UN: COP29 sees swift progress on Paris Agreement's article 6

The United Nations (UN) has reported significant progress on the first day of COP29 in Baku, where discussions on Article 6 of the Paris Agreement took a major step forward.

Youssef Nassef, Director of the Adaptation Programme at the United Nations Framework Convention on Climate Change (UNFCCC) highlighted the importance of this milestone, noting that this is only the second instance in the history of climate negotiations where such prompt progress has been achieved, Caliber.Az reports per local media.

“Article 6 of the Paris Agreement is an extremely complex set of provisions,” Nassef stated. It aims to optimise climate action by directing resources where they are most effective, but requires robust rules to ensure environmental integrity. Methodological groundwork has taken considerable time, with most rules agreed at COP24 in Katowice in 2019, but Article 6 proved particularly intricate.

Nassef emphasised that despite the success in Baku, significant work remains, particularly on Article 6.8 concerning non-market approaches. He explained that each step towards consensus enhances carbon market effectiveness, facilitating quicker allocation of funds to essential areas.

Addressing financial challenges, Nassef underscored that current funding falls short of the $100 billion annual target for supporting developing nations. Projections by the UN Environment Programme indicate that adaptation costs could reach $300 billion annually by 2030.

“Adaptation projects, unlike energy ventures, often lack profit potential,” Nassef explained, citing examples such as sea defences and agricultural adjustments. He called for greater international cooperation, stressing that “solidarity is key, as climate change affects everyone.”

COP29 aims to advance climate finance through the New Collective Quantified Goal (NCQG), enhancing fund accessibility and redefining funding approaches to meet today’s challenges.

By Aghakazim Guliyev