The Ethical Investor: COP29 pushes for 10x more climate funding, considers crypto levy to save planet

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COP29 agrees on global carbon-credit trading rules COP29 considers cryptocurrency levy to fund climate action Experts call for 10x increase in climate financing COP29, the 29th annual Conference of ...

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action\nExperts call for 10x increase in climate financing\nCOP29, the 29th annual Conference of the Parties (COP) summit, is here again, where countries gather to discuss and negotiate global action on climate change.This year’s summit kicked off on Monday, and already there’s some big news: countries have agreed on the rules for a global carbon-credit trading system.This has been a long time coming.Basically, the agreement is that wealthier countries like the US and Japan can now meet their climate targets by buying carbon credits from smaller countries. These credits usually come from projects like planting trees that absorb CO2.Critics aren’t happy, though, saying the deal was rushed and didn’t give enough people a chance to weigh in.Another big topic on the table this year is climate financing – how much money poor, climate-vulnerable countries need to handle disasters and build clean energy.Experts are saying the current target of US$100 billion a year isn’t nearly enough to combat climate change, and should be raised by at least 10 times.Host raises eyebrowsBut there’s extra drama this year.COP29 is happening in Baku, Azerbaijan, a country where oil and gas make up 90% of exports. Russia helped Azerbaijan secure the hosting rights by blocking other countries that opposed its invasion of Ukraine.Azerbaijan isn’t exactly known for pushing green policies and the summit is also being led by Azerbaijan’s former oil chief.The vibes have been a bit off, too, where there are fewer world leaders showing up compared to last year.Xi Jinping and Joe Biden are both skipping it, and Papua New Guinea even decided to boycott, calling the whole thing “a total waste of time”.‘Solidarity levy’ on cryptocurrencyThere were some eye-popping discussions at COP29, including a bold proposal for a “solidarity levy” on cryptocurrency to help fund climate action.This proposal has gained attention as a way to generate significant funding for the global fight against climate change, with the potential to raise billions of dollars.The solidarity levy could target sectors that are seen as contributing to inequality or environmental harm, such as cryptocurrencies, the ultra-wealthy, and frequent flyers.These sectors are viewed as areas where levies could raise substantial funds, without severely impacting the broader public.The concept of a crypto levy, in particular, has sparked interest because of the rapidly growing and highly profitable nature of the crypto market, which remains largely untaxed in many countries.‘The time for action is now’Nigel Green, CEO of deVere Group, issued a stark warning: “The time for action is now.”“The climate crisis is accelerating, and every day we waste is a day we get closer to irreversible damage,” Green said, calling on the finance world to come together like never before to help avert the worst of the climate disaster.“We simply don’t have the luxury of inaction.”For years, experts have warned that trillions of dollars are needed to mitigate climate change, fund clean energy solutions and help vulnerable nations adapt to the impacts of a warming world.Yet, as Green points out, COP29 must be the moment when the financial industry bridges the gap and delivers the necessary funding.“Leaders from all corners of finance – asset managers, insurers, private equity, banks, and pension funds – must come together and work collaboratively to finance transformative climate solutions,” Green stressed.“This responsibility is beyond any single institution or government; it’s an industry-wide mandate to future-proof our global economy.”The stakes are higher than ever, especially with the US preparing for a new administration under President-elect Donald Trump.Green believes Trump’s past climate policies, particularly his climate skepticism, have left many concerned about potential setbacks in climate finance commitments.The election of a US president with a history of climate skepticism adds another layer of urgency, he said.What about Australia?Australia’s climate policy is also at a crossroads.The Albanese government has set ambitious goals, but balancing bold promises with continued reliance on fossil fuels remains a challenge.The big question is: Can Australia truly lead on climate change, or is it just talking the talk while sticking with business as usual?Syed Munir Khasru, a leading climate expert, sees Australia’s position at COP29 as both a sign of progress and a reflection of its struggles.“Australia’s climate policy raises a crucial question: Are we witnessing genuine leadership, or merely sophisticated greenwashing?”While the government has committed to reducing emissions by 43% by 2030 and achieving net-zero by 2050, gas still accounts for 27% of Australia’s energy needs.The plan is to keep extracting it until 2050, raising concerns that expanding gas production could lock the country into a high-emissions future, making it harder to meet the Paris Agreement’s 1.5°C target.Khasru also pointed out that without carbon pricing, Australia’s emissions reduction efforts could stall, even with heavy investment in renewables.“COP29 arrives at an ideal moment for Australia to showcase its innovative spirit and commitment to climate action by closing the gap between ambition and achievement.“The world is watching.”Read more: Got Gas: Growing Asian gas demand still luring Oz producers","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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