COP29 climate summit: Global carbon market poised for imminent realization

An intergovernmental group of countries called the High Ambition Coalition (HAC) put out a statement. The formation of the HAC preceded the negotiations for the Paris Agreement.

“We have little time,” it says. “In too many countries, the costs of climate change are already overtaking investments in its prevention and response.”

The statement says that action on climate change needs “trillions” of dollars in funding. It also says that developed countries must continue to lead and keep their funding promises. It also includes cutting down on emissions, speeding up the move away from fossil fuels, and progressing in attempts to adapt.

A lot of important people in Europe have signed the statement, including Ursula Von Der Leyen, President of the European Commission; Emmanuel Macron; Pedro Sánchez, Prime Minister of Spain; Mette Frederiksen, Prime Minister of Denmark; Olaf Scholz; and Robert Golob, Prime Minister of Slovenia.

The HAC says “the climate crisis has a disproportionate impact on women and girls, and they must be at the heart of solutions—from the COP process to the grassroots.” Only eight of the 78 world leaders who are going to COP29 are women.

“Human rights are in the crosshairs of this crisis, and we must ensure that we uphold those rights and ensure that the voices of all, including environmental and human rights defenders, women, indigenous peoples, and children and youth, are heard and respected.”

“There is hope to be found,” it says, but it adds, “The outcomes of COP29—and every COP hereafter—must be judged by how we work together to advance these goals.”