Controversial carbon credits flood COP28, yet still no rules

illuminem summarizes for you the essential news of the day. Read the full piece on France24 or enjoy below:

🗞️ Driving the news: At COP28, the topic of carbon credits has garnered significant attention, but concerns remain over their effectiveness and regulation
• Despite their potential to offset greenhouse gas emissions, studies suggest many claims about emission reductions are overestimated or nonexistent

🔭 The context: Carbon credits, representing the reduction or removal of one tonne of CO2, are often linked to projects in developing countries
• However, environmental groups wary of greenwashing and insufficient regulation have urged the establishment of greater regulations in their use

🌍 Why it matters for the planet: The debate over carbon credits is crucial because these mechanisms are intended to support climate action, particularly in developing countries
• However, concerns about the real impact of carbon credits must be addressed for them to count in global emission reduction efforts and avoid greenwashing

⏭️ What's next: The focus at COP28 will likely involve discussions on creating a common regulatory framework for carbon credits
• This includes applying Article Six of the Paris Agreement and addressing the role of a future UN supervisory body in overseeing the global carbon market

💬 One quote: "We want to see real climate action... We want to see funding going into climate justice and the loss and damage fund." (a representative from the Indigenous Wisdom Keepers delegation at COP28)

📈 One stat: The World Bank plans to help 15 countries earn money from carbon credits for forest protection by 2028

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