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UNCTAD urges stronger action to help least developed nations tap into carbon markets
The United Nations Trade and Development (UNCTAD) urged during the 29th United Nations Climate Change Conference (COP29) stronger action to help least developed nations tap into carbon markets for sustainable and resilient growth.
At their core, carbon markets are trading systems designed to reduce greenhouse gas emissions by putting a price on carbon.
They create financial incentives for businesses and countries to invest in cleaner technologies, offsetting emissions through projects like renewable energy development, reforestation or methane capture from landfills.
Such markets hold significant potential to address a paradox facing the world’s 45 least developed countries (LDCs), said Secretary-General Rebeca Grynspan during an event hosted by UNCTAD at the COP29 climate change conference in Baku, Azerbaijan.
Although they contribute less than 4% global emissions, LDCs are among the hardest hit by climate change. Seventeen of the world’s 20 most climate-vulnerable and least climate-prepared nations are LDCs, which have borne 69% of global climate-related deaths since the 1970s.
For these vulnerable economies, carbon markets can potentially provide much needed supplementary financial support, but capturing significant revenue remains challenging.
Drawing on UNCTAD’s latest Least Developed Countries Report, Grynspan underscored the importance of creating more inclusive and effective carbon markets to foster economic growth and climate action.
With necessary reforms and development partner support, carbon markets could play a bigger role in global climate finance systems, aligned with the new collective quantifiable goal expected at COP29.
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