All articles tagged with #carbon trading
The COP29 climate talks resulted in a US$300 billion climate finance deal aimed at supporting developing countries in their climate efforts, but fell short in establishing a comprehensive global carbon trading system. The conference highlighted the ongoing challenges in reaching consensus on key climate issues, despite some progress in financial commitments.
At the COP29 climate summit, a global carbon trading deal was agreed upon, allowing for UN-governed markets to trade carbon emissions credits. This development aims to help developing countries adapt to climate change and assist major polluters in reducing emissions. Despite this progress, concerns arise as US President-elect Donald Trump threatens to reverse climate policies, potentially withdrawing from the Paris Agreement. However, US climate adviser John Podesta remains hopeful that existing green energy subsidies will persist, even under Trump's administration.
Wall Street and City of London banks, including Goldman Sachs, Citigroup, JPMorgan Chase, and Barclays, are positioning themselves to profit from the carbon offset market, which is gaining momentum after the COP28 climate summit. These banks are looking to finance carbon sequestration projects, trade credits, advise corporate clients on buying offsets, and support local projects in emerging markets that lack financial resources.