Amid the protests and contentious negotiations of COP29’s first week, there were also moments of progress. Two significant breakthroughs—on international carbon markets and methane emissions—offered a glimmer of hope for the conference’s broader goals.
The adoption of new rules for international carbon markets under Article 6 of the Paris Agreement was hailed as a major achievement.
These rules create a framework for countries to trade carbon credits, allowing them to meet their emissions targets more cost-effectively. COP29 President Mukhtar Babayev called the agreement “a landmark moment for multilateral climate action.”
The carbon market framework is expected to unlock billions of dollars in climate finance, particularly for developing nations. Experts estimate that the market could generate $100 billion annually by 2030.
However, critics warned that the rushed adoption of these rules could compromise their integrity. Concerns about double-counting emissions reductions and “greenwashing” remain unresolved.
“This is the breakthrough we’ve waited for,” said Babayev. “A catalyst for real climate action.” Yet some negotiators were less optimistic. “The process felt rushed,” Dr Lambert Schneider, one of the co-authors and a senior researcher at the Öeko-Institut admitted, adding that more time was needed to ensure the robustness of the market’s rules.
Another highlight of the week was the Methane and Non-CO2 Greenhouse Gases Summit. Methane, responsible for 25% of global warming, was a central focus. Over 50 nations pledged to cut methane emissions by 30% by 2030. The summit also brought together industry leaders who committed to investing in low-emission technologies for agriculture and energy.
The involvement of non-state actors added momentum to these efforts. Companies like Microsoft and Tesla announced new initiatives to integrate sustainable practices, signaling growing private-sector engagement in climate action.
Despite these achievements, challenges remain. Critics noted that the new carbon market rules could benefit wealthier nations disproportionately, potentially sidelining the needs of vulnerable communities.
Methane reduction pledges, while significant, require robust enforcement mechanisms to ensure compliance.
In his opening remarks, United Nations Secretary-General António Guterres explained the urgency of the situation, stating, “The clean energy revolution is here.”
He stressed the need for immediate action to mitigate the effects of climate change.
The United States, represented by Special Presidential Envoy for Climate John Kerry, explained the country’s commitment to methane reduction. Kerry noted that the U.S. is “leading by example” and called on other nations to “raise their ambitions” in tackling methane emissions.
China’s climate envoy, Liu Zhenmin, stressed the importance of international cooperation, urging the U.S. to engage in “constructive dialogue” to address climate change.
He emphasized that collaborative efforts are essential for effective methane reduction.
Aliyevo observed the country’s efforts in reducing methane emissions, stating that Azerbaijan is “pushing hard for a green transition away from fossil fuels.”
He acknowledged the challenges but reaffirmed the nation’s commitment to environmental sustainability.
The summit also featured discussions on technological innovations and policy measures aimed at methane reduction. Experts highlighted the role of carbon capture technologies and the need for robust regulations to ensure compliance.
As COP29 moved into its second week, the breakthroughs of the first week provided a foundation for further progress. However, the lingering divisions and unresolved issues remained the complexity of addressing the global climate crisis. Still, the successes of week one offered a glimmer of hope in an otherwise contentious conference.
