On the first day, the conference presidency endorsed two key standards for the United Nations-led carbon markets, bypassing debate by countries. While further stalling of the setting up of a carbon market was averted, nothing about its operation or implementation has been discussed. The European Union, for instance, argues for standardised reporting formats to ensure transparency but developing countries are concerned about the administrative burdens this would impose. In fact, it has a rather sedate presence this year: the prime minister and the environment minister are staying away from the summit. Unless the second week sees dramatic developments on any of these fronts, ‘Earth’s last chance’ would have effectively been squandered away.

Source: The Telegraph November 17, 2024 09:57 UTC