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illuminem summarizes for you the essential news of the day. Read the full piece on Mongabay or enjoy below:
🗞️ Driving the news: COP29 negotiators in Baku, Azerbaijan, have adopted Article 6 of the Paris Agreement, paving the way for carbon trading markets
• Proponents, including the World Bank, call it a “game-changer” for mobilizing climate finance, but youth climate advocates strongly oppose it, calling carbon markets ineffective and unjust
• Critics argue the system shifts the burden of mitigation onto vulnerable Global South communities while allowing wealthy nations to continue polluting
🔭 The context: Carbon markets enable countries and companies to trade carbon credits, ostensibly to offset emissions and finance mitigation projects
• However, activists argue these markets often exclude local communities from decisions and benefits, channeling profits to corporations instead
• With a focus on implementing Article 6, COP29 has prioritized carbon finance mechanisms despite the contentious debate
🌍 Why it matters for the planet: While carbon markets promise to direct resources to climate projects, they risk perpetuating inequities if poorly managed
• Activists argue these mechanisms undermine the principles of climate justice by prioritizing profit over genuine emission reductions and equitable development
⏭️ What's next: The adoption of Article 6 will formalize global carbon trading, with expected implementation challenges and continued opposition from civil society
• Advocates for climate justice are likely to push for stronger accountability and greater inclusion of marginalized communities in decision-making processes
💬 One quote: “The Global North is shifting the responsibility of climate mitigation onto the most affected communities in the Global South,” - Carolina Mutari, youth activist from Kenya
📈 One stat: Carbon credits can cost $3–$10 per metric ton in Africa but sell for $100–$200 in Europe, highlighting disparities in carbon finance systems
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