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EMISSIONS: Nations Ink Deal on NCQG, Carbon Trading

EMISSIONS
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Climate negotiators reached a deal on the New Collective Quantified Goal on Climate Finance (NCQG) to triple climate finance to developing countries to $300bn/yr by 2035, compared with the previous goal of $100bn/yr, the UN said. 

  • COP29 also reached agreements on carbon markets trading under Article 6.
  • 2We have unlocked one of the most complex and technical challenges in climate diplomacy,” COP29 lead negotiator Yalchin Rafiyev said.
  • “Article 6 is hard to understand, but its impacts will be clear in our everyday lives. It means coal plants decommissioned, wind farms built and forests planted. It means a new wave of investment in the developing world”, Rafiyev added.
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Climate negotiators reached a deal on the New Collective Quantified Goal on Climate Finance (NCQG) to triple climate finance to developing countries to $300bn/yr by 2035, compared with the previous goal of $100bn/yr, the UN said. 

  • COP29 also reached agreements on carbon markets trading under Article 6.
  • 2We have unlocked one of the most complex and technical challenges in climate diplomacy,” COP29 lead negotiator Yalchin Rafiyev said.
  • “Article 6 is hard to understand, but its impacts will be clear in our everyday lives. It means coal plants decommissioned, wind farms built and forests planted. It means a new wave of investment in the developing world”, Rafiyev added.