Ambitious plans for the growth of global carbon markets

Reducing carbon emissions is an essential step towards reducing the impact of climate change and ensuring a sustainable future for future generations, and carbon markets help reduce greenhouse gas emissions and provide financing for green and sustainable growth.

World Bank promotes carbon markets

So that, the World Bank announced ambitious plans for the growth of global carbon markets with high integrity, as it was decided that 15 countries will generate income from the sale of carbon credits generated by preserving their forests, according to a statement published by the Emirates News Agency today.

By next year, these countries will have produced more than 24 million of these stocks, and the number could reach 126 million by 2028, and these stocks could generate up to $2.5 billion under the right market conditions, much of it returning to communities and countries.

Bill Gates and the needs of farmers

Bill Gates, co-chairman of the Bill & Melinda Gates Foundation, said that the world urgently needs to pump significant investments in order to develop innovative solutions that ensure that smallholder farmers in Sub-Saharan Africa and South Asia are provided with the necessary tools and resources, so that they can improve their agricultural practices. To secure food and adapt with great flexibility in facing the challenges of climate change, we must believe in the needs of farmers and consider them an integral part of the international climate agenda.

This came on the occasion of the partnership between the UAE and the Bill & Melinda Gates Foundation, which was announced today at COP28, with a value of 735 million dirhams to support food systems, agricultural innovation, and climate action.

Activating carbon markets

Rachel Petit-Douaiwa, the chief official for carbon markets at the Ministry of Environment, Sustainable Development and Environmental Transformation of Côte d'Ivoire, confirmed that her country wants to activate carbon markets to cooperate with other countries with the aim of achieving their nationally determined contributions.

“We want to reduce about 30% of carbon dioxide emissions by 2030,” she said in statements on the sidelines of participation in COP28. Regarding the activation of the Loss and Damage Fund, she indicated that it represents a big problem, especially for vulnerable countries that are exposed to climate impacts, and therefore it is good to hear that funds will be allocated to this item.

A partnership between the United Nations and the UAE “accelerators”.

The United Nations Framework Convention on Climate Change and the UAE Independent Accelerators for Climate Change, an independent body specialized in climate action, announced their new partnership to accelerate climate action initiatives in support of the goals of the Paris Climate Agreement.

The two parties will cooperate to develop and strengthen four areas of influence of fundamental importance, with the aim of accelerating progress towards achieving climate action goals, and controlling the average global temperature rise to approximately 1.5 degrees Celsius. The four areas of cooperation include financing climate action, building capacity in markets with a special focus on youth and women, carbon markets, and innovations and technology.

Avoiding global warming exceeding 1.5 degrees Celsius

Petri Urbo, Prime Minister of the Republic of Finland, confirmed that the establishment of a $30 billion fund for climate solutions worldwide is a positive and important step, noting that the Finland pavilion will highlight the importance of commitment to climate action during the conference in order to reach the goal of avoiding the global temperature increase exceeding 1.5 degrees Celsius, which is considered is of great importance to the world.

Measures to address environmental damage

Paraguayan President Santiago Peña expressed his hope that COP28 in Dubai will mark a turning point in actions to repair the damage caused by humans to the planet.

He added: These procedures must be strict and fair, calling on all parties concerned to simplify procedures and remove barriers that hinder reaching effective solutions to the climate challenge.