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At COP29 in Baku, carbon credits ignited intense debate from the very start. While Azerbaijan, the host nation, celebrated progress on Article 6, climate justice groups criticised carbon markets for enabling major polluters to continue emitting greenhouse gases. A carbon credit represents the right to emit one metric tonne of CO2 equivalent or an equivalent amount of other greenhouse gases (GHGs). These credits can be generated through projects that either avoid emissions or sequester carbon from the atmosphere, such as reforestation or renewable energy initiatives. Indeed, the cross-border carbon markets are not new. The Clean Development Mechanism (CDM), established under the Kyoto Protocol, has been operated since 2004. The CDM allowed developed countries to invest in emission reduction projects in developing nations in order to claim carbon credits to offset emissions generated in their own countries. Therefore, industrial investors and companies in developed nations invested in CDM projects in other countries to meet their own emission targets without disrupting their economic activities. It must be recalled that Article 6 of the Paris Agreement enhances the CDM, which aims to foster international collaboration to achieve Nationally Determined Contributions (NDCs) -- each country's specific climate action plans to limit global warming. Article 6 introduces two distinct pathways for carbon trading. Article 6.2 allows two countries to forge bilateral carbon trading agreements tailored to their specific needs. This means that countries can directly negotiate how they will exchange carbon credits, providing flexibility and cooperation based on mutual goals. Article 6.4 aims to establish a centralised, United Nations-managed system. This system is intended to create a standardised framework where countries and companies can offset their carbon emissions by purchasing and trading verified carbon credits. The UN oversees this process to ensure transparency. Supporters of the carbon market argue that carbon credits are essential for incentivising companies to reduce emissions and for channelling financial resources to projects in the Global South. They believe a global carbon market enhances efficiency by allowing countries to leverage their unique strengths. For example, renewable energy projects such as solar farms in countries with abundant natural resources and lower labour costs can generate carbon credits more cheaply than similar projects in high-income nations with limited renewable potential. This results in lower costs per ton of carbon reduced on a global scale. A report by the International Emissions Trading Association, a Geneva-based think tank, states that the full implementation of Article 6 could reduce the costs associated with meeting NDCs by up to $250 billion (8.7 trillion baht) by 2030. This financial incentive is particularly crucial for developing nations that may struggle to fund their climate initiatives independently. Opponents argue that carbon markets can perpetuate "carbon colonialism". Under this premonition, vast lands in the Global South will be used to offset emissions from the Global North, allowing wealthy nations to evade their direct climate responsibilities. A significant concern is the negative impact on human rights, as reported by the UN Special Rapporteur on the Rights of Indigenous Peoples. The current carbon market system lacks adequate human rights and environmental safeguards, making it vulnerable to abuse. For instance, communities involved in forest conservation projects in Peru, which sell carbon credits, have faced forced evictions and conflicts with local authorities. Similarly, some hydropower projects that sell carbon credits highlight their environmental benefits while ignoring the social impacts, such as displacing local communities and losing traditional ways of life. These cases show that without strict regulations, carbon markets can cause social injustices. A particularly troubling issue is that some carbon credits may not deliver the promised carbon reduction. One notable example is the forest conservation projects in Kariba, Zimbabwe. Verified by Verra, the world's largest carbon credit certifier, the Kariba project has sold carbon credits worth hundreds of millions of euros since 2011. However, the carbon credits sold by this project are based on a questionable estimation model that predicts the deforestation rate if conservation projects were not in place and then claims that the preserved trees can be sold as carbon removal credits. For example, if the model estimates a deforestation rate of 3% per year and assumes that conservation projects reduce this rate to zero, the project can sell carbon credits equivalent to the sequestered carbon from those 3% of forests that have been preserved. In theory, this approach works in an ideal scenario where long-term deforestation rates can be accurately predicted without conservation projects. In reality, these estimations are prone to overestimation, meaning that the actual emission reductions may be significantly lower than the carbon credits sold in the market. The Kariba project is not an isolated incident. A recent study published in Nature Communications, a peer-reviewed scientific journal, analysed 65 studies that evaluated the quality of carbon credits across 2,346 carbon mitigation projects. The researchers estimate that out of the 972 million carbon credits issued globally to date, approximately 812 million do not correspond to a full metric ton of C02 reduction. In other words, only about 16% of carbon credits accurately reflect climate impact. These findings present grim prospects for the carbon market. However, there is also a silver lining because at least the valid carbon credits are above zero. The challenge now is to expand the proportion of high-quality carbon credits and prevent fraudulent projects from entering the market. Lessons from over two decades of experience, combined with improved monitoring technology and more accurate estimation methods, can help achieve this. These statistics also indicate that the carbon market is not a silver bullet but should serve as a supporting mechanism to facilitate a low-carbon transition. The ideal carbon credit should be high in quality, limited in quantity, and appropriately priced, with strict monitoring and regulations. Additionally, effective grievance mechanisms must be in place to ensure that carbon markets do not violate human rights. Phasing out fossil fuels remains an urgent priority, and formalised climate finance from developed countries is still necessary to address climate change effectively. Carbon markets cannot replace the need for direct action and substantial financial support to achieve meaningful climate progress. Ultimately, whether carbon credits become a valuable tool in the fight against climate change or remain ineffective and potentially harmful hinges on the well-regulated Article 6. The outcomes of COP29's discussions on Article 6 may not be perfect, but at least they provide much-needed clarity to international efforts to coordinate emissions trading and carbon crediting. Importantly, the agreement ensures that countries will continue dialogue on this issue and persist in refining and improving the guidelines. Rapeepat Ingkasit is the head of research at Climate Finance Network Thailand (CFNT), a think tank devoted to propelling sustainable financial practices and assisting in Thailand's transition towards a low-carbon economy. Learn more at https://climatefinancethai.com .
Kalpana Soren , wife of Jharkhand Chief Minister Hemant Soren , has emerged as a powerful force in the party that revitalised the Jharkhand Mukti Morcha ( JMM ). Her political journey, which was never her initial choice, began in earnest after her husband's arrest by the Enforcement Directorate (ED) on January 31 in connection with a money laundering case tied to an alleged land fraud. Assembly Election Results Live Updates Maharashtra Election Results Jharkhand Election Results Bypoll Election Results Despite the personal and political challenges posed by her husband's legal battles, Kalpana has proven to be a resilient and dynamic leader. She became a vocal figure in the opposition to the Bharatiya Janata Party (BJP), accusing the party of being a "tyrannical force" targeting the opposition INDIA bloc. Her leadership became especially prominent during the Lok Sabha elections , where she campaigned vigorously and led the JMM's efforts in Jharkhand, gaining the support of tribal communities and others. Kalpana's political rise gained significant momentum after her husband's release from jail and his subsequent return to office as Chief Minister in July. 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Her message has been clear - she stands firm against injustice and dictatorial forces, taking inspiration from her husband's refusal to compromise on his principles. Kalpana's political journey began on March 4 at the JMM's 51st Foundation Day celebration in Giridih district, where she claimed that a conspiracy had been orchestrated by opponents since the Hemant Soren coalition government came to power in 2019. Hemant Soren was arrested by the ED on January 31 in connection with a money laundering case linked to an alleged land fraud. He resigned from his post before the arrest. Kalpana has been a prominent figure in INDIA bloc rallies in Jharkhand and campaigned for the alliance in the state. She was one of the key speakers at the 'Ulgulan Nyay' rally in Ranchi, attended by leaders of 28 parties on April 21. She won the Gandey bypoll, held in June along with Lok Sabha polls by 27,149 votes over her nearest BJP rival Dilip Kumar Verma and ever since has not looked back. Through her about 200 rallies in assembly elections this time, Kalpana has infused new blood in the party and has emerged as a powerful face. Kalpana, 48, holds engineering and MBA degrees. "I will fight against injustice and dictatorial forces as bowing is not in tribal DNA. I will follow my husband's footsteps. He chose to court imprisonment rather than compromise his values. I am his better half and will see to it that tyrannical forces get a befitting reply," Kalpana emphasises. She terms her husband's arrest by the ED as politically motivated and part of a plan to coerce him to join the BJP. "His arrest was part of a plan by the central government to browbeat, intimidate, and humiliate him, but they will get a befitting reply in the elections," she had said. Kalpana completed her schooling in Baripada in Odisha's Mayurbhanj district and obtained her engineering and MBA degrees in Bhubaneswar. Speculation regarding Kalpana's candidacy arose following the resignation of Ahmad in December, with the BJP claiming it was to facilitate her candidacy in case the ED issued summonses to her husband. The BJP in the state has been attacking Kalpana, saying that Champai Soren was a "caretaker and puppet chief minister" while she was the "centre of power" in Jharkhand. "All of you have reached this far in this great election campaign by shedding your blood and sweat. Every vote is precious for us. That is why we have to maintain our passion and fighting spirit until we get the certificate of victory," she emphasises. Now her luck is sealed in the EVM as she once again contested from Gandey. Kalpana has been making headlines now as Hemant finds himself increasingly facing heat from the Enforcement Directorate (ED) in a case pertaining to an alleged land scam. As the ED turns up the heat on the CM, Kalpana is set to remain in the limelight. Assembly Election Results Live Updates Maharashtra Poll Results Highlights 2024 Jharkhand Poll Results Highlights 2024 (You can now subscribe to our Economic Times WhatsApp channel )
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Jeremy Clarkson has backpedalled on his previous comments about why he bought his farm, saying he thought it would be a “better PR story if I said I bought it to avoid paying tax”. The TV presenter and journalist defied doctors’ orders by joining thousands of farmers in London on Tuesday to protest against agricultural inheritance tax changes. The 64-year-old, who fronts Prime Video’s Clarkson’s Farm, which documents the trials of farming on his land in Oxfordshire , wrote in a post on the Top Gear website in 2010: “I have bought a farm. There are many sensible reasons for this: Land is a better investment than any bank can offer. The government doesn’t get any of my money when I die. And the price of the food that I grow can only go up.” Clarkson also told the Times in 2021 that avoiding inheritance tax was “the critical thing” in his decision to buy land. Addressing the claim in a new interview with The Times , the former Top Gear presenter said: “I never did admit why I really bought it.” The fan of game bird shooting added: “I wanted to have a shoot – I was very naive. I just thought it would be a better PR story if I said I bought it to avoid paying tax.” Clarkson was among the thousands who took to the streets this week to protest over the changes in the recent Budget to impose inheritance tax on farms worth more than £1 million and he addressed the crowds at the march in central London. He told the newspaper he is not happy to be the public face of the movement, saying: “It should be led by farmers.” The presenter said he does not consider himself a farmer because there are “so many basic jobs” which he cannot do, but he feels his role is to “report on farming”. Earlier this month, it was confirmed Clarkson’s Farm, which has attracted huge attention to his Diddly Squat farm shop, had been renewed for a fifth series. Asked whether the issue behind the tax protest is that rural poverty is hidden, Clarkson agreed and said his programme was not helping to address the situation. “One of the problems we have on the show is we’re not showing the poverty either, because obviously on Diddly Squat there isn’t any poverty”, he said. “But trust me, there is absolute poverty. I’m surrounded by farmers. I’m not going out for dinner with James Dyson. “It’s people with 200 acres, 400 acres. Way past Rachel Reeves’s threshold. They are f*****.” The newspaper columnist also presents Who Wants To Be A Millionaire? on ITV. The Grand Tour, his motoring show with former Top Gear colleagues Richard Hammond and James May, ended in September. Discussing whether he might move into politics, Clarkson said: “I’d be a terrible political leader, hopeless. “I’m a journalist at heart, I prefer throwing rocks at people than having them thrown at me.” However, he said he would be “100% behind any escalation” after the farmers’ march. Clarkson revealed last month he had undergone a heart procedure to have stents fitted after experiencing a “sudden deterioration” in his health which brought on symptoms of being “clammy”, a “tightness” in his chest and “pins and needles” in his left arm. He said in a Sunday Times column that one of his arteries was “completely blocked and the second of three was heading that way” and doctors said he was perhaps “days away” from becoming very ill. Asked if he is thinking about retiring, the Doncaster-born celebrity said: “Probably not. It depends when you die, I always think. “You’d be surprised, us Northerners are made of strong stuff.”
1,200 baby boomers told us what they regret about investing for retirementDo carbon credits make a difference?