Jakarta, December 3, 2024 – Global climate action needs to be consolidated and monitored from time to time to ensure that emission reduction targets and funding mobilization are achieved. Global forums such as the Conference of the Parties (COP) are one of the multilateral forums that can encourage the implementation of coherent global climate policies.
The result of COP29 Baku was considered disappointing by many parties in responding to the mitigation, adaptation, and climate funding mobilization agendas. COP29 failed to produce a progressive agreement for global climate action.
Syaharani, Head of the Environmental Governance and Climate Justice Division, Indonesia Center for Environmental Law (ICEL), revealed a number of notes from the global negotiation process that took place during COP29.
“The failure of COP29 to produce a substantive decision for the 1.5 degree target means the loss of momentum to encourage a just transition. The loss of a phrase that specifically mentions the transition from fossil fuels has made policy dynamics in Indonesia stagnant because there are no international incentives for efforts to transition from fossil fuels,” said Syaharani.
COP29 is said to focus heavily on the issue of climate funding mobilization, but of the funding demands submitted by developing countries and those vulnerable to climate risk of USD 1.3 trillion, only USD 300 billion have been met by developed countries.
Muhammad Aulia Anis, Program Officer for Just Transition at the Institute for Essential Services Reform (IESR), explained that this large gap in funding needs to take progressive measures to meet it, one potential sector is through carbon trading.
“The carbon market is projected to mobilize more than USD 1 trillion per year globally. However, an accountable and transparent carbon market design and mechanism is needed to ensure that this carbon market does not become a false solution to efforts to reduce emissions,” said Aulia.
Aulia also added that an incentive mechanism needs to be designed for emitters who are serious about making efforts to reduce emissions in addition to buying carbon offsets.
