On 7th November 2024, GC Advisory hosted the PreCOP29 Insights: Navigating the Path to Climate Leadership in Baku webinar, bringing together industry leaders to discuss the key climate priorities ahead of COP29. The session explored climate action expectations for COP29, the role of carbon markets in driving climate finance, and the evolution of India’s domestic carbon market. The discussions emphasized the importance of innovative policy frameworks, transparency, and collaboration across sectors to accelerate climate progress.

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 Key Themes and Insights:

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• COP29 Expectations and the Global Stock-take.
  Experts emphasized the urgency for heightened climate ambition, addressing gaps in Paris Agreement targets. There was a call for action beyond renewable energy, including forestry, methane management, and industry. The Global Stock-take will be a crucial moment to assess and adjust strategies to achieve the 1.5°C goal.

• Unlocking Climate Finance through Carbon Markets.
  Carbon markets, particularly under Article 6, were recognized as vital for mobilizing climate finance. Experts highlighted the importance of voluntary carbon markets, carbon pricing, green bonds, and cap-and-trade systems to support developing countries. Clear, enforceable rules are needed to ensure market integrity.

• India’s Domestic Carbon Market and NetZero Ambitions.
  The discussion focused on India’s evolving carbon market and its integration with global markets for enhanced credibility. Experts stressed the need for short-term milestones and expanding the market to include sectors like forestry and agriculture.

 

Key Takeaways:

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• Loss and Damage Fund:
  Emphasis on raising ambition to meet Nationally Determined Contributions (NDCs) and establish sustainable funding mechanisms to address loss and damage, particularly for vulnerable communities.

• Carbon Market Transparency:
  The importance of evolving methodologies under Article 6.4 to ensure transparency and integrity in the carbon credit system was highlighted.

• Short-Term Goals for Long-Term Impact:
  The need for shortterm milestones to ensure progress toward longterm NDCs and netzero targets.

• Global Collaboration:
  Greater international cooperation is crucial to accelerate climate finance, reduce emissions, and implement effective solutions.

 

GC Advisory’s Perspective on COP29 Priorities

 

As COP29 approaches, GC Advisory is committed to driving meaningful climate action through the following strategic priorities:

• Inclusive Climate Finance through Carbon Markets.
  GC Advisory advocates for scaling voluntary carbon markets and ITMOs to unlock climate finance, especially for developing countries. These markets are crucial in mobilizing funds necessary for ambitious climate goals, particularly through mechanisms like carbon pricing and green bonds.

• Clear and Enforceable Compliance Standards.
  Robust, enforceable compliance standards for carbon markets are essential for maintaining transparency and accountability. These standards will ensure that countries can meet their climate objectives while preserving the integrity of international carbon markets. Clear rules and regulations will also help prevent market circumvention and enhance overall market trust.

• Expanding Domestic Carbon Markets 
  GC emphasizes the need to broaden domestic carbon markets to include not only renewable energy but also critical sectors like forestry, methane management, and agriculture. Expanding the scope of these markets will provide greater market stability and contribute to building resilience against the impacts of climate change.

• Fostering Cross-Sector Collaboration 
  A unified, cross-sectoral approach is vital for rapid decarbonization. GC advocates for improved collaboration between industries and nations to drive systemic climate solutions, ensuring that no sector is left behind in the transition to a sustainable future.

 

GC Advisory remains dedicated to supporting both domestic and international carbon markets as essential components of the global strategy to address climate change. The insights gained from this webinar reinforce the need for immediate, focused action as COP29 approaches.