(Source: Dong Xiucheng talks about energy 2024-11-15)

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Opening meeting of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29)

1. The essence of establishing a global carbon market mechanism

The core of Article 6, paragraph 4, of the Paris Agreement is to establish a global carbon market mechanism (hereinafter referred to as the “Article 6 mechanism”)

That is, the emission reductions (carbon credits) obtained by a country through the implementation w88 slotof emission reduction projects

The cost of emission reduction will be reduced through the following ways:

Encourage companies or project developers to carry out emission reduction projects in countries or regions with lower costs

Funds and technology can flow more efficiently to areas and projects with lower emission reduction costs

It has helped developing countries obtain the financial and technical support needed to achieve green and low-carbon transformation

Not only helps strengthen cooperation and exchanges between countries in the field of addressing climate change

Promote global energy technology innovation: Market competition will drive companies to continuously seek more economical

6． Enhance market liquidity: The establishment of a global carbon market will enhance market liquidity for emission reduction projects

II. The importance of establishing a global carbon market mechanism

It has the following profound significance for promoting global carbon emission reduction:

An effective way to achieve global emission reduction goals: through international cooperation on emission reduction projects and carbon credit trading

Promote global green and low-carbon development: The establishment of the global carbon market will effectively promote green and low-carbon development worldwide

Enhancing climate change response capabilities: The establishment of a global carbon market can not only promote countries to achieve emission reduction goals

The establishment of the global carbon market mechanism has a significant impact on China's achievement of dual carbon goals

The establishment of the global carbon market mechanism will undoubtedly w88 mobilebring huge development opportunities

1. Promote China’s green and low-carbon transformation

The establishment and implementation of the global carbon market mechanism has provided China with more flexible emission reduction means and more international cooperation opportunities

2. Expand China’s international cooperation space

The global carbon market mechanism can provide new cooperation opportunities and platforms for China and other countries and regions

3. Contribute to the rapid development of China’s clean energy industry.

This means that the clean energy industry will usher in unprecedented development opportunities - wind energy

4. Contribute to the healthy development of China’s energy conservation and emission reduction industry

Energy-saving renovation service providers and upstream and downstream enterprises in related industrial chains such as Carbon Capture Utilization and Storage (CCUS) will usher in broader market prospects and development opportunities

Contributes to the rapid rise of China’s carbon asset management and service industry

Enterprises and professional institutions will pay more attention to carbon asset management including carbon footprint accounting and disclosure

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