CINXE.COM

<!doctype html> <html class="no-js" lang="en-US"> <head> <meta charset="UTF-8"> <meta http-equiv="x-ua-compatible" content="ie=edge"> <meta name="viewport" content="width=device-width, initial-scale=1"> <script>(function(html){html.className = html.className.replace(/\bno-js\b/,'js')})(document.documentElement);</script> <meta name='robots' content='index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1' />  <title>COP29 Takes a Step Towards UN-Backed Global Carbon Market</title> <meta name="description" content="Countries at COP29 began the critical climate summit with a vital step that might finally pave the way for a global carbon market" /> <link rel="canonical" href="https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market" /> <meta property="og:locale" content="en_US" /> <meta property="og:type" content="article" /> <meta property="og:title" content="COP29 Takes a Step Towards UN-Backed Global Carbon Market" /> <meta property="og:description" content="Countries at COP29 began the critical climate summit with a vital step that might finally pave the way for a global carbon market" /> <meta property="og:url" content="https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market" /> <meta property="og:site_name" content="Asia Financial" /> <meta property="article:publisher" content="https://www.facebook.com/asiafinancialnewsgroup" /> <meta property="article:published_time" content="2024-11-12T14:17:37+00:00" /> <meta property="article:modified_time" content="2024-11-15T08:48:56+00:00" /> <meta property="og:image" content="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-12.jpg" /> <meta property="og:image:width" content="710" /> <meta property="og:image:height" content="473" /> <meta property="og:image:type" content="image/jpeg" /> <meta name="author" content="Vishakha Saxena" /> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:creator" content="@Asia_Financial" /> <meta name="twitter:site" content="@Asia_Financial" /> <meta name="twitter:label1" content="Written by" /> <meta name="twitter:data1" content="Vishakha Saxena" /> <meta name="twitter:label2" content="Est. reading time" /> <meta name="twitter:data2" content="6 minutes" /> <script type="application/ld+json" class="yoast-schema-graph">{"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://www.asiafinancial.com/#organization","name":"Asia Financial","url":"https://www.asiafinancial.com/","sameAs":["https://www.instagram.com/asiafinancial/","https://www.facebook.com/asiafinancialnewsgroup","https://twitter.com/Asia_Financial"],"logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https://www.asiafinancial.com/#/schema/logo/image/","url":"https://www.asiafinancial.com/wp-content/uploads/2021/05/AF-News-General-large.png","contentUrl":"https://www.asiafinancial.com/wp-content/uploads/2021/05/AF-News-General-large.png","width":1024,"height":1024,"caption":"Asia Financial"},"image":{"@id":"https://www.asiafinancial.com/#/schema/logo/image/"}},{"@type":"WebSite","@id":"https://www.asiafinancial.com/#website","url":"https://www.asiafinancial.com/","name":"Asia Financial","description":"Latest Financial News Today, China Stock Market News LIVE","publisher":{"@id":"https://www.asiafinancial.com/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://www.asiafinancial.com/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market#primaryimage","url":"https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-12.jpg","contentUrl":"https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-12.jpg","width":710,"height":473,"caption":"A worker walks along a fence near the stadium where the COP29 UN Climate Change Conference is being held in Baku, Azerbaijan. Photo: Reuters."},{"@type":"WebPage","@id":"https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market","url":"https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market","name":"COP29 Takes a Step Towards UN-Backed Global Carbon Market","isPartOf":{"@id":"https://www.asiafinancial.com/#website"},"primaryImageOfPage":{"@id":"https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market#primaryimage"},"image":{"@id":"https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market#primaryimage"},"thumbnailUrl":"https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-12.jpg","datePublished":"2024-11-12T14:17:37+00:00","dateModified":"2024-11-15T08:48:56+00:00","description":"Countries at COP29 began the critical climate summit with a vital step that might finally pave the way for a global carbon market","breadcrumb":{"@id":"https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market"]}]},{"@type":"BreadcrumbList","@id":"https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://www.asiafinancial.com/"},{"@type":"ListItem","position":2,"name":"COP29 Takes a Step Towards UN-Backed Global Carbon Market"}]}]}</script>  <link rel='dns-prefetch' href='//www.asiafinancial.com' /> <link rel='dns-prefetch' href='//s.w.org' /> <script type="text/javascript"> window._wpemojiSettings = {"baseUrl":"https:\/\/s.w.org\/images\/core\/emoji\/13.1.0\/72x72\/","ext":".png","svgUrl":"https:\/\/s.w.org\/images\/core\/emoji\/13.1.0\/svg\/","svgExt":".svg","source":{"concatemoji":"https:\/\/www.asiafinancial.com\/wp-includes\/js\/wp-emoji-release.min.js?ver=5.8.10"}}; !function(e,a,t){var n,r,o,i=a.createElement("canvas"),p=i.getContext&&i.getContext("2d");function s(e,t){var a=String.fromCharCode;p.clearRect(0,0,i.width,i.height),p.fillText(a.apply(this,e),0,0);e=i.toDataURL();return p.clearRect(0,0,i.width,i.height),p.fillText(a.apply(this,t),0,0),e===i.toDataURL()}function c(e){var t=a.createElement("script");t.src=e,t.defer=t.type="text/javascript",a.getElementsByTagName("head")[0].appendChild(t)}for(o=Array("flag","emoji"),t.supports={everything:!0,everythingExceptFlag:!0},r=0;r<o.length;r++)t.supports[o[r]]=function(e){if(!p||!p.fillText)return!1;switch(p.textBaseline="top",p.font="600 32px Arial",e){case"flag":return s([127987,65039,8205,9895,65039],[127987,65039,8203,9895,65039])?!1:!s([55356,56826,55356,56819],[55356,56826,8203,55356,56819])&&!s([55356,57332,56128,56423,56128,56418,56128,56421,56128,56430,56128,56423,56128,56447],[55356,57332,8203,56128,56423,8203,56128,56418,8203,56128,56421,8203,56128,56430,8203,56128,56423,8203,56128,56447]);case"emoji":return!s([10084,65039,8205,55357,56613],[10084,65039,8203,55357,56613])}return!1}(o[r]),t.supports.everything=t.supports.everything&&t.supports[o[r]],"flag"!==o[r]&&(t.supports.everythingExceptFlag=t.supports.everythingExceptFlag&&t.supports[o[r]]);t.supports.everythingExceptFlag=t.supports.everythingExceptFlag&&!t.supports.flag,t.DOMReady=!1,t.readyCallback=function(){t.DOMReady=!0},t.supports.everything||(n=function(){t.readyCallback()},a.addEventListener?(a.addEventListener("DOMContentLoaded",n,!1),e.addEventListener("load",n,!1)):(e.attachEvent("onload",n),a.attachEvent("onreadystatechange",function(){"complete"===a.readyState&&t.readyCallback()})),(n=t.source||{}).concatemoji?c(n.concatemoji):n.wpemoji&&n.twemoji&&(c(n.twemoji),c(n.wpemoji)))}(window,document,window._wpemojiSettings); </script> <style type="text/css"> img.wp-smiley, img.emoji { display: inline !important; border: none !important; box-shadow: none !important; height: 1em !important; width: 1em !important; margin: 0 .07em !important; vertical-align: -0.1em !important; background: none !important; padding: 0 !important; } </style> <link rel='stylesheet' id='wp-block-library-css' href='https://www.asiafinancial.com/wp-includes/css/dist/block-library/style.min.css?ver=5.8.10' type='text/css' media='all' /> <style id='co-authors-plus-coauthors-style-inline-css' type='text/css'> .wp-block-co-authors-plus-coauthors.is-layout-flow [class*=wp-block-co-authors-plus]{display:inline} </style> <style id='co-authors-plus-avatar-style-inline-css' type='text/css'> .wp-block-co-authors-plus-avatar :where(img){height:auto;max-width:100%;vertical-align:bottom}.wp-block-co-authors-plus-coauthors.is-layout-flow .wp-block-co-authors-plus-avatar :where(img){vertical-align:middle}.wp-block-co-authors-plus-avatar:is(.alignleft,.alignright){display:table}.wp-block-co-authors-plus-avatar.aligncenter{display:table;margin-inline:auto} </style> <style id='co-authors-plus-image-style-inline-css' type='text/css'> .wp-block-co-authors-plus-image{margin-bottom:0}.wp-block-co-authors-plus-image :where(img){height:auto;max-width:100%;vertical-align:bottom}.wp-block-co-authors-plus-coauthors.is-layout-flow .wp-block-co-authors-plus-image :where(img){vertical-align:middle}.wp-block-co-authors-plus-image:is(.alignfull,.alignwide) :where(img){width:100%}.wp-block-co-authors-plus-image:is(.alignleft,.alignright){display:table}.wp-block-co-authors-plus-image.aligncenter{display:table;margin-inline:auto} </style> <link rel='stylesheet' id='mpp_gutenberg-css' href='https://www.asiafinancial.com/wp-content/plugins/metronet-profile-picture/dist/blocks.style.build.css?ver=2.6.3' type='text/css' media='all' /> <script type='text/javascript' src='https://www.asiafinancial.com/wp-includes/js/jquery/jquery.min.js?ver=3.6.0' id='jquery-core-js'></script> <script type='text/javascript' src='https://www.asiafinancial.com/wp-includes/js/jquery/jquery-migrate.min.js?ver=3.3.2' id='jquery-migrate-js'></script> <link rel="https://api.w.org/" href="https://www.asiafinancial.com/wp-json/" /><link rel="alternate" type="application/json" href="https://www.asiafinancial.com/wp-json/wp/v2/posts/103300" /><link rel="EditURI" type="application/rsd+xml" title="RSD" href="https://www.asiafinancial.com/xmlrpc.php?rsd" /> <link rel="wlwmanifest" type="application/wlwmanifest+xml" href="https://www.asiafinancial.com/wp-includes/wlwmanifest.xml" /> <meta name="generator" content="WordPress 5.8.10" /> <link rel='shortlink' href='https://www.asiafinancial.com/?p=103300' /> <link rel="alternate" type="application/json+oembed" href="https://www.asiafinancial.com/wp-json/oembed/1.0/embed?url=https%3A%2F%2Fwww.asiafinancial.com%2Fcop29-takes-a-step-towards-un-backed-global-carbon-market" /> <link rel="alternate" type="text/xml+oembed" href="https://www.asiafinancial.com/wp-json/oembed/1.0/embed?url=https%3A%2F%2Fwww.asiafinancial.com%2Fcop29-takes-a-step-towards-un-backed-global-carbon-market&format=xml" /> <link rel="pingback" href="https://www.asiafinancial.com/xmlrpc.php">  <script type='text/javascript'> !function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n; n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window, document,'script','https://connect.facebook.net/en_US/fbevents.js?v=next'); </script>  <script type='text/javascript'> var url = window.location.origin + '?ob=open-bridge'; fbq('set', 'openbridge', '918988045566644', url); </script> <script type='text/javascript'>fbq('init', '918988045566644', {}, { "agent": "wordpress-5.8.10-3.0.16" })</script><script type='text/javascript'> fbq('track', 'PageView', []); </script>  <noscript> <img height="1" width="1" style="display:none" alt="fbpx" src="https://www.facebook.com/tr?id=918988045566644&ev=PageView&noscript=1" /> </noscript>  <style type="text/css">.recentcomments a{display:inline !important;padding:0 !important;margin:0 !important;}</style> <style type="text/css" id="wp-custom-css"> .simple-text { margin: 10px 0 15px 0; } .author-content{ width: 100% !important; } .post-excerpt h4 { font-size: 16px; font-style: italic; color: grey; line-height: 23px; } .tt-post { border: 0px solid #489bd4 !important; -webkit-box-shadow: 0 0px 0 0 #eaeaea !important; -moz-box-shadow: 0 0px 0 0 #eaeaea !important; box-shadow: 0 0px 0 0 #eaeaea !important; } @media only screen and (min-width: 769px) { .relatedsingle{ height: 396px; } .h1, .h2, .h3, h1, h2, h3, .tt-title-text{ margin-top: 0px !important; margin-bottom: 0px !important; } } #fkgUBk { display: none; } </style> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:description" content="On Monday, delegates gathered in Baku, Azerbaijan gave a green-light to carbon credit quality standards — guardrails for how international carbon crediting projects will work" /> <meta name="twitter:title" content="COP29 Takes a Step Towards UN-Backed Global Carbon Market" /> <meta name="twitter:site" content="@ATFinancial_" /> <meta name="twitter:image" content="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-12.jpg" /><script type="application/ld+json">{ "@context": "http:\/\/schema.org", "@type": "newsarticle", "inLanguage": "en", "url": "https:\/\/www.asiafinancial.com", "articleBody": " \r\n\r\nCountries at the United Nations\u2019 COP29 began the critical climate summit with a vital step that might finally pave the way for a global carbon market to help fund programs aimed at reducing carbon emissions.\r\n\r\nOn Monday, delegates gathered in Baku, Azerbaijan gave a green-light to carbon credit quality standards \u2014 guardrails for how international carbon crediting projects will work.\r\n\r\nThose standards are critical to operationalising a UN-backed global carbon market, which has been years in the making.\r\n\r\n \r\n<h3>Also on AF: <a href="https:\/\/www.asiafinancial.com\/we-are-on-a-road-to-ruin-cop29-kicks-off-amid-trump-worry" target="_blank" rel="noopener">\u2018We Are on a Road to Ruin\u2019: COP29 Kicks Off Amid Trump Worry<\/a><\/h3>\r\n \r\n\r\nAnd concluding a deal on those standards would mean the market could start up as soon as next year, one negotiator said.\r\n\r\n\u201cThis will be a game-changing tool to direct resources to the developing world and help us save up to 250 billion dollars a year when implementing our climate plans,\u201d Yalchin Rafiyev, COP29 Lead Negotiator, said in a statement announcing the development.\r\n\r\n \r\n<h2>Why does this matter?<\/h2>\r\nIn theory, carbon credits allow countries or companies to offset their emissions by paying for projects anywhere on the planet that reduce CO2 emissions or remove it from the atmosphere.\r\n\r\nThose projects could include cultivation of CO2-absorbing mangroves, or distribution of clean stoves to replace polluting methods of cooking in poor rural communities.\r\n\r\nBut the carbon market has been hit by series of scandals, such as credits being issued for projects that don\u2019t meet required standards, don\u2019t deliver the reductions they promised, <strong><a href="https:\/\/www.asiafinancial.com\/germany-rejects-fake-chinese-carbon-credits-used-by-oil-firms" target="_blank" rel="noopener">or straight up don\u2019t exist<\/a><\/strong>.\r\n\r\nThe result has been a deep distrust of the carbon credits market. Greenpeace has previously <strong><a href="https:\/\/www.greenpeace.org\/international\/story\/50689\/carbon-offsets-net-zero-greenwashing-scam\/" target="_blank" rel="noopener">called<\/a><\/strong> carbon offsetting \u201ca scammer\u2019s dream scheme.\u201d\r\n\r\nEven so, policymakers and scientists argue that the world needs every tool in its arsenal to stand a chance at limiting global warming to 1.5 degrees Celsius above pre-industrial levels.\r\n\r\n[caption id="attachment_101869" align="alignleft" width="300"]<img class="wp-image-101869 size-medium" src="https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2024\/09\/rei-copy-26-300x200.jpg" alt="An agent of the Brazilian Institute for the Environment and Renewable Natural Resources (IBAMA) inspects a tree extracted from the Amazon rainforest, in a sawmill during an operation to combat deforestation." width="300" height="200" \/> An agent of the Brazilian Institute for the Environment and Renewable Natural Resources inspects trees \u00a0from the Amazon rainforest, at a sawmill in a move to combat deforestation. Photo: Reuters.[\/caption]\r\n\r\nAnd carbon credits can be especially useful for governments and companies that may struggle to reduce their planet-warming greenhouse gas emissions to meet their climate targets.\r\n\r\nCOP29 negotiators argue that linking the carbon credits with the UN can bring some much needed credibility to the market. Discussions around the carbon market are part of Article 6 of the Paris Agreement that sets out processes for countries to work together to reduce their carbon emissions.\r\n\r\nExperts also expect UN-approved credits to carry a higher price tag.\r\n\r\nThe International Emissions Trading Association, a business group that backs global carbon markets, has said total trading in the UN-backed market could generate $250 billion a year by 2030 and cut 5 billion metric tons of carbon output annually.\r\n\r\n \r\n<h2>And there\u2019s a bonus\u2026<\/h2>\r\nA deal on a UN-backed carbon market could also be a route for companies in the United States to keep participating in global efforts to address climate change, despite a potential change in policies at home.\r\n\r\nThe US is the world\u2019s biggest historic emitter of greenhouse gases and, also, the world\u2019s biggest economy \u2014 meaning it could play a major role in carbon markets.\r\n\r\nBut unlike the European Union and China, America is yet to launch its own carbon credits market. And the re-election of Donald Trump as president could mean a US market may remain out of reach.\r\n\r\nTrump, who is a climate change sceptic, pulled the US out of the Paris Agreement in his first term and has threatened to do so again. If he does, a UN-backed global market could give US firms a way to still buy credits to meet their voluntary climate targets.\r\n\r\nMonday\u2019s deal will bring \u201cus closer to operationalising the carbon market before any single party may decide to move away from the Paris Agreement,\u201d Juan Carlos Arredondo Brun, a former climate negotiator for Mexico who now works for carbon market data and souring company Abatable, said.\r\n\r\n \r\n<h2>So, did COP29 get it right?<\/h2>\r\nWhile Monday's breakthrough is a win for COP29, there are now concerns over the standards that were set and the process with which a deal was reached.\r\n\r\n"A lot of funders are worried that the markets aren't stable enough, credible enough to be able to invest more in," Rebecca Iwerks, a co-director at non-profit group Namati told Reuters.\r\n\r\n"It could actually hinder the development of the market if you don't have a strong standard," she said of the deal.\r\n\r\n[caption id="attachment_103302" align="alignleft" width="300"]<img class="wp-image-103302 size-medium" src="https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2024\/11\/rei-1-300x200.jpg" alt="Indigenous people take part in a march as the Amazon Summit kicks off in Belem," width="300" height="200" \/> Indigenous people take part in a march as the Amazon Summit kicks off in Belem, Brazil (Reuters).[\/caption]\r\n\r\nA major concern was that the standards fall short on protecting the rights of communities affected by projects. That\u2019s significant, considering there is growing concern of rights violations, especially from nature-based offsetting projects.\r\n\r\nJust this year, for instance, Human Rights Watch found that Cambodia\u2019s nature projects \u2014 that created a significant chunk of the world\u2019s carbon credits last year \u2014 involved <strong><a href="https:\/\/www.hrw.org\/report\/2024\/02\/29\/carbon-offsettings-casualties\/violations-chong-indigenous-peoples-rights" target="_blank" rel="noopener">widespread and serious violations of Indigenous communities\u2019 rights<\/a><\/strong>.\r\n\r\nSimilarly, in Brazil, after Amazon and several other firms agreed <strong><a href="https:\/\/www.asiafinancial.com\/amazon-joins-firms-in-180-million-brazil-carbon-credits-deal" target="_blank" rel="noopener">to buy carbon credits worth $180 million<\/a><\/strong> to support conservation of the Amazon rainforest, Indigenous organisations said they were not consulted over the deal.\r\n\r\n\u201cWe are being sold like goods,\u201d <strong><a href="https:\/\/www.reuters.com\/sustainability\/indigenous-groups-brazil-we-were-not-consulted-carbon-credits-2024-10-09\/" target="_blank" rel="noopener">one tribal leader told Reuters<\/a><\/strong>.\r\n\r\nMeanwhile, some negotiators were also critical of the way Monday\u2019s deal was done. The standards were agreed by a small group of technical experts, with some countries saying they had not been given a fair say in the final rules.\r\n\r\nKevin Conrad, executive director for the Coalition for Rainforest Nations and former climate envoy for Papua New Guinea said the supervisory board overstepped its mandate.\r\n\r\n"We endorse what they have done, not the way they have done it," he said.\r\n\r\n \r\n<ul>\r\n \t<li>Reuters, with additional editing and inputs from Vishakha Saxena<\/li>\r\n<\/ul>\r\n \r\n<h3>Also read:<\/h3>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/uncertainty-on-methane-emission-fee-as-biden-term-nears-end" target="_blank" rel="noopener">Uncertainty on Methane Emission Fee as Biden Term Nears End<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/scientists-say-2024-virtually-certain-to-be-hottest-on-record" target="_blank" rel="noopener">Scientists Say 2024 \u2018Virtually Certain\u2019 to be Hottest on Record<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/trump-will-have-big-impacts-on-trade-climate-change-evs" target="_blank" rel="noopener">Trump Will Have Big Impacts on Trade, Climate Change, EVs<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/floods-drought-climate-change-worsening-global-water-woes" target="_blank" rel="noopener">Floods or Drought: Climate Change Worsens Global Water Woes<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/asian-economies-at-risk-from-inaction-on-climate-change-adb" target="_blank" rel="noopener">Asian Economies at Risk From Inaction on Climate Change: ADB<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/climate-change-has-cost-china-32-billion-in-just-one-quarter" target="_blank" rel="noopener">Climate Change Has Cost China $32 Billion in Just One Quarter<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/emissions-of-worlds-super-rich-drive-economic-losses-deaths" target="_blank" rel="noopener">Emissions of World\u2019s Super Rich \u2018Drive Economic Losses, Deaths\u2019<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/funding-gap-hurts-climate-talks-while-world-faces-3-1c-warming" target="_blank" rel="noopener">Funding Gap Hurts Climate Talks While World Faces 3.1C Warming<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/energy-emissions-set-to-peak-but-not-in-time-for-climate-goals" target="_blank" rel="noopener">Energy Emissions Set to Peak But \u2018Not in Time\u2019 For Climate Goals<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/scientists-fear-natures-carbon-sinks-are-failing-guardian" target="_blank" rel="noopener">Scientists Fear Nature\u2019s Carbon Sinks Are Failing \u2013 Guardian<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/could-melting-glaciers-trigger-volcanic-eruptions-reuters" target="_blank" rel="noopener">Could Melting Glaciers Trigger Volcanic Eruptions? \u2013 Reuters<\/a><\/h4>\r\n<h4><\/h4>\r\n ", "articleSection": "Asia", "mainEntityOfPage": { "@type": "WebPage", "url": "https:\/\/www.asiafinancial.com\/cop29-takes-a-step-towards-un-backed-global-carbon-market" }, "headline": "COP29 Takes a Step Towards UN-Backed Global Carbon Market", "description": "On Monday, delegates gathered in Baku, Azerbaijan gave a green-light to carbon credit quality standards \u2014 guardrails for how international carbon crediting projects will work", "datePublished": "2024-11-12T14:17:37+00:00", "dateModified": "2024-11-15T08:48:56+00:00", "publisher": { "@type": "Organization", "name": "Asia Financial", "logo": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/themes\/atf\/images\/AF-logo-small.png", "width": "640", "height": "97" } }, "author": { "@type": "Person", "name": "Asia Financial" }, "image": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2024\/11\/rei-copy-12.jpg" } }</script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-CNH68EHNDT"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-CNH68EHNDT'); </script> <style> .tt-header .main-nav>ul>li>a { padding: 12px 20px !important; } .tt-header-margins { padding-top: 192px; } .top-right{ margin-top: 4px; } @media only screen and (max-width: 991px) { .tt-header-margins { padding-top: 101px !important; } } @media only screen and (max-width: 550px) { .subscribe-btn, .tt-s-popup-btn { display:none !important; } } .submitdelete{ display:none; } @media (max-width: 767px){ .asia-financial-bg{padding: 15px 5px;} .tt-footer .ft-box.col-md-4.col-sm-6.col-1 {width: 33%;float: left;} .author-content{ width: 100% !important; } } .story-div .content ul li, .story-div .content ol li { font-family: 'Roboto', sans-serif; color: #666; font-size: 18px; line-height: 1.7; margin-bottom: 10px; } .wp-caption-text{ line-height: 17px !important; font-size: 12px !important; font-weight: 500 !important; margin-top: 10px !important; color: #aaaaaa !important; } </style> <link rel="stylesheet" href="https://fonts.googleapis.com/css?family=Roboto%3A400%2C500%2C700%7CMerriweather%3A700%7CRoboto%3A400&subset=latin%2Clatin-ext,latin&display=swap" /> <link rel="stylesheet" href="https://www.asiafinancial.com/wp-content/themes/atf/css/atf-min-style.css?v=1.2" /> <link rel='dns-prefetch' href='//fonts.googleapis.com' /> <link rel="preconnect" href="https://fonts.gstatic.com"> <link href="https://fonts.googleapis.com/css2?family=Barlow:ital,wght@0,100;0,200;0,300;0,400;0,500;0,600;0,700;1,100&display=swap" rel="stylesheet"> <style type="text/css"> img.wp-smiley, img.emoji { display: inline!important; border: none!important; box-shadow: none!important; height: 1em!important; width: 1em!important; margin: 0 .07em!important; vertical-align: -0.1em!important; background: none!important; padding: 0!important } </style> <style id='woocommerce-inline-inline-css' type='text/css'> .woocommerce form .form-row .required { visibility: visible } </style> <link rel='stylesheet' id='magplus-material-icon-css' href='https://fonts.googleapis.com/icon?family=Material+Icons&ver=5.3' type='text/css' media='all' /> <style id='magplus-main-style-inline-css' type='text/css'> .tt-header .main-nav>ul>li:not(.mega)>ul>li>a:hover, .tt-header .main-nav>ul>li:not(.mega)>ul>li>ul>li>a:hover, .mega.type-2 ul.tt-mega-wrapper li>ul a:hover, .tt-mega-list a:hover, .tt-s-popup-devider:after, .tt-s-popup-close:hover:before, .tt-s-popup-close:hover:after, .tt-tab-wrapper.type-1 .tt-nav-tab-item:before, .tt-pagination a:hover, .tt-pagination li.active a, .tt-thumb-popup-close:hover, .tt-video-popup-close:hover, .c-btn.type-1.color-2:before, .c-btn.type-1.style-2.color-2, .page-numbers a:hover, .page-numbers li span.current, .tpl-progress .progress-bar, .c-pagination.color-2 .swiper-active-switch, .tt-comment-form .form-submit, .woo-pagination span.current, .woo-pagination a:hover { background: #00447c } .tt-header .main-nav>ul>li.active>a, .tt-header .main-nav>ul>li:hover>a, .tt-s-popup-btn:hover, .tt-header.color-2 .top-menu a:hover, .tt-header.color-2 .top-social a:hover, .tt-s-popup-submit:hover .fa, .tt-mslide-label a:hover, .tt-sponsor-title:hover, .tt-sponsor.type-2 .tt-sponsor-title:hover, .tt-post-title:hover, .tt-post-label span a:hover, .tt-post-bottom a:hover, .tt-post-bottom a:hover .fa, .tt-post.light .tt-post-title:hover, .tt-blog-user-content a:hover, .tt-blog-user.light .tt-blog-user-content a:hover, .simple-img-desc a:hover, .tt-author-title:hover, .tt-author-social a:hover, .tt-blog-nav-title:hover, .tt-comment-label a:hover, .tt-comment-reply:hover, .tt-comment-reply:hover .fa, .comment-reply-link:hover, .comment-reply-link:hover .fa, .comment-edit-link:hover, .tt-search-submit:hover, .tt-news-title:hover, .tt-mblock-title:hover, .tt-mblock-label a:hover, .simple-text a, .c-btn.type-1.style-2.color-2:hover, .c-btn.type-2:hover, .c-btn.type-3.color-2:hover, .c-btn.type-3.color-3, .sidebar-item.widget_recent_posts_entries .tt-post.dark .tt-post-title:hover, .tt-post-cat a:hover, .sidebar-item.widget ul li a:hover, .tt-small-blog-slider .tt-h4-title a:hover, .tt-comment-form .form-submit:hover { color: #fb3624 } .c-pagination.color-2 .swiper-pagination-switch, .c-pagination.color-2 .swiper-active-switch, .tt-search input[type="text"]:focus, #loader, .c-btn.type-1.color-2, .c-input:focus, .c-btn.type-3.color-2:hover, .c-area:focus, .tt-title-text, .c-pagination.color-2 .swiper-pagination-switch, .tt-comment-form .form-submit, .custom-arrow-left.tt-swiper-arrow-3:hover, .custom-arrow-right.tt-swiper-arrow-3:hover { border-color: #00447c } .woocommerce .onsale, .woocommerce-page .onsale, .ajax_add_to_cart.c-btn.type-2, .product_type_variable.add_to_cart_button.c-btn.type-2, .tt-custom-pagination .current, .price_slider_amount button[type="submit"], .widget_price_filter .ui-slider .ui-slider-handle, .widget_shopping_cart .buttons .checkout, .woocommerce-form-login input[type="submit"], .woocommerce .shop_table .button[name="apply_coupon"], .woocommerce-page .shop_table .button[name="apply_coupon"], .single_add_to_cart_button, .woocommerce .shop_table .button[name="update_cart"], .woocommerce-page .shop_table .button[name="update_cart"], .woocommerce #payment .button, .woocommerce-page #payment .button, .woocommerce-page .wc-proceed-to-checkout .button { background: #fb3624!important } .ajax_add_to_cart.c-btn.type-2:hover, .product_type_variable.add_to_cart_button.c-btn.type-2:hover, .widget_shopping_cart .buttons .checkout:hover, .price_slider_amount button[type="submit"]:hover, .woocommerce .wc-proceed-to-checkout .button:hover, .woocommerce .shop_table .button:hover, .woocommerce .single_add_to_cart_button.button:hover, .woocommerce-page .wc-proceed-to-checkout .button:hover, .woocommerce-page .shop_table .button:hover, .woocommerce-page .single_add_to_cart_button.button:hover, .woocommerce .shop_table .button[name="update_cart"]:hover, .woocommerce-page .shop_table .button[name="update_cart"]:hover, .woocommerce #payment .button:hover, .woocommerce-page #payment .button:hover { background: rgba(251, 54, 36, .8)!important } .tt-header-type-5 .logo, .tt-header .logo { max-width: 370px; height: 45px; line-height: 45px } body.archive .tt-post-views { display: none!important } @media (max-width:767px) { .tt-iframe.smallVid { display: block!important } } .custom-color-properties-1000:after { background: #eaeaea!important } .custom-color-properties-1000 .tt-title-text { border-color: #00447b!important; color: #111111!important } .custom-color-properties-1001 .tt-title-text { border-color: #00447b!important; color: #111111!important } .custom-color-properties-1002 .tt-title-text { border-color: #ff5353!important; color: #111111!important } .custom-color-properties-1003 .tt-title-text { border-color: #ff53a0!important; color: #111111!important } .custom-color-properties-1004 .tt-title-text { border-color: #8ac53e!important; color: #111111!important } .custom-color-properties-1005 .tt-title-text { border-color: #8ac53e!important; color: #111111!important } @font-face { font-family: ; src: ; font-weight: 400; font-style: normal } .tt-post { border: 1px solid #489bd4; } .style2.tt-title-block:after, .sidebar-heading-style2 .tt-title-block:after { background: #479cd4; } .custom-color-properties-1000:after { background: #489bd4!important; } .tt-post-list li { border-bottom: 1px solid #489bd4; } .top-list{ list-style-type: none;padding: 9px 0 0 0;text-align: left; } .top-list li{ display: inline-block; color: #fff; font-size: 14px;margin-right: 7px !important; font-weight: 500;text-transform: uppercase; } .top-right li{ display: inline-block; color: #fff; font-size: 14px;margin-right: 2px; font-weight: 500;text-transform: uppercase;} .top-list li span{border: 1px solid #8ac53e;padding: 3px 7px;border-radius: 3px;display: inline-block;margin-left: 7px;} .top-list li a{ color: #489cd5; font-weight: 600;} .top-right{ list-style-type: none;padding: 13px 0 0 0;} .top-right li{ position: relative; } .top-right li a{ color: #fff; } .top-right li a:after{ content: ""; border-radius: 50%; width: 6px; height: 6px;display: inline-block;margin: 0 0 0 5px; } .top-right li:first-child a:after{background: #489cd5; } .top-right li:nth-child(2) a:after{background: #ff1d25; } .top-right li:last-child a:after{background: #8bc53f; } .aflisting li{ min-height: 200px; } .tt-s-popup-overlay { opacity: 0.5 !important; } .tt-s-search-btn { border:none !important; top: 30px !important; } .specialbx:after{ background:none !important; } .tt-post-author-name, .tt-post-date { font-size: 13px; } .top-right li:nth-child(2) a:after{ background: #489cd5 !important; } .top-right li:last-child a:after{ background: #489cd5 !important; } .top-list li img {height: 26px;margin-top: -7px;} .top-mobi-list{ display: none; } @media (max-width: 767px){ .top-list-mobi { list-style-type: none; padding: 9px 0 0; padding-left: 0px; text-align: left; } .top-mobi-list{margin: 0 -15px; display: block; position: fixed;top: 0; width: 100%; height:37px;} .tt-header.stick .top-inner, .tt-header .top-inner{ top: 36px;} .top-list li img{ margin-top: -5px; } .top-list{padding: 7px 0;} .mobi-top-story{padding-top: 123px;} #top-list-mobi li{ font-weight: 400 !important; font-size: 10px !important; } #top-list-mobi li img { height: 20px !important; } } .top-list li {font-size: 13px !important; font-weight: 400 !important; text-transform: none !important; } </style> <link rel="stylesheet" href="https://www.asiafinancial.com/wp-content/themes/atf/css/atf-style.css" /> <link rel="stylesheet" type="text/css" href="https://www.asiafinancial.com/wp-content/themes/atf/css/atf.css?v=1.15"> <noscript> <style> .woocommerce-product-gallery { opacity: 1!important } </style> </noscript> <link rel="icon" type="image/png" href="https://www.asiafinancial.com/wp-content/uploads/2022/02/af_32x32.png" /> <style type="text/css" title="dynamic-css" class="options-output"> .tt-header .top-line, .tt-header.color-2 .top-line { background: #1f2330 } .tt-header .top-menu a, .tt-header .top-social a, .tt-header.color-2 .top-menu a, .tt-header.color-2 .top-social a { color: #e5e5e5 } .tt-header .top-menu a:hover, .tt-header .top-social a:hover, .tt-header.color-2 .top-menu a:hover, .tt-header.color-2 .top-social a:hover { color: #9e9e9e } .tt-header-type-7 .toggle-block, .tt-header-type-4 .toggle-block, .tt-header-type-3 .toggle-block, .tt-header .toggle-block, .tt-header-type-5 .top-inner { background: #489bd4 } .tt-header .main-nav>ul>li>a, .tt-header-type-4 .tt-s-popup-btn, .tt-s-popup-btn, .tt-header .cmn-mobile-switch span, .tt-header .cmn-mobile-switch::before, .tt-header .cmn-mobile-switch::after { color: #fff } .tt-header .main-nav>ul>li.active>a, .tt-header .main-nav>ul>li:hover>a, .tt-s-popup-btn:hover, .tt-header .cmn-mobile-switch:hover:before, .tt-header .cmn-mobile-switch:hover:after, .tt-header .cmn-mobile-switch:hover span { color: #111 } .tt-header-style-link .main-nav>ul>li>a:after, .tt-header-type-5 .main-nav>ul>li>a:after { background: #01bd5d } .sidebar-heading-style2 .tt-title-text, .sidebar-heading-style4 .tt-title-block, .sidebar-heading-style5 .tt-title-block, .sidebar-heading-style3 .tt-title-block { border-color: #00447b } #loading-text, .simple-text h1, .c-h1, .simple-text h2, .c-h2, .simple-text h3, .c-h3, .simple-text h4, .c-h4, .simple-text h5, .c-h5, .simple-text h6, .c-h6, .simple-text.font-poppins, .c-btn.type-1, .c-btn.type-2, .c-btn.type-3, .c-input, .tt-mobile-nav>ul>li>a, .tt-mobile-nav>ul>li>ul>li>a, .tt-header .main-nav>ul>li:not(.mega)>ul>li>a, .tt-mega-list a, .tt-s-popup-title, .tt-title-text, .tt-title-block-2, .comment-reply-title, .tt-tab-wrapper.type-1 .tt-nav-tab-item, .tt-f-list a, .tt-footer-copy, .tt-pagination a, .tt-blog-user-content, .tt-author-title, .tt-blog-nav-label, .tt-blog-nav-title, .tt-comment-label, .tt-search input[type="text"], .tt-share-title, .tt-mblock-label, .page-numbers a, .page-numbers span, .footer_widget.widget_nav_menu li a, .tt-h1-title, .tt-h4-title, .tt-h2-title, .shortcode-4 .tt-title-slider a, .footer_widget .tt-title-block.type-2 .tt-title-text, .footer_widget .tt-newsletter-title.c-h4 small { font-family: 'Barlow', sans-serif font-weight: 700; font-style: normal } body, .tt-title-ul, .simple-text.title-droid h1, .simple-text.title-droid h2, .simple-text.title-droid h3, .simple-text.title-droid h4, .simple-text.title-droid h5, .simple-text.title-droid h6, .tt-tab-wrapper.tt-blog-tab .tt-nav-tab .tt-nav-tab-item, .tt-header .main-nav, .tt-header .top-menu a, .tt-post-bottom, .tt-post-label, .tt-s-popup-field input[type="text"], .tt-slide-2-title span, input, textarea, .tt-post-cat, .tt-slider-custom-marg .c-btn.type-3, .tt-mslide-label, select, .tt-post-breaking-news .tt-breaking-title, .sidebar-item.widget_recent_posts_entries .tt-post.dark .tt-post-cat, .shortcode-4 .simple-text, .woocommerce-result-count { font-family: Roboto; font-weight: 400; font-style: normal } .asia8-compo .col-md-9 { position: relative !important; z-index: 9 !important; } .tt-header-style-link .main-nav>ul>li>a:after, .tt-header-type-5 .main-nav>ul>li>a:after{ background: #00447b;} .tt-post.type-7 .tt-post-img .wp-post-image{height: 58px;} .tt-post.type-3 .tt-post-img .wp-post-image{height: 205px;} @media (max-width: 767px){ .tt-post.type-3 .tt-post-img .wp-post-image,.tt-post.type-7 .tt-post-img .wp-post-image {height: auto;} } .tt-footer { background: #00447B !important; } .tt-footer-copy{ background: #1F2330 !important; } /* @media only screen and (max-width: 550px){ .tt-s-search-btn{ left: 31px; top: 17px!important; } .tt-s-search-btn .fa.search-open{ display: block!important; } .tt-s-search-btn .search-open.active+.tt-s-search-form{ width: 100%; top: 23px; max-width: 320px; min-width: 320px; left: -40px; } .tt-s-search-btn .tt-s-popup-close{z-index: 999999999; right: 5px; top: -4px;} } */ .tt-s-popup-close:after, .tt-s-popup-close:before{top: 16px; width: 22px; height: 3px;} .tt-s-popup-field{ position: relative; z-index: 999999; background: #489bd4; color: #fff; height: 30px; line-height: 30px; } </style> <noscript> <style> .wpb_animate_when_almost_visible { opacity: 1 } </style> </noscript>   <script> !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)}(window, document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '918988045566644'); fbq('track', 'PageView'); </script> <noscript><img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=918988045566644&ev=PageView&noscript=1" /></noscript>   <script> !function(f,b,e,v,n,t,s) {if(f.fbq)return;n=f.fbq=function(){n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)}; if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0'; n.queue=[];t=b.createElement(e);t.async=!0; t.src=v;s=b.getElementsByTagName(e)[0]; s.parentNode.insertBefore(t,s)}(window,document,'script', 'https://connect.facebook.net/en_US/fbevents.js'); fbq('init', '189940718103664');fbq('track', 'PageView'); </script> <noscript> <img height="1" width="1" src="https://www.facebook.com/tr?id=189940718103664&ev=PageView&noscript=1"/> </noscript>  <meta property="fb:pages" content="100250128285411" /> <meta name="facebook-domain-verification" content="hrf98cuzbeqqphtjig2d7z55ua38ck" />  <script data-cfasync="false" id="clevernt" type="text/javascript"> (function (document, window) { var c = document.createElement("script"); c.type = "text/javascript"; c.async = !0; c.id = "CleverNTLoader44150"; c.setAttribute("data-target",window.name); c.setAttribute("data-callback","put-your-callback-macro-here"); c.src = "//clevernt.com/scripts/b53b1abc077187e69c6dce26bb2169ee.min.js?20210208=" + Math.floor((new Date).getTime()); var a = !1; try { a = parent.document.getElementsByTagName("script")[0] || document.getElementsByTagName("script")[0]; } catch (e) { a = !1; } a || ( a = document.getElementsByTagName("head")[0] || document.getElementsByTagName("body")[0]); a.parentNode.insertBefore(c, a); })(document, window); </script>  <script async src="https://www.googletagmanager.com/gtag/js?id=G-JSYJWDZQDZ"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-JSYJWDZQDZ'); </script>  <script src="https://www.googletagmanager.com/gtag/js?id=UA-3625887-4" async defer></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'UA-3625887-4'); </script>  <script> (function(h,o,t,j,a,r){ h.hj=h.hj||function(){(h.hj.q=h.hj.q||[]).push(arguments)}; h._hjSettings={hjid:2080194,hjsv:6}; a=o.getElementsByTagName('head')[0]; r=o.createElement('script');r.async=1; r.src=t+h._hjSettings.hjid+j+h._hjSettings.hjsv; a.appendChild(r); })(window,document,'https://static.hotjar.com/c/hotjar-','.js?sv='); </script> <meta name="google-site-verification" content="mIh1fYJM6F7H81R-3DyC0RT-dkfkyLXdaXZLgTbxAQo" /> <meta name="ahrefs-site-verification" content="2428459a227642e9978e938cddd10198f03a272e5faa56467aef49a2e0398488"> <meta name="pocket-site-verification" content="8aabf79294bc5d000642a48b873e1f" /> <meta name="msvalidate.01" content="6A4287D236ECB84766F5E64D78DA56BB" /> <script async type="text/javascript" src="https://static.klaviyo.com/onsite/js/klaviyo.js?company_id=JGevqp"></script>  <script async src="https://www.googletagmanager.com/gtag/js?id=G-04BHDZ0BHE"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-04BHDZ0BHE'); </script> <script data-ad-client="ca-pub-6117110569640947" async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script> </head> <script async='async' src='https://securepubads.g.doubleclick.net/tag/js/gpt.js' type='text/javascript'/></script> <script type='text/javascript'>window.googletag = window.googletag || { cmd: [] };</script> <script type='text/javascript'> let afinScript = document.createElement('script'); afinScript.src = 'https://adncdnend.azureedge.net/adtags/asiafin.adn.js'; document.getElementsByTagName('head')[0].append(afinScript); </script>  <body class="home page-template-default page page-id-405 wp-embed-responsive theme-magplus woocommerce-no-js full-page header-style13 tt-top-header-enable tt-header-sticky wpb-js-composer js-comp-ver-6.0.4 vc_responsive elementor-default">  <div id="wrapper">  <div class="tt-mobile-block"> <div class="tt-mobile-close"></div> <nav class="tt-mobile-nav"> <ul id="side-header-nav" class="side-menu"> <li id="menu-item-760" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-privacy-policy menu-item-760"><a href="/">Home</a></li> <li id="menu-item-779" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-779"><a href="/af-indexes">AF Indexes</a></li> <li id="menu-item-780" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-780"><a href="/markets">Markets</a></li> <li id="menu-item-781" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-781"><a href="/carbon">Carbon</a></li> <li id="menu-item-781" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-781"><a href="/fintech">Fintech</a></li> <li id="menu-item-782" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-782"><a href="/energy">Energy</a></li> <li id="menu-item-783" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-783"><a href="/transport">Transport</a></li> <li id="menu-item-783" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-783"><a href="/health">Health</a></li> <li id="menu-item-783" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-783"><a href="/regions">Regions</a></li> <li id="menu-item-783" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-783"><a href="/insights/">Insights</a></li> <li id="menu-item-783" class="menu-item menu-item-type-taxonomy menu-item-object-category menu-item-783"><a href="/videos">AF TV</a></li> </ul> <div class="sidebar-logo"> <a href="/" class="logo tt-logo-1x"><img src="https://www.asiafinancial.com/wp-content/themes/atf/images/AF-logo-small.png" alt="AF Logo" width="350"></a> </div> </nav> </div> <div class="tt-mobile-overlay"></div> <div class="tt-s-popup"> <div class="tt-s-popup-overlay"></div> <div class="tt-s-popup-content"> <div class="tt-s-popup-layer"></div> <div class="tt-s-popup-container"> <form action="#" method="get" class="tt-s-popup-form"> <div class="tt-s-popup-field"> <input type="text" id="s" name="s" value="" placeholder="Type to search" class="input" required> <div class="tt-s-popup-devider"></div> <h3 class="tt-s-popup-title">Type to search</h3></div> <a href="#" class="tt-s-popup-close"></a> </form> </div> </div> </div> <div class="tt-video-popup"> <div class="tt-video-popup-overlay"></div> <div class="tt-video-popup-content"> <div class="tt-video-popup-layer"></div> <div class="tt-video-popup-container"> <div class="tt-video-popup-align"> <div class="embed-responsive embed-responsive-16by9"> <iframe class="embed-responsive-item" src="about:blank"></iframe> </div> </div> <div class="tt-video-popup-close"></div> </div> </div> </div> <div class="tt-thumb-popup"> <div class="tt-thumb-popup-overlay"></div> <div class="tt-thumb-popup-content"> <div class="tt-thumb-popup-layer"></div> <div class="tt-thumb-popup-container"> <div class="tt-thumb-popup-align"> </div> <div class="tt-thumb-popup-close"></div> </div> </div> </div> <div id="content-wrapper"> <header class="tt-header header-style13 tt-header-style-link full-page"> <div class="tt-header-wrapper"> <div class="top-line clearfix top-mobi-list"> <div class="container"> <div class="aftopbx"> <div class="row"> <div class="col-md-12" id="top-list-mobi"> <ul class="top-list"> </ul> </div> </div> </div> </div> </div> <div class="top-inner clearfix"> <div class="container"> <a href="/" class="logo tt-logo-1x"><img src="https://www.asiafinancial.com/wp-content/themes/atf/images/AF-logo-small.png" alt="ATF Logo" width="350"></a> <a href="/" class="logo tt-logo-2x"><img src="https://www.asiafinancial.com/wp-content/themes/atf/images/AF-logo-small.png" alt="ATF" width="263" height="45" style="max-height:30px; height:auto;"></a> <div class="cmn-toggle-switch"><span></span></div> <div class="cmn-mobile-switch"><span></span></div> <div class="tt-s-search-btn"> <div class="search-click"> <i style="display:none;" class="fa fa-search search-open" aria-hidden="true"></i> <form action="#" method="get" class="tt-s-popup-form tt-s-search-form"> <a href="#" class="tt-s-popup-close close"></a> <div class="tt-s-popup-field"> <input type="text" id="s" name="s" value="" placeholder="search" class="input" required> </div> </form> </div> </div>  <a class="subscribe-btn" style="color:white;" href="/newsletter">Newsletter</a> </div> </div> <div class="toggle-block"> <div class="toggle-block-container"> <nav class="main-nav clearfix"> <ul id="nav" class="menu"> <li><a href="/">Home</a></li> <li><a href="/af-indexes">AF Indexes</a> <ul class="sub-menu"> <li><a href="/af-indexes/global-fintech-leaders-index">Global Fintech Leaders Index</a></li> <li><a href="/af-indexes/af-china-bond-50-index">AF China Bond 50 Index</a></li> <li><a href="/af-indexes/global-green-energy-transport-and-technology-leaders-index">GGETT Leaders Index</a></li> <li><a href="/af-indexes/china-electric-vehicle-index">China Electric Vehicle Index</a></li> </ul> </li> <li><a href="/markets">Markets</a> <ul class="sub-menu"> <li><a href="/markets/bonds">Bonds News</a></li> <li><a href="/markets/capital-markets">Capital Markets News </a></li> <li><a href="/markets/commodities">Commodities News</a></li> <li><a href="/markets/esg">ESG News</a></li> <li><a href="/markets/etfs">ETFs News</a></li> </ul> </li> <li><a href="/carbon">Carbon</a></li> <li><a href="/fintech">Fintech</a><ul class="sub-menu"> <li><a href="/fintech/ai">AI News</a></li> <li><a href="/fintech/blockchain">Blockchain News</a></li> <li><a href="/fintech/crypto">Crypto News</a></li> <li><a href="/fintech/cyber-security">Cyber Security News</a></li> <li><a href="/fintech/payments">Payments News</a></li> </ul> </li> <li><a href="/energy">Energy</a><ul class="sub-menu"> <li><a href="/energy/mining">Mining News</a></li> <li><a href="/energy/new-energy">New Energy News</a></li> <li><a href="/energy/oil-gas">Oil & Gas News</a></li> <li><a href="/energy/rare-earths">Rare Earths News</a></li> </ul></li> <li><a href="/transport">Transport</a><ul class="sub-menu"> <li><a href="/transport/aviation">Aviation News</a></li> <li><a href="/transport/electric-vehicles">Electric Vehicles News</a></li> <li><a href="/transport/new-energy-vehicles">New Energy Vehicles News</a></li> <li><a href="/transport/space">Space News</a></li> </ul></li> <li><a href="/health">Health</a></li> <li><a href="/regions">Regions</a><ul class="sub-menu"> <li><a href="/regions/world">World News</a></li> <li><a href="/regions/asia">Asia News</a></li> <li><a href="/regions/china">China News</a></li> <li><a href="/regions/india">India News</a></li> <li><a href="/regions/central-asia">Central Asia News</a></li> <li><a href="/regions/north-asia">North Asia News</a></li> <li><a href="/regions/oceania">Oceania News</a></li> </ul></li> <li><a href="/insights">Insights</a><ul class="sub-menu"> <li><a href="/insights/market-insights">Market Insights</a></li> <li><a href="/insights/fintech-insights">Fintech Insights</a></li> <li><a href="/insights/opinion">Opinion</a></li> </ul></li> <li><a href="/videos">AF TV</a></li> </ul> </nav> <div class="nav-more">  </div> <div class="nav-more nav-more-left"> </div> <div class="top-line clearfix"> <div class="container"> <div class="aftopbx"> <div class="row"> <div class="col-md-8" id="top-list"> <ul class="top-list"> </ul> </div> <div class="col-md-4"> <ul class="top-right"> <li style="margin-right: 3px;"><a style="cursor: default;" href="javascript:void();">NEWS</a></li> <li style="margin-right: 3px;"><a style="cursor: default;" href="javascript:void();">ANALYSIS</a></li> <li style="margin-right: 3px;"><a style="cursor: default;" href="javascript:void();">INDEXES</a> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </header> <div class="tt-header-heights tt-header-margins"></div> <style> @media (max-width: 767px){ .asia-financial-bg{padding: 15px 5px;} .tt-footer .ft-box.col-md-4.col-sm-6.col-1 {width: 33%;float: left;} } </style> <style type="text/css"> .tt-header .main-nav>ul>li:not(.mega)>ul.sub-menu{ border-color: #489bd4; top: 41px; padding-top: 0; margin-top: 0; padding-bottom: 0; } .tt-header .main-nav>ul>li:not(.mega)>ul>li{ border-bottom: 1px solid #489bd4; margin: 0 10px; } .tt-header .main-nav>ul>li:not(.mega)>ul>li:last-child{ border-bottom: none; } .tt-header .main-nav>ul>li:not(.mega)>ul>li a{ font-family: 'Barlow', sans-serif; font-weight: 700; color: #000; } </style> <script src="https://code.jquery.com/jquery-3.6.0.min.js" integrity="sha256-/xUj+3OJU5yExlq6GSYGSHk7tPXikynS7ogEvDej/m4=" crossorigin="anonymous"></script> <script src="https://www.asiafinancial.com/wp-content/themes/atf/js/scripts/global.js"></script> <script src="https://www.asiafinancial.com/wp-content/themes/atf/js/scripts/idangerous.swiper.min.js"></script> <script src="https://www.asiafinancial.com/wp-content/themes/atf/js/scripts/jquery.appear.min.js"></script> <script src="https://www.asiafinancial.com/wp-content/themes/atf/js/scripts/jquery.formstone.min.js"></script> <script src="https://www.asiafinancial.com/wp-content/themes/atf/js/scripts/jquery.isotope.min.js"></script> <script src="https://www.asiafinancial.com/wp-content/themes/atf/js/scripts/match.height.min.js"></script> <script src="https://www.asiafinancial.com/wp-content/themes/atf/js/scripts/parallax.min.js"></script> <script src="https://www.asiafinancial.com/wp-content/themes/atf/js/scripts/ytv.js"></script>  <script type="text/javascript"> jQuery(document).ready(function(){ if( jQuery("ul.tabs").length > 0 ) { jQuery('ul.tabs li').click(function(){ var tab_id = jQuery(this).attr('data-tab'); jQuery('ul.tabs li').removeClass('active-current'); jQuery('.tab-content').removeClass('active-current'); jQuery(this).addClass('active-current'); jQuery("#"+tab_id).addClass('active-current'); }) } }) </script> <script type="text/javascript"> jQuery('.search-open').click(function(){ jQuery(this).addClass('active'); //jQuery(this).parent().siblings().find('.search-open').removeClass('active'); }) jQuery('.close').click(function(){ jQuery(this).closest('.search-click').find('.search-open').removeClass('active'); }); </script> <style type="text/css"> @media only screen and (max-width: 550px){ .tt-s-search-btn .tt-s-popup-close{ opacity: 1; } .tt-s-search-btn{ left: 0; } .tt-header .cmn-mobile-switch:hover:before, .tt-header .cmn-mobile-switch:hover span, .tt-header .cmn-mobile-switch:hover:after{ background: #fff; } .tt-s-search-btn .fa.search-open{ margin-left: 30px; position: relative; top: -29px; } .tt-s-search-btn{ top: 48px!important; width: 100%; } .tt-s-search-btn .search-open.active+.tt-s-search-form{ left: -8%; width: 116%; top: -75px; } .tt-s-search-btn .tt-s-popup-close{ right: 14px; } .tt-s-search-btn .tt-s-popup-field input[type=text]{ padding-left: 14px; } } </style> <script> jQuery(document).ready(function() { jQuery('.fa-search').show(); }); </script>  <script async src="https://www.googletagmanager.com/gtag/js?id=AW-10878662245"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'AW-10878662245'); </script> <style> .tags a { margin-top: 5px; } .story-div .content p{ font-size: 18px; } .story-div .content h5 { line-height: 28px; font-size: 17px; font-weight: 700; margin: 10px 0 10px 0; } .story-div .content h4 { line-height: 28px; font-size: 18px; font-weight: 700; margin: 10px 0 10px 0; } .story-div .content h3 { line-height: 28px; font-size: 19px; font-weight: 700; margin: 10px 0 10px 0; } .story-div .content h2 { line-height: 28px; font-size: 20px; font-weight: 700; margin: 10px 0 10px 0; } .story-div .content h1 { line-height: 28px; font-size: 21px; font-weight: 700; margin: 10px 0 10px 0; } .imgauthor{ border-radius: 50%; } .custom-share{margin:0;padding-left:0;padding-bottom:5px;} .custom-share>li{box-sizing:border-box;display:inline-block;font-size:15px;line-height:14px;padding:0 5px 0 0;margin:0;transition:all .2s ease-in-out;list-style-type:none;} .custom-share>li>a{background:#ccc;border-radius:3px;box-sizing:border-box;display:block;font-family:'Roboto',sans-serif;padding:7px;position:relative;text-align:left;height:39px;text-decoration:none;text-transform:uppercase;width:100%;} .custom-share>li>a i{display:inline-block;line-height:20px;} .custom-share>li>a i img{max-width:100%;} .custom-share>li>a i.fb{ background-position:0 1px; height:26px; width:14px; } .custom-share>li>a i.twit{padding-top:2px;height:24px;width:26px;} .custom-share>li>a i.gplus{padding-top:4px;height:24px;width:26px;} .custom-share>li>a i.wapp{height:24px;width:26px;} .custom-share>li>a i.wapp img{margin-top:-1px;} .custom-share>li.facebook a{background:#3b5999;padding:6px 40px;} .custom-share>li.twit a{background:#55acef;} .custom-share>li.gplus a{background:#e93f2e;} .custom-share>li.whatsapp a{background:#29a71a;} .custom-share>li.whatsapp{display:none;} .custom-share>li:hover{-webkit-transform: translateY(-4px);transform: translateY(-4px);} @media (max-width: 767px){ .custom-share{display:table;width:100%;} .custom-share>li>a{text-align:center;vertical-align: top;} .custom-share>li{display:table-cell;float:none;vertical-align: top;min-width:inherit;width:25%;} .custom-share>li.whatsapp{display:table-cell;} .custom-share>li.facebook a{padding:6px 8px;} } .sharethisbx { display: inline; text-align: right; vertical-align: middle; } @media screen and (max-width: 767px){ .related-articles-sec .tt-post-inner{ overflow: hidden; border-bottom: 1px dotted rgba(0, 0, 0, 0.2); } .related-articles-sec .tt-post-inner .tt-post-img{ float: right; margin-left: 10px;} .related-articles-sec .simple-text a{font-size: 18px;color: #111;font-weight: 500;line-height: 26px;} .related-articles-sec .tt-post.type-3 .tt-post-info{padding: 0; } .related-articles-sec .tt-post-info .simple-text{ margin-top: 0;} .related-articles-sec .tt-post.type-3{ text-align: left; } } .new-category-design, .tt-post-label-new { margin-bottom: -8px; margin-top: 13px; } </style> <div id="page-wrapper" class="content top-bottom"> <div class="container"> <div class="row story-div"> <div class="marg-lg-b20"></div> <div class="col-md-8"> <div class="story-top"> <div class="reports-big-head"> <div class="tt-post-label tt-post-label-new"> <span class="tt-post-label-new tt-post-cat"> <a href="https://www.asiafinancial.com/carbon">Carbon</a> </span></div> <h1 class="reports-big-head">COP29 Takes a Step Towards UN-Backed Global Carbon Market</h1> </div> <div class="tt-post type-3"> <div class="tt-post-label" style="font-size:14px;">  <span class="tt-post-date" style="margin-left:5px;">November 12, 2024</span></div> <div class="col post-excerpt" style="margin-top:10px;"> <h4> <p>On Monday, delegates gathered in Baku, Azerbaijan gave a green-light to carbon credit quality standards — guardrails for how international carbon crediting projects will work</p> </h4> </div> <br> <div class="sharethisbx"> <ul class="custom-share"> <li class="facebook"> <a target="_blank" rel="nofollow" href="https://www.facebook.com/sharer/sharer.php?u=https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market"> <i class="fb"><img alt="facebook" src="https://www.asiafinancial.com/wp-content/themes/atf/images/facebook.svg"></i> </a> </li> <li class="twit"> <a rel="nofollow" target="_blank" href="https://twitter.com/share?text=COP29%20Takes%20a%20Step%20Towards%20UN-Backed%20Global%20Carbon%20Market&url=https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market"> <i class="twit"><img src="https://www.asiafinancial.com/wp-content/themes/atf/images/twitter.svg?v=1" alt="twitter"></i> </a> </li> <li class="whatsapp"> <a rel="nofollow" href="whatsapp://send?text=https://www.asiafinancial.com/cop29-takes-a-step-towards-un-backed-global-carbon-market"> <i class="wapp"><img src="https://www.asiafinancial.com/wp-content/themes/atf/images/whatsapp.svg" alt="whatsapp"></i> </a> </li> </ul> </div> </div> </div> <div class="story-big-img"> <figure>  <img src="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-12.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="A worker walks along a fence near the Baku Olympic Stadium, the venue of the COP29" loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-12.jpg 710w, https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-12-300x200.jpg 300w" sizes="100vw" /> <figcaption style="line-height: 17px; font-size: 12px; font-weight: 500; margin-top: 10px; color: #aaaaaa;"> A worker walks along a fence near the stadium where the COP29 UN Climate Change Conference is being held in Baku, Azerbaijan. Photo: Reuters. </figcaption> </figure> </div> <div class="content"> <p> </p> <p>Countries at the United Nations’ COP29 began the critical climate summit with a vital step that might finally pave the way for a global carbon market to help fund programs aimed at reducing carbon emissions.</p> <p>On Monday, delegates gathered in Baku, Azerbaijan gave a green-light to carbon credit quality standards — guardrails for how international carbon crediting projects will work.</p> <p>Those standards are critical to operationalising a UN-backed global carbon market, which has been years in the making.</p> <p> </p> <h3>Also on AF: <a href="https://www.asiafinancial.com/we-are-on-a-road-to-ruin-cop29-kicks-off-amid-trump-worry" target="_blank" rel="noopener">‘We Are on a Road to Ruin’: COP29 Kicks Off Amid Trump Worry</a></h3> <p> </p> <p>And concluding a deal on those standards would mean the market could start up as soon as next year, one negotiator said.</p> <p>“This will be a game-changing tool to direct resources to the developing world and help us save up to 250 billion dollars a year when implementing our climate plans,” Yalchin Rafiyev, COP29 Lead Negotiator, said in a statement announcing the development.</p> <p> </p> <h2>Why does this matter?</h2> <p>In theory, carbon credits allow countries or companies to offset their emissions by paying for projects anywhere on the planet that reduce CO2 emissions or remove it from the atmosphere.</p> <p>Those projects could include cultivation of CO2-absorbing mangroves, or distribution of clean stoves to replace polluting methods of cooking in poor rural communities.</p> <p>But the carbon market has been hit by series of scandals, such as credits being issued for projects that don’t meet required standards, don’t deliver the reductions they promised, <strong><a href="https://www.asiafinancial.com/germany-rejects-fake-chinese-carbon-credits-used-by-oil-firms" target="_blank" rel="noopener">or straight up don’t exist</a></strong>.</p> <p>The result has been a deep distrust of the carbon credits market. Greenpeace has previously <strong><a href="https://www.greenpeace.org/international/story/50689/carbon-offsets-net-zero-greenwashing-scam/" target="_blank" rel="noopener">called</a></strong> carbon offsetting “a scammer’s dream scheme.”</p> <p>Even so, policymakers and scientists argue that the world needs every tool in its arsenal to stand a chance at limiting global warming to 1.5 degrees Celsius above pre-industrial levels.</p> <figure id="attachment_101869" aria-describedby="caption-attachment-101869" style="width: 300px" class="wp-caption alignleft"><img loading="lazy" class="wp-image-101869 size-medium" src="https://www.asiafinancial.com/wp-content/uploads/2024/09/rei-copy-26-300x200.jpg" alt="An agent of the Brazilian Institute for the Environment and Renewable Natural Resources (IBAMA) inspects a tree extracted from the Amazon rainforest, in a sawmill during an operation to combat deforestation." width="300" height="200" srcset="https://www.asiafinancial.com/wp-content/uploads/2024/09/rei-copy-26-300x200.jpg 300w, https://www.asiafinancial.com/wp-content/uploads/2024/09/rei-copy-26.jpg 710w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption id="caption-attachment-101869" class="wp-caption-text">An agent of the Brazilian Institute for the Environment and Renewable Natural Resources inspects trees from the Amazon rainforest, at a sawmill in a move to combat deforestation. Photo: Reuters.</figcaption></figure> <p>And carbon credits can be especially useful for governments and companies that may struggle to reduce their planet-warming greenhouse gas emissions to meet their climate targets.</p> <p>COP29 negotiators argue that linking the carbon credits with the UN can bring some much needed credibility to the market. Discussions around the carbon market are part of Article 6 of the Paris Agreement that sets out processes for countries to work together to reduce their carbon emissions.</p> <p>Experts also expect UN-approved credits to carry a higher price tag.</p> <p>The International Emissions Trading Association, a business group that backs global carbon markets, has said total trading in the UN-backed market could generate $250 billion a year by 2030 and cut 5 billion metric tons of carbon output annually.</p> <p> </p> <h2>And there’s a bonus…</h2> <p>A deal on a UN-backed carbon market could also be a route for companies in the United States to keep participating in global efforts to address climate change, despite a potential change in policies at home.</p> <p>The US is the world’s biggest historic emitter of greenhouse gases and, also, the world’s biggest economy — meaning it could play a major role in carbon markets.</p> <p>But unlike the European Union and China, America is yet to launch its own carbon credits market. And the re-election of Donald Trump as president could mean a US market may remain out of reach.</p> <p>Trump, who is a climate change sceptic, pulled the US out of the Paris Agreement in his first term and has threatened to do so again. If he does, a UN-backed global market could give US firms a way to still buy credits to meet their voluntary climate targets.</p> <p>Monday’s deal will bring “us closer to operationalising the carbon market before any single party may decide to move away from the Paris Agreement,” Juan Carlos Arredondo Brun, a former climate negotiator for Mexico who now works for carbon market data and souring company Abatable, said.</p> <p> </p> <h2>So, did COP29 get it right?</h2> <p>While Monday’s breakthrough is a win for COP29, there are now concerns over the standards that were set and the process with which a deal was reached.</p> <p>“A lot of funders are worried that the markets aren’t stable enough, credible enough to be able to invest more in,” Rebecca Iwerks, a co-director at non-profit group Namati told Reuters.</p> <p>“It could actually hinder the development of the market if you don’t have a strong standard,” she said of the deal.</p> <figure id="attachment_103302" aria-describedby="caption-attachment-103302" style="width: 300px" class="wp-caption alignleft"><img loading="lazy" class="wp-image-103302 size-medium" src="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-1-300x200.jpg" alt="Indigenous people take part in a march as the Amazon Summit kicks off in Belem," width="300" height="200" srcset="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-1-300x200.jpg 300w, https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-1.jpg 710w" sizes="(max-width: 300px) 100vw, 300px" /><figcaption id="caption-attachment-103302" class="wp-caption-text">Indigenous people take part in a march as the Amazon Summit kicks off in Belem, Brazil (Reuters).</figcaption></figure> <p>A major concern was that the standards fall short on protecting the rights of communities affected by projects. That’s significant, considering there is growing concern of rights violations, especially from nature-based offsetting projects.</p> <p>Just this year, for instance, Human Rights Watch found that Cambodia’s nature projects — that created a significant chunk of the world’s carbon credits last year — involved <strong><a href="https://www.hrw.org/report/2024/02/29/carbon-offsettings-casualties/violations-chong-indigenous-peoples-rights" target="_blank" rel="noopener">widespread and serious violations of Indigenous communities’ rights</a></strong>.</p> <p>Similarly, in Brazil, after Amazon and several other firms agreed <strong><a href="https://www.asiafinancial.com/amazon-joins-firms-in-180-million-brazil-carbon-credits-deal" target="_blank" rel="noopener">to buy carbon credits worth $180 million</a></strong> to support conservation of the Amazon rainforest, Indigenous organisations said they were not consulted over the deal.</p> <p>“We are being sold like goods,” <strong><a href="https://www.reuters.com/sustainability/indigenous-groups-brazil-we-were-not-consulted-carbon-credits-2024-10-09/" target="_blank" rel="noopener">one tribal leader told Reuters</a></strong>.</p> <p>Meanwhile, some negotiators were also critical of the way Monday’s deal was done. The standards were agreed by a small group of technical experts, with some countries saying they had not been given a fair say in the final rules.</p> <p>Kevin Conrad, executive director for the Coalition for Rainforest Nations and former climate envoy for Papua New Guinea said the supervisory board overstepped its mandate.</p> <p>“We endorse what they have done, not the way they have done it,” he said.</p> <p> </p> <ul> <li>Reuters, with additional editing and inputs from Vishakha Saxena</li> </ul> <p> </p> <h3>Also read:</h3> <h4><a href="https://www.asiafinancial.com/uncertainty-on-methane-emission-fee-as-biden-term-nears-end" target="_blank" rel="noopener">Uncertainty on Methane Emission Fee as Biden Term Nears End</a></h4> <h4><a href="https://www.asiafinancial.com/scientists-say-2024-virtually-certain-to-be-hottest-on-record" target="_blank" rel="noopener">Scientists Say 2024 ‘Virtually Certain’ to be Hottest on Record</a></h4> <h4><a href="https://www.asiafinancial.com/trump-will-have-big-impacts-on-trade-climate-change-evs" target="_blank" rel="noopener">Trump Will Have Big Impacts on Trade, Climate Change, EVs</a></h4> <h4><a href="https://www.asiafinancial.com/floods-drought-climate-change-worsening-global-water-woes" target="_blank" rel="noopener">Floods or Drought: Climate Change Worsens Global Water Woes</a></h4> <h4><a href="https://www.asiafinancial.com/asian-economies-at-risk-from-inaction-on-climate-change-adb" target="_blank" rel="noopener">Asian Economies at Risk From Inaction on Climate Change: ADB</a></h4> <h4><a href="https://www.asiafinancial.com/climate-change-has-cost-china-32-billion-in-just-one-quarter" target="_blank" rel="noopener">Climate Change Has Cost China $32 Billion in Just One Quarter</a></h4> <h4><a href="https://www.asiafinancial.com/emissions-of-worlds-super-rich-drive-economic-losses-deaths" target="_blank" rel="noopener">Emissions of World’s Super Rich ‘Drive Economic Losses, Deaths’</a></h4> <h4><a href="https://www.asiafinancial.com/funding-gap-hurts-climate-talks-while-world-faces-3-1c-warming" target="_blank" rel="noopener">Funding Gap Hurts Climate Talks While World Faces 3.1C Warming</a></h4> <h4><a href="https://www.asiafinancial.com/energy-emissions-set-to-peak-but-not-in-time-for-climate-goals" target="_blank" rel="noopener">Energy Emissions Set to Peak But ‘Not in Time’ For Climate Goals</a></h4> <h4><a href="https://www.asiafinancial.com/scientists-fear-natures-carbon-sinks-are-failing-guardian" target="_blank" rel="noopener">Scientists Fear Nature’s Carbon Sinks Are Failing – Guardian</a></h4> <h4><a href="https://www.asiafinancial.com/could-melting-glaciers-trigger-volcanic-eruptions-reuters" target="_blank" rel="noopener">Could Melting Glaciers Trigger Volcanic Eruptions? – Reuters</a></h4> <h4></h4> <p> </p> <div class="tags"> Tags: <a href="https://www.asiafinancial.com/tag/carbon" rel="tag">Carbon</a><a href="https://www.asiafinancial.com/tag/carbon-credits" rel="tag">Carbon Credits</a><a href="https://www.asiafinancial.com/tag/carbon-markets" rel="tag">Carbon Markets</a><a href="https://www.asiafinancial.com/tag/carbon-offsets" rel="tag">Carbon Offsets</a><a href="https://www.asiafinancial.com/tag/carbon-removal" rel="tag">Carbon Removal</a><a href="https://www.asiafinancial.com/tag/climate-change" rel="tag">Climate Change</a><a href="https://www.asiafinancial.com/tag/cop29" rel="tag">COP29</a><a href="https://www.asiafinancial.com/tag/emissions" rel="tag">Emissions</a><a href="https://www.asiafinancial.com/tag/global-warming" rel="tag">Global Warming</a><a href="https://www.asiafinancial.com/tag/paris-climate-agreement" rel="tag">Paris Climate Agreement</a> </div> <div class="author-box"> <div class="profile_images"><img width="96" height="96" src="https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-96x96.jpg" class="avatar avatar-96 photo imgauthor" alt="" loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-96x96.jpg 96w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-300x300.jpg 300w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-150x150.jpg 150w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-768x768.jpg 768w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-24x24.jpg 24w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-48x48.jpg 48w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4.jpg 1000w" sizes="100vw" /></div> <div class="author-content"> <h3><a href="https://www.asiafinancial.com/author/vishakha-saxenaasiafinancial-com">Vishakha Saxena </a></h3> <p style="font-size: 14px;"> Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at <a href="/cdn-cgi/l/email-protection" class="__cf_email__" data-cfemail="0f79667c676e64676e217c6e776a616e4f6e7c666e6966616e616c666e63216c6062">[email protected]</a> </p> </div> </div> <div class="category-col related-articles-sec"> <div class="tt-title-block custom-color-properties-1001 style2"> <h3 class="tt-title-text" style="border-bottom:none;">You Might also Like</h3> </div> <div class="marg-lg-b20"></div> <div class="row tt-post-two-col "> <div class="tt-post tt-post-two-col-item type-3 col-sm-3 col-md-3 post-430 post type-post status-publish format-standard has-post-thumbnail hentry category-business category-culture tag-all tag-health tag-politics relatedsingle"> <div class="tt-post-inner"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/cop29-carbon-markets-deal-faces-credibility-test"> <img width="537" height="307" style="height:103px;" src="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-16-300x200.jpg" class="img-responsive wp-post-image" alt="COP29 Carbon Markets Deal Faces Credibility Test"> </a> <div class="tt-post-info"> <div class="tt-post-label"> <div class="simple-text"> <a href="https://www.asiafinancial.com/cop29-carbon-markets-deal-faces-credibility-test">COP29 Carbon Markets Deal Faces Credibility Test</a> </div>  </div> </div> </div> <div class="marg-lg-b30"></div> </div><div class="tt-post tt-post-two-col-item type-3 col-sm-3 col-md-3 post-430 post type-post status-publish format-standard has-post-thumbnail hentry category-business category-culture tag-all tag-health tag-politics relatedsingle"> <div class="tt-post-inner"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/g20-countries-reach-fragile-consensus-on-climate-finance"> <img width="537" height="307" style="height:103px;" src="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-15-300x200.jpg" class="img-responsive wp-post-image" alt="G20 Countries Reach ‘Fragile Consensus’ on Climate Finance"> </a> <div class="tt-post-info"> <div class="tt-post-label"> <div class="simple-text"> <a href="https://www.asiafinancial.com/g20-countries-reach-fragile-consensus-on-climate-finance">G20 Countries Reach ‘Fragile Consensus’ on Climate Finance</a> </div>  </div> </div> </div> <div class="marg-lg-b30"></div> </div><div class="tt-post tt-post-two-col-item type-3 col-sm-3 col-md-3 post-430 post type-post status-publish format-standard has-post-thumbnail hentry category-business category-culture tag-all tag-health tag-politics relatedsingle"> <div class="tt-post-inner"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/cop29-what-will-donald-trump-mean-for-global-carbon-markets"> <img width="537" height="307" style="height:103px;" src="https://www.asiafinancial.com/wp-content/uploads/2024/11/AF-Oct-Featured-4-300x200.png" class="img-responsive wp-post-image" alt="COP29: What Will Donald Trump Mean For Global Carbon Markets?"> </a> <div class="tt-post-info"> <div class="tt-post-label"> <div class="simple-text"> <a href="https://www.asiafinancial.com/cop29-what-will-donald-trump-mean-for-global-carbon-markets">COP29: What Will Donald Trump Mean For Global Carbon Markets?</a> </div>  </div> </div> </div> <div class="marg-lg-b30"></div> </div><div class="tt-post tt-post-two-col-item type-3 col-sm-3 col-md-3 post-430 post type-post status-publish format-standard has-post-thumbnail hentry category-business category-culture tag-all tag-health tag-politics relatedsingle"> <div class="tt-post-inner"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/fossil-fuels-set-to-drive-global-emissions-to-a-record-yet-again"> <img width="537" height="307" style="height:103px;" src="https://www.asiafinancial.com/wp-content/uploads/2024/11/AF-Oct-Featured-3-300x200.png" class="img-responsive wp-post-image" alt="Fossil Fuels Set to Drive Global Emissions to a Record, Yet Again"> </a> <div class="tt-post-info"> <div class="tt-post-label"> <div class="simple-text"> <a href="https://www.asiafinancial.com/fossil-fuels-set-to-drive-global-emissions-to-a-record-yet-again">Fossil Fuels Set to Drive Global Emissions to a Record, Yet Again</a> </div>  </div> </div> </div> <div class="marg-lg-b30"></div> </div> </div> </div>  </div> </div> <div class="col-md-4"> <div><a href="https://www.asiafinancial.com/newsletter"><img src="https://www.asiafinancial.com/wp-content/uploads/2021/10/340x170-article-page.png" alt="logo"></a></div> <div class="marg-lg-b20"></div> <div class="asia-letest"> <h2 class="heading"><a href="#"><span>Carbon</span> </a> </h2> <div class="marg-lg-b20"></div> <div class="tt-post tt-post-two-col-item type-3 col-sm-12 col-md-12 post-434 post type-post status-publish format-standard has-post-thumbnail hentry category-business category-culture tag-all tag-health tag-politics"> <div class="tt-post-inner"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/lacklustre-cop29-deal-shows-strains-of-climate-cooperation"> <img width="537" style="height:150px;" src="https://www.asiafinancial.com/wp-content/uploads/2024/11/Cop29-president-Mukhtar-Babayev-in-Baku-Reuters-image-300x200.jpeg" class="img-responsive wp-post-image" alt="Lacklustre COP29 Deal Shows Strains of Climate Cooperation"> </a> <div class="tt-post-info"> <div class="tt-post-info"> <a style="font-size:15px;" class="tt-post-title c-h6" href="https://www.asiafinancial.com/lacklustre-cop29-deal-shows-strains-of-climate-cooperation">Lacklustre COP29 Deal Shows Strains of Climate Cooperation</a> <div class="tt-post-label"> <span class="tt-post-author-name"><a href="#">Jim Pollard</a></span> <span class="tt-post-date">25 Nov 2024</span></div> </div> </div> </div> <div class="marg-lg-b30"></div> </div> <div class="clear"></div> <div class="custom-sidebar sidebar-item widget widget_recent_posts_entries"> <ul class="tt-post-list dark"><li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/anglo-sells-australian-coal-mines-to-peabody-in-3-8bn-deal"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2024/11/Peabody-listed-on-NYSE-Rtrs-300x200.jpg" class="img-responsive wp-post-image" alt="Anglo Sells Australian Coal Mines to Peabody in $3.8bn Deal"> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/anglo-sells-australian-coal-mines-to-peabody-in-3-8bn-deal">Anglo Sells Australian Coal Mines to Peabody in $3.8bn Deal</a> <span class="tt-post-date">25 Nov 2024</span> </div> </div> </li><li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/adani-bonds-sink-indian-parliament-shuts-amid-bribery-uproar"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2023/01/featured-4-300x200.png" class="img-responsive wp-post-image" alt="Adani Bonds Sink, Indian Parliament Shuts Amid Bribery Uproar"> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/adani-bonds-sink-indian-parliament-shuts-amid-bribery-uproar">Adani Bonds Sink, Indian Parliament Shuts Amid Bribery Uproar</a> <span class="tt-post-date">25 Nov 2024</span> </div> </div> </li><li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/bangladesh-wants-legal-help-for-probe-into-adani-power-deals"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2022/03/india-adani-reuters-300x199.jpeg" class="img-responsive wp-post-image" alt="Bangladesh Wants Legal Help For Probe Into Adani, Power Deals"> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/bangladesh-wants-legal-help-for-probe-into-adani-power-deals">Bangladesh Wants Legal Help For Probe Into Adani, Power Deals</a> <span class="tt-post-date">25 Nov 2024</span> </div> </div> </li></ul></div> </div>  <div id="subscribe"></div> <div class="clear"></div> <div class="tt-newsletter" style="margin:15px 0 15px 0;"> <div class="klaviyo-form-U4u3kX"></div> </div> <div class="clear"></div> <div class="sidebar-ad" style="margin:15px 0 15px 0;"> <div id='div-gpt-ad-sidebar_2'> <div data-onpage=true data-adpath="/339474670,22668885096/ATimesFin/sidebar_1"></div> </div> </div> <div class="tab-sec" style="margin:15px 0 15px 0;"> <ul class="tabs"> <li class="tab-link active-current" style="border-right:0px;" data-tab="tab-1">Popular News</li>  </ul> <div id="tab-1" class="tab-content active-current"> <div class="custom-sidebar sidebar-item widget widget_recent_posts_entries"> <ul class="tt-post-list dark"> <li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/china-russia-trade-booms-as-war-forces-moscow-to-look-east"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2022/04/Containers-are-seen-at-Yangshan-deepwater-port-in-Shanghai-Oct-19-2020.-RtrsAly-Song-e1657701034644.jpg" class="img-responsive wp-post-image" alt="China-Russia Trade Booms as War Forces Moscow to Look East"> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/china-russia-trade-booms-as-war-forces-moscow-to-look-east">China-Russia Trade Booms as War Forces Moscow to Look East</a> <div class="tt-post-cat"> 10 Jun 2022 </div> </div> </div> </li><li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/iran-wants-new-currency-for-china-bloc-with-30-of-global-gdp"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2021/05/china_iran_foreign_ministers_wang_yi_left_and_m_mad_zarif_javad_after_signing__Ef9lSZ6.jpg" class="img-responsive wp-post-image" alt="Iran Wants New Currency for China Bloc With 30% of Global GDP"> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/iran-wants-new-currency-for-china-bloc-with-30-of-global-gdp">Iran Wants New Currency for China Bloc With 30% of Global GDP</a> <div class="tt-post-cat"> 07 Jun 2022 </div> </div> </div> </li><li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/china-youth-unemployment-to-hit-23-bank-of-america-says"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2021/05/china_jobs_fair.jpg" class="img-responsive wp-post-image" alt="China Youth Unemployment to Hit 23%, Bank of America Says"> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/china-youth-unemployment-to-hit-23-bank-of-america-says">China Youth Unemployment to Hit 23%, Bank of America Says</a> <div class="tt-post-cat"> 06 Jun 2022 </div> </div> </div> </li><li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/china-seizing-hi-tech-share-from-us-in-win-lose-battle"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2021/05/china_high_tech_workers_in_suits-e1677752255610.jpg" class="img-responsive wp-post-image" alt="China Seizing Hi-Tech Share From US in ‘Win-Lose’ Battle"> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/china-seizing-hi-tech-share-from-us-in-win-lose-battle">China Seizing Hi-Tech Share From US in ‘Win-Lose’ Battle</a> <div class="tt-post-cat"> 08 Jun 2022 </div> </div> </div> </li><li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/xi-jinping-rails-against-sanctions-in-boao-forum-speech"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2022/01/000_1681X3-compressed-scaled-e1647483232636.jpg" class="img-responsive wp-post-image" alt="Xi Jinping Rails Against Sanctions in Boao Forum Speech"> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/xi-jinping-rails-against-sanctions-in-boao-forum-speech">Xi Jinping Rails Against Sanctions in Boao Forum Speech</a> <div class="tt-post-cat"> 21 Apr 2022 </div> </div> </div> </li> </ul>  </div> </div> <div id="tab-2" class="tab-content"> <div class="custom-sidebar sidebar-item widget widget_recent_posts_entries"> <ul class="tt-post-list dark"> </ul>  </div> </div> </div> <div style="margin:15px 0 15px 0;"> <div id='div-gpt-ad-sidebar_1'> <div data-onpage=true data-adpath="/339474670,22668885096/ATimesFin/sidebar_2"></div> </div> </div> </div> </div> </div> </div> <div class="empty-space tt-page-margin-top marg-lg-b30 marg-sm-b30"></div> <div class="advertbx mid-ad-bg"> <div class="container"> <div class="row"> <div class="col-md-12"> <div class="bottom-ads">   <div id='div-gpt-ad-leaderboard_2'> <div data-onpage=true data-adpath="/339474670,22668885096/ATimesFin/leaderboard_1"></div> </div> </div> </div> </div> </div> </div>  <div class="tt-footer"> <div class="container"> <div class="row"> <div class="col-md-6 col-sm-6 col-1"> <div class="row"> <div class="ft-box col-md-4 col-sm-6 col-1"> <div class="ft-titel tt-title-block-2">ABOUT AF</div> <ul> <li><a href="https://www.asiafinancial.com/asia-financial-news-group">Asia Financial News Group</a></li> <li><a href="https://www.asiafinancial.com/asia-financial-index-group">Asia Financial Index Group</a></li> <li><a href="https://www.capitallinkintl.com/" target="_blank">Capital Link International</a></li> <li><a href="https://www.asiafinancial.com/ads-and-partnerships">Ads and Partnerships</a></li> <li><a href="https://www.asiafinancial.com/about-us">About Us</a></li> </ul> </div> <div class="ft-box col-md-4 col-sm-6 col-1"> <div class="ft-titel tt-title-block-2">RESOURCES</div> <ul> <li><a href="https://www.asiafinancial.com/index-tools">Index Tools</a></li> <li><a href="https://www.asiafinancial.com/newsletter">Newsletters</a></li> <li><a href="https://www.asiafinancial.com/your-af">Your AF</a></li> <li><a href="https://www.asiafinancial.com/careers">Careers</a></li> <li><a href="https://www.asiafinancial.com/contact-us">Contact Us</a></li> </ul> </div> <div class="ft-box col-md-4 col-sm-6 col-1"> <div class="ft-titel tt-title-block-2">LEGAL + PRIVACY</div> <ul> <li><a href="https://www.asiafinancial.com/copyright">Copyright</a></li> <li><a href="https://www.asiafinancial.com/legal-privacy">Legal & Privacy</a></li> <li><a href="https://www.asiafinancial.com/terms-conditions">Terms & Conditions</a></li> <li><a href="https://www.asiafinancial.com/privacy-policy">Privacy Policy</a></li> <li><a href="https://www.asiafinancial.com/cookies">Cookies</a></li> </ul> </div> </div> <div class="row"> <div class="empty-space marg-lg-b30"></div> <div class="col-md-6 col-sm-6 col-1"> <div class="textwidget"> <div class="footer-logo"><img src="https://www.asiafinancial.com/wp-content/themes/atf/images/asia-financial-logo.png"></div> </div> </div> <div class="col-md-6 col-sm-6 col-1"> <div class="textwidget"> <div class="footer-logo"><img src="https://www.asiafinancial.com/wp-content/themes/atf/images/asia-financial-logo2.png"></div> </div> </div> <div class="empty-space marg-xs-b30"></div> </div> </div> <div class="col-md-3 col-sm-6 col-3"> <div id="recent-posts-3" class="widget tt-footer-list footer_widget widget_recent_posts_entries"> <h5 class="tt-title-block-2">Must Read</h5> <div class="empty-space marg-lg-b5"></div> <ul class="tt-post-list dark"> <li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/nvidia-holds-talks-with-china-even-as-new-us-chip-curbs-loom"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2023/12/Nvidia-CEO-Jensen-Huang-attends-a-media-roundtable-in-Singapore-Rs.jpeg" class="img-responsive wp-post-image" alt=""/> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/nvidia-holds-talks-with-china-even-as-new-us-chip-curbs-loom">Nvidia Holds Talks With China Even As New US Chip Curbs Loom</a> <div class="tt-post-cat"><a href="https://www.asiafinancial.com/regions/world" rel="category tag">World</a></div> </div> </div> </li><li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/huawei-breaks-away-from-us-tech-with-new-mate-70-smartphone"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-28.jpg" class="img-responsive wp-post-image" alt=""/> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/huawei-breaks-away-from-us-tech-with-new-mate-70-smartphone">Huawei Breaks Away From US Tech With New Mate 70 Smartphone</a> <div class="tt-post-cat"><a href="https://www.asiafinancial.com/regions/world" rel="category tag">World</a></div> </div> </div> </li><li> <div class="tt-post type-7 dark clearfix post-586 post type-post status-publish format-standard has-post-thumbnail hentry category-news tag-all tag-health tag-politics"> <a class="tt-post-img custom-hover" href="https://www.asiafinancial.com/china-gives-its-tech-giants-3-months-to-fix-algorithm-issues"> <img width="80" height="80" src="https://www.asiafinancial.com/wp-content/uploads/2021/08/A-sign-above-an-office-of-the-Cyberspace-Administration-of-China-CAC-is-seen-in-Beijing-on-July-8-2021.-RtrsThomas-Peter-e1732620759212.jpg" class="img-responsive wp-post-image" alt=""/> </a> <div class="tt-post-info"> <a class="tt-post-title c-h6" href="https://www.asiafinancial.com/china-gives-its-tech-giants-3-months-to-fix-algorithm-issues">China Gives Its Tech Giants 3 Months to Fix Algorithm Issues</a> <div class="tt-post-cat"><a href="https://www.asiafinancial.com/regions/world" rel="category tag">World</a></div> </div> </div> </li> </ul> </div> <div class="empty-space marg-xs-b30"></div> </div> <div class="col-md-3 col-sm-6 col-4"> <div id="tag_cloud-7" class="widget tt-footer-list footer_widget widget_tag_cloud"> <h5 class="tt-title-block-2">Tags</h5> <div class="empty-space marg-lg-b20"></div> <div class="tagcloud"><a href="https://www.asiafinancial.com/tag/china" class="tag-cloud-link tag-link-31 tag-link-position-1" style="font-size: 8pt;" aria-label="All (13 items)"> China</a> <a href="https://www.asiafinancial.com/tag/bonds" class="tag-cloud-link tag-link-29 tag-link-position-2" style="font-size: 8pt;" aria-label="Health (13 items)">Bonds</a> <a href="https://www.asiafinancial.com/tag/us" class="tag-cloud-link tag-link-28 tag-link-position-3" style="font-size: 8pt;" aria-label="Politics (13 items)">US</a></div> </div> <div id="tag_cloud-2" class="widget tt-footer-list footer_widget widget_tag_cloud"> <h5 class="tt-title-block-2">Categories</h5> <div class="empty-space marg-lg-b20"></div> <div class="tagcloud"> <a href="https://www.asiafinancial.com/af-indexes" class="tag-cloud-link tag-link-30 tag-link-position-1" style="font-size: 8pt;" aria-label="Business (4 items)">AF Indexes</a> <a href="https://www.asiafinancial.com/markets" class="tag-cloud-link tag-link-30 tag-link-position-1" style="font-size: 8pt;" aria-label="Business (4 items)">Markets</a> <a href="https://www.asiafinancial.com/fintech" class="tag-cloud-link tag-link-30 tag-link-position-1" style="font-size: 8pt;" aria-label="Business (4 items)">Fintech</a> <a href="https://www.asiafinancial.com/energy" class="tag-cloud-link tag-link-30 tag-link-position-1" style="font-size: 8pt;" aria-label="Business (4 items)">Energy</a> <a href="https://www.asiafinancial.com/transport" class="tag-cloud-link tag-link-30 tag-link-position-1" style="font-size: 8pt;" aria-label="Business (4 items)">Transport</a> <a href="https://www.asiafinancial.com/health" class="tag-cloud-link tag-link-30 tag-link-position-1" style="font-size: 8pt;" aria-label="Business (4 items)">Health</a> <a href="https://www.asiafinancial.com/regions" class="tag-cloud-link tag-link-30 tag-link-position-1" style="font-size: 8pt;" aria-label="Business (4 items)">Regions</a> <a href="https://www.asiafinancial.com/opinion" class="tag-cloud-link tag-link-30 tag-link-position-1" style="font-size: 8pt;" aria-label="Business (4 items)">Opinion</a> </div> </div> <div class="empty-space marg-xs-b30"></div> </div> <div class="col-md-12"> <div class="empty-space marg-lg-b60 marg-sm-b50 marg-xs-b30"></div> </div> </div> </div> <div class="tt-footer-copy"> <div class="container"> <div class="row"> <div class="col-md-6 col-sm-6 col-1"> <div class="ft-titel tt-title-block-2">DISCLAIMER</div> <p></p> </div> <div class="col-md-3 col-sm-6 col-1"> <p>Asia Financial is owned by Capital Link International Holdings Ltd, 902, Wilson House 19-27 Wyndham Street, Central, Hong Kong. www.capitallinkintl.com</p> </div> <div class="col-md-3 col-sm-6 col-1"> <img src="https://www.asiafinancial.com/wp-content/themes/atf/images/capital-link.png"> </div> </div> </div> </div> </div> </div> </div>  <script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script><script type='text/javascript'> document.addEventListener( 'wpcf7mailsent', function( event ) { if( "fb_pxl_code" in event.detail.apiResponse){ eval(event.detail.apiResponse.fb_pxl_code); } }, false ); </script>  <div id='fb-pxl-ajax-code'></div><script type='text/javascript' src='https://www.asiafinancial.com/wp-content/plugins/metronet-profile-picture/js/mpp-frontend.js?ver=2.6.3' id='mpp_gutenberg_tabs-js'></script> <script type='text/javascript' src='https://www.asiafinancial.com/wp-includes/js/wp-embed.min.js?ver=5.8.10' id='wp-embed-js'></script> <script type='text/javascript'> /* <![CDATA[ */ var wpcf7 = { "apiSettings": { "root": "https:\/\/www.asiatimesfinancial.com\/demo\/magplus\/newspro\/wp-json\/contact-form-7\/v1", "namespace": "contact-form-7\/v1" }, "cached": "1" }; /* ]]> */ </script> <script type='text/javascript'> /* <![CDATA[ */ var woocommerce_params = { "ajax_url": "\/demo\/magplus\/newspro\/wp-admin\/admin-ajax.php", "wc_ajax_url": "\/demo\/magplus\/newspro\/?wc-ajax=%%endpoint%%" }; /* ]]> */ </script> <script type='text/javascript'> /* <![CDATA[ */ var wc_cart_fragments_params = { "ajax_url": "\/demo\/magplus\/newspro\/wp-admin\/admin-ajax.php", "wc_ajax_url": "\/demo\/magplus\/newspro\/?wc-ajax=%%endpoint%%", "cart_hash_key": "wc_cart_hash_21b96ebe847cb2610b7f3957862072a8", "fragment_name": "wc_fragments_21b96ebe847cb2610b7f3957862072a8", "request_timeout": "5000" }; /* ]]> */ </script> <script type='text/javascript'> /* <![CDATA[ */ var magplus_ajax = { "ajaxurl": "https:\/\/www.asiatimesfinancial.com\/demo\/magplus\/newspro\/wp-admin\/admin-ajax.php", "siteurl": "https:\/\/www.asiatimesfinancial.com\/demo\/magplus\/newspro\/wp-content\/themes\/magplus", "nonce": "8db882ff64" }; /* ]]> */ </script> <script type='text/javascript'> /* <![CDATA[ */ var newsletter = { "messages": { "email_error": "The email is not correct", "name_error": "The name is not correct", "surname_error": "The last name is not correct", "profile_error": "A mandatory field is not filled in", "privacy_error": "You must accept the privacy statement" }, "profile_max": "20" }; /* ]]> */ </script> <script> (function() { var indeces = [ { key: "ALLIBL50", name: "Financials China Onshore Bond Index" }, { key: "KOINTR", name: "Policy Bank Bonds China Onshore" }, { key: "EKARTR", name: "Enterprises (SOE) China Onshore" } /* { key: "ALLILOGO10", name: "Local Government Bond from Chinese Provincial Governments" }, */ ]; fetchAllindex(function(rawData) { var data = parseData(rawData) // populateContent(data); //animate(); }); function fetchAllindex(cb) { var indexPathSegment = indeces .map(function(i) { return i.key; }) .join(","); var xhr = new XMLHttpRequest(); xhr.open( "GET", "https://tool.allindex.com/api/index/" + indexPathSegment + "/performance/key/" ); /* xhr.setRequestHeader( "Authorization", "Api-Key bDk4pQv6.JXg2IrxRxNR8eRckXecyORMzmxDKSIcK" ); */ xhr.setRequestHeader( "X-Api-Key", "3QXcuRq6.hCAyMdB1GD1cbSqfdoGHDeQy5bxa5u5C" ); xhr.onload = function(e) { var data = JSON.parse(xhr.response); cb(data); }; xhr.send(); window.xhr = xhr; } function parseData(rawData) { var parsedData = []; var headstr = '<li style="margin-right: 5px;">AF Indexes -</li>'; var mobistr = '<li style="margin-right: 5px;">AF Indexes -</li>'; var counter = 0; for (var index of indeces) { var name = index.name; var key = index.key; var datum = rawData[key]; var change = (datum.level_T - datum.level_T_minus_1); var percentChange = ((datum.level_T - datum.level_T_minus_1) / datum.level_T_minus_1) * 100; var isPositive = change >= 0; var formatprecentage = (isPositive ? '+' : '') + percentChange.toFixed(2) + '%'; var border = '1px solid #8ac53e'; if ( ! isPositive ) { border = '1px solid red'; } text = 'value' if ( index.key == 'ALLIBL50' ) { text = 'AF China Bond'; } else if ( index.key == 'KOINTR' ) { text = 'AF Global Fintech'; } else if ( index.key == 'EKARTR' ) { text = 'AF Global EV'; } else { if ( text == '' ) { text = index.key; } } headstr += '<li style><a style="color:#fff; font-weight:400;" href="https://www.asiafinancial.com/asia-financial-index-group">'+ text +'</a><span style="border:'+ border +'">'+ formatprecentage +'</span></li>'; if ( counter == 0 ) { mobistr += '<li style><a style="color:#fff; font-weight:400;" href="https://www.asiafinancial.com/asia-financial-index-group">'+ text +'</a><span style="border:'+ border +'">'+ formatprecentage +'</span></li>'; } parsedData.push({ name: name, key: key, level: datum.level_T, change: change, percentChange: percentChange, formattedLevel: datum.level_T.toFixed(3), formattedChange: (isPositive ? '+' : '') + change.toFixed(2), formattedPercentChange: (isPositive ? '+' : '') + percentChange.toFixed(2) + '%', isPositive: isPositive, currentLevel: datum.level_T, previouLevel: datum.level_T_minus_1, }); counter++; } //jQuery("#top-list ul").append(headstr + '<li><a href="https://www.marketaxess.com/?utm_source=Asia_Times_Financial&utm_medium=Logo_Sponsorship&utm_campaign=ALM" target="_blank"><img src="https://www.asiafinancial.com/wp-content/uploads/2021/05/logo-market-access.jpg"></a></li>'); jQuery("#top-list ul").append(headstr); //jQuery("#top-list-mobi ul").append(mobistr + '<li><a href="https://www.marketaxess.com/?utm_source=Asia_Times_Financial&utm_medium=Logo_Sponsorship&utm_campaign=ALM" target="_blank"><img src="https://www.asiafinancial.com/wp-content/uploads/2021/05/logo-market-access.jpg"></a></li>'); jQuery("#top-list-mobi ul").append(mobistr); //return parsedData; } function populateContent(data) { const containerEl = document.querySelector( "section.marquee .marquee-items" ); for (var index of data) { // Create HTML elements var indexEl = document.createElement("li"); indexEl.classList.add("marquee-item"); indexEl.classList.add(index.isPositive ? 'marquee-item-positive' : 'marquee-item-negative'); var nameEl = document.createElement("div"); nameEl.classList.add("marquee-item-name"); nameEl.innerText = index.name + ' (' + index.key + ')'; var valueEl = document.createElement("div"); valueEl.classList.add("marquee-item-value"); valueEl.innerText = index.formattedLevel; var changeEl = document.createElement('div'); changeEl.classList.add('marquee-item-change') changeEl.innerText = index.formattedChange + ' (' + index.formattedPercentChange + ')'; // Append HTML elements to the DOM containerEl.appendChild(indexEl); indexEl.appendChild(nameEl); indexEl.appendChild(valueEl); indexEl.appendChild(changeEl); } } // Repeat elements and animate function animate() { const sections = document.querySelectorAll( "section.marquee:not([data-animation-started])" ); for (let section of sections) { section.dataset.animationStarted = true; const content = section.querySelector(".marquee-content"); const list = content.children[0]; // Clone and append list items n times. const n = 10; const l = list.children.length; for (let i = 0; i < l * n; i++) { list.appendChild(list.children[i % l].cloneNode(true)); } setTimeout(() => { const speed = 0.04; // px/ms const distance = section.scrollWidth; const duration = distance / speed; const animation = content.animate( [ // keyframes { transform: "translateX(0px)" }, { transform: `translateX(-${distance}px)` } ], { // timing options duration: duration, iterations: Infinity } ); section.onmouseenter = () => animation.pause(); section.onmouseleave = () => animation.play(); }, 50); } } })();</script> <script type="text/javascript"> $( '.cmn-mobile-switch' ).click( function() { $( '.tt-mobile-block' ).toggleClass( 'active' ); $( '#content-wrapper' ).toggleClass( 'active' ); return false; } ); $( '.tt-mobile-close' ).click( function() { $( '.tt-mobile-block' ).toggleClass( 'active' ); $( '#content-wrapper' ).toggleClass( 'active' ); return false; } ); </script> </body> </html>