The Paris Climate Finance Summit Last June 22-23. Something About Carbon? Yes.

Here some new info that you probably did not read yet, after two days of talks in Paris overhauling the global financial system to tackle climate change, with 40+ world leaders discussing how to increase support from rich countries to poor countries facing crises. Click here to learn more about the Summit (4 slides).

And we quote parts of eight-page summary, after conclusion of these international climate negotiations.

“Call to Action for Paris-aligned Carbon Markets” and carbon pricing: “… based on transparent standards and mechanisms … significant role in curbing GHG emissions and generating additional revenues for the climate transition and the preservation of carbon sinks. Yet, only 39 national jurisdictions have implemented carbon-pricing initiatives, and less than 4% of global emissions are currently covered by a direct carbon price … Enhancing the potential of such instruments … compliance and voluntary carbon markets at domestic and international levels and ensuring their integrity through widely accepted standards.”

“France and the UK have initiated a process to steer a global roadmap on bio credits (biodiversity positive carbon credits and biodiversity certificates)”.

You can read the summary here.

And there were some other practical annoucements as well, of particular interest for smaller countries:

$100 billion in special drawing rights (SDRs), a reserve currency, to be made available to climate-vulnerable countries by The International Monetary Fund
Debt repayments to be suspended by the World Bank for developing nations hit by climate disasters
$6.3 billion of its debt restructuring for Zambia
$2.5 billion clean energy agreement with Senegal

But nothing yet about fullfiling the promise of developed countries to spend $100 billion each year on projects in developing countries to cut emissions and help adapt to a warming planet. The French President Emmanuel Macron also mentioned a kind of worldwide tax – “money needed to address global problem” – that could be imposed on shipping, aviation or even financial transactions. “A new consensus for people and planet” he indicated.

Maybe more phrases of engagement than actions. But leaders assembled, and listenting to each other, that is positive, constructive. Towards a “New Global Financing Pact”, with key roles for other global leaders, a broader roadmap was also released: Africa Climate Summit, G20 Summit in India, COP 28 in Dubai, G20 Summit in Brazil and several other World Bank and the IMF events.

Click at the image below to have this roadmap.

Be prepared.

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#carboncreditmarkets