· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:
🗞️ Driving the news: COP28 highlighted the urgent need for substantial financial resources to address climate change, particularly in the Global South
• The Loss and Damage Fund was established on the very first day of the conference, hailed as a milestone in climate finance
• However, the conference failed to operationalize Article 6 of the Paris Agreement, which is critical for establishing a framework for carbon credit trading
🔭 The context: Implementing Article 6 is essential for reducing the cost of climate action and facilitating international carbon trading
• Disagreements over control measures and methodologies for carbon removals led to a lack of consensus
🌍 Why it matters for the planet: The inability to agree on a global carbon pricing mechanism at COP28 represents a missed opportunity to mobilize significant funding for green energy transitions and nature preservation
• This gap hinders efforts to decarbonize economies and combat climate change effectively
⏭️ What's next: Discussions at COP28 also included exploring targeted international taxes for green investment and the potential of the Carbon Border Adjustment Mechanism (CBAM) to motivate stronger climate action
💬 One quote: "We need to send into our capitalist world a significant price signal … that facilitates the move we need towards clean energy." (Sheldon Whitehouse, U.S. Senator)
📈 One stat: The International Emissions Trading Association estimates that Article 6 could halve the total cost of implementing nationally determined contributions to $250 billion by 2030
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