COP 25 Summit Concludes with no Deal on Carbon Markets

The COP 25 conference that took over two weeks wrapped up on Sunday failing to reach consensus on many issues and pushed important decisions to COP 26 next year. Although the European Union expressed its dissatisfaction, it promised to scale up the 40% finance that it provides to the global climate. In a closing remark, EU expressed its commitment to support developing countries based on the Paris agreement.

The most confrontational issue at COP 25 was carbon market. But how it technically function under the Paris agreement delayed till next year.  The Secretary General Antonio Guterres said “The international community lost an important opportunity to show increased ambition on mitigation, adaptation, and finance to tackle the climate crisis”

Meanwhile, Brazil, Australia, USA, China and other major emitters were blamed for holding progress. COP 25 also confirmed that strong public and political pressure is needed.

His Excellency Professor Fikadu Beyene, Commissioner of Environment, Forest, and Climate Change Commission in his speech delivered at COP 25 stated Ethiopia’s endeavour and the people’s commitment to make the country green again. He also confirmed that Ethiopia is committed to make continuous effort to prevent climate change.

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