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Switzerland celebrated new carbon offset rules established at COP29 in Baku, which aim to restore trust in carbon markets amid concerns over greenwashing. The country, heavily reliant on offsets, is now positioned to define its agreements under Article 6.4, crucial for meeting its climate goals. However, critics warn of potential transparency issues and the risk of double counting in the offsetting process.
The 29th United Nations Climate Conference (COP29) has commenced in Baku, Azerbaijan, with Switzerland and Canada leading the way in proposing criteria for expanding the donor base for climate financing in developing countries. Swiss chief negotiator Felix Wertli emphasized the responsibility of both industrialized nations and high-emission developing countries, particularly China, to contribute to climate efforts. Switzerland's proposal includes two models for identifying potential donor countries based on CO2 emissions and gross national income.
Switzerland is set to advocate for a new collective financial target for global climate protection at COP29 in Azerbaijan, aiming to increase donor participation, particularly from wealthy nations and major emitters like China and Saudi Arabia. The Swiss Federal Office for the Environment emphasizes that all countries should contribute according to their means, with a goal of mobilizing $1 trillion annually for climate initiatives in the Global South. The conference will also address the implementation of a global market mechanism for climate projects and the establishment of new climate targets for 2035.
Switzerland is advocating for major CO2 emitters among developing nations, like China and Russia, to contribute financially to climate projects for poorer countries at COP29. This proposal aims to broaden the donor pool, recognizing that responsibility for climate action should not rest solely on traditional donor countries. The initiative faces skepticism regarding its potential effectiveness and the transparency of contributions from emerging economies.
Felix Wertli
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ew carbon offset rules boost switzerland's strategy amid global climate challenges
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