again failed to strengthen a pledge made two years ago to transition “away from fossil fuels.” Instead these dirty drivers of the climate crisis went completely unacknowledged last weekend’s COP30 agreement. It’s disappointing, certainly, but a more ambitious outcome wouldn’t have been much better.
There are several reasons why the price of carbon quotas has been slowly rising in Europe since the spring and has now reached 80 euros per ton of carbon, and this is not a seasonal increase, but the price will likely continue to rise, said energy market participants who spoke to ERR.
At COP30, a large international coalition has emerged to establish a global carbon price and accelerate the process of decarbonizing the global economy. The agreement, backed by governments, financial agencies and large corporations, seeks to create a common framework that encourages emission reduction and channel investments towards clean energy. The price of carbon is considered one of the most effective tools to combat climate change, as it f…
COP30: EU backs global carbon market alliance to cut CO2 emissions
The European Union and Brazil urged other countries to embrace mechanisms that put a price on carbon and develop carbon markets to finance global climate action. Critics argue the decision could undermine domestic climate ambition and jeopardise financing for restoring natural carbon sinks.
The U.N. has been holding climate conferences for 30 years. Carbon emissions continue to climb.
United Nations' climate change conferences are exercises in futility. That is becoming ever clearer as the 30th conference of the parties (COP30) to the United Nations Framework Convention on Climate Change (UNFCCC) opens in Belém, Brazil. The chief goal of the UNFCCC is to achieve the "stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system." Sin…
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