COP-26 approves agreement with rules on carbon market, but makes little progress in financing

Another highlight of the text was an appeal for the gradual reduction of the use of fossil fuels – an excerpt whose language was toned down over the course of the negotiations.

The international system – whose details of the operation are yet to be defined – is a step for countries where there are large areas of CO2 absorption to trade bonds with polluting nations, which need to offset excess emissions into the atmosphere.

One of Brazil’s main criticisms was about the items that prevent double counting: that the emission of a carbon credit be counted and deducted from the total emissions of the country that sold and also purchased.

In the last hours of negotiations, there was an appeal by China and India to use the term “reduction” instead of “elimination” of pollutants, which has been heavily criticized by other countries, who complained about the lack of transparency in this change.

The financing of these strategies against climate change was the target of one of the main conflicts during the COP and frustrated expectations of guaranteeing more resources.

The final text recommends doubling the resources offered by rich countries to developing nations, with the aim of financing actions against global warming and adaptations to climate change.

A report by the United Nations Intergovernmental Panel on Climate, in August, showed that the Earth is warming faster than predicted and is preparing to reach 1.5ºC above the pre-industrial level in the 2030s, ten years before the that was expected.

According to him, the world remains on the brink of a “climate catastrophe.” 18-year-old Swedish environmental activist Greta Thunberg went to social media to express her rejection of the negotiations.

Brazil arrived at the conference under international suspicion, given the explosion of deforestation in the Amazon and President Jair Bolsonaro’s posture of little dialogue on the environmental agenda.

Analysts consider it positive that Brazil has not placed obstacles in the negotiations, but claim that recovering its reputation in the environmental area will depend on effective actions by the Bolsonaro administration.

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