US to host summit on methane, non-CO2 gases at COP29 Aiming for progress on carbon tax

The United States has announced plans to hold a summit on methane and non-CO2 gases in collaboration with Azerbaijan and China during the upcoming COP29 climate conference in Baku.

John Podesta, Senior Advisor to the US President for International Climate Policy, shared this information at a briefing for Azerbaijani journalists, Caliber.Az reports per local media.

Podesta emphasized the importance of addressing non-carbon gases, which contribute significantly to global warming yet often receive less attention.

“These gases account for half of global warming, and we aim to encourage countries to make new commitments to reduce emissions of methane, nitrous oxide, hydrofluorocarbons, and other greenhouse gases,” he stated.

In addition to the summit, Podesta highlighted the desire to finalize discussions surrounding Article 6 of the Paris Agreement. This article focuses on the functioning of carbon markets and ensuring proper accounting between countries.

Podesta noted progress made in the current round of meetings, emphasizing that one of the key outcomes of COP29 will be establishing a new collective financial goal, building on the previous commitment of $100 billion per year made during the Paris Agreement in 2015.

Moreover, Podesta expressed confidence that significant advancements could be made regarding carbon tax policies at COP29. He explained that one of the main outcomes of COP28 was the agreement that all countries should commit to reducing greenhouse gas emissions at the economic level, with an aim for global zero emissions by mid-century. Different countries have varying timelines for achieving these goals—while the US and much of Europe target 2050, China aims for 2060.

“The discussions on Article 6 are crucial, as they facilitate carbon trading and promote robust private sector carbon markets. These markets are essential for financing emissions reductions and investments in resilience and conservation,” Podesta added. He underscored that progress on these issues is vital for attracting investment in developing countries and supporting the transition to renewable energy.

By Vafa Guliyeva