At COP29 in Baku, Azerbaijan, global leaders made significant strides in climate action, agreeing on standards for an international carbon market under Article 6. These standards, developed after years of negotiations, aim to facilitate cost-effective, global emissions reduction by allowing countries to trade carbon credits. COP29 Lead Negotiator Yalchin Rafiyev described this development as a “game-changer” for channeling resources to developing countries, with the potential to save $250 billion annually. Additionally, COP29 launched a fund for “Loss and Damage,” set to distribute aid from 2025, and brought private sector leaders, philanthropies, and SMEs together in a new climate platform.

UN Climate Chief Simon Stiell emphasized the urgent need for inclusive climate investment, noting that climate change is causing inflationary pressures worldwide. He stressed that bolder climate action is essential to economic stability and growth. Nigar Arpadarai, the COP29 High-Level Champion, highlighted the conference’s focus on involving non-state actors, especially SMEs, in shaping the green transition. The initiatives at COP29 represent a collaborative effort to accelerate climate action, push for financial reforms, and deliver sustainable development benefits globally.

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