Carbon markets can’t wait for another debate

Carbon markets can’t wait for another debate

Carbon markets can’t wait for another debate
Photo courtesy of COP30 Amazonia
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Carbon markets are stalling right when we need them most. Governments are currently finalizing their national plans to cut emissions ahead of the next UN Climate Summit, COP30, in Brazil. 

This may be our last chance to keep the Paris Agreement’s temperature goals within reach. To do that, we need to use every tool available, including carbon markets.

Years of disappointing results have shaken faith in these mechanisms. Many companies fear that using carbon credits will lead to accusations of greenwashing. The value of voluntary carbon market transactions has dropped by three quarters in three years. 

And we are re-litigating whether these markets are legitimate in principle and whether they work in practice. Debates over whether they can be included in national climates plan show that the ghosts of the past are paralyzing us in the present.

The debate on principle has a long history. Carbon markets were once dismissed as an excuse not to cut emissions. Yet similar thinking also questioned the need to adapt to climate change rather than focus on averting it. But around the world, and particularly in the Middle East, we can already see the dangers of a changing climate. 

To be clear, our top priority must always be deep, rapid and sustained emission cuts at source. Demand for carbon credits must be over and above our best efforts to decarbonize. 

This is the most effective way to address the climate crisis. However, we also face the reality that some sectors, such as steel, aluminum and cement, are incredibly hard to decarbonize in the short term. This is where carbon markets can help.

When designed well, they could create essential efficiencies. To take the most basic example, a tree planted in the Congo Basin is cheaper and absorbs more carbon than a tree in Canada. These costs matter — the savings they provide to hit our climate goals are estimated to be as great as $250 billion a year. This money can then be reinvested for even greater ambition and progress on climate change.

Carbon markets are not a silver bullet. But they are a necessary piece of the puzzle.

Mukhtar Babayev

Carbon markets also provide benefits for both climate and people. The total flows could reach $1 trillion per year by 2050, channelling money to the developing world. Amid debt crises, anemic global growth, and collapsing aid budgets this is vital. It means jobs across nature conservation and green technologies, in turn, raising living standards and cementing popular support for climate action.

However, we must acknowledge the skepticism. Some of the early steps taken were misguided. Forests were chopped down to plant new ones and bogus credits battered confidence. A carbon credit is worthless if we can’t be confident that it does what it says it does.

Fortunately, much work has been done to learn from the past and build a better system. Last year at COP29 in Azerbaijan, we concluded a decade-long process to agree stringent new standards for high-integrity carbon markets under the UN. 

Countries have a framework for new credits that represent real, additional and verified emissions reductions. And we have agreed routes to improve these standards over time.

This framework should now be the baseline. We must phase out the use of poor-quality credits and pivot to those that meet this new threshold. Buyers have a duty to ensure they transact in the right places. And every time there is a scandal, we must resist the temptation to throw the baby out with the bath water. We need to improve the system, not bin it.

Carbon markets are not a silver bullet. But they are a necessary piece of the puzzle. To unlock their full potential, we need leadership. Governments must take the helm, using this year’s national climate plans to set ambitious emissions reductions targets that will create the demand for a functioning carbon market.

COP30 can then be a moment when we send a strong signal that carbon markets are legitimate in principle and possible in practice. We don’t have the luxury of leaving this tool on the shelf.

Mukhtar Babayev is the COP29 president.                                                                          
 

Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point of view

Finland’s crackdown on undocumented migrants sparks fear

Finland’s crackdown on undocumented migrants sparks fear
Updated 2 min 35 sec ago

Finland’s crackdown on undocumented migrants sparks fear

Finland’s crackdown on undocumented migrants sparks fear
  • “My situation is very, very, very difficult,” a Moroccan woman in her fifties told AFP
  • As of last year, undocumented migrants are unable to apply for work in Finland — they must instead do it from their home country

HELSINKI: The Finnish government’s crackdown on immigration has led to a sharp rise in deportations, raising fears among undocumented migrants who could face dangerous situations in their home countries.
At a Helsinki day center called “Toivon talo,” or “House of Hope,” where undocumented non-European migrants can get legal, social and medical help, people chat while enjoying the free lunch served most days.
The center, run by a Christian organization and volunteers, provides help to people who in most cases are staying in Finland illegally after their asylum applications have been rejected, or their residence permits or visas have expired or been turned down.
“My situation is very, very, very difficult,” a Moroccan woman in her fifties told AFP, requesting to remain anonymous.
A social services worker by training, she came to Finland in early 2024 to search for a job, but was unable to find work during the 90-day period that third-country nationals can stay without a residence permit.
As of last year, undocumented migrants are unable to apply for work in Finland — they must instead do it from their home country.
“I can’t go back to Morocco, because I’m now divorced and when my ex-husband finds out that I’m back... He can be aggressive,” she said, adding she had been ordered to leave in November.
Anne Hammad, project manager for House of Hope, told AFP she has seen a rise in the number of people at the center who fear deportation ever since Finland’s right-wing government, in power since 2023, began tightening the country’s immigration policy.
Many were in vulnerable situations and often concerned about returning to their countries for different reasons, she added.
Between January and September 2025, some 2,070 foreign nationals were deported, a 30 percent increase from the same period in 2024, according to Finland’s National Police Board.
Chief superintendent Janne Lepsu said foreigners’ right of residence was now “investigated more closely.”
“If it is found that a foreign national does not have this right, every effort will be made to ensure that they leave Finland or the Schengen area,” he said.
There is no official data on how many undocumented people live in Finland, but estimates suggest between 3,500 and 5,000 in recent years.

- ‘Paradigm shift’ -

Since 2023, Finland has introduced stricter requirements for obtaining asylum, residence permits, family reunification and citizenship, though it welcomes work-based immigration.
The government’s aim is to better manage immigration, strengthen internal security and align Finland’s immigration policy with other Nordic countries.
“We have considerably tightened our immigration policy. We can probably even talk about a paradigm shift in this regard,” Finland’s Interior Minister Mari Rantanen told AFP.
Several other EU members have also cracked down on immigration in recent years.
Researcher Erna Bodstrom from the Migration Institute of Finland told AFP that “before, it was possible to build a secure life in Finland for more immigrants.”
“But that is not the case anymore.”
Around 11 percent of Finland’s population of 5.6 million had a foreign background as of 2024, with the number growing steadily during the 2000s, according to Statistics Finland.
While the figure is still higher than in the 2010s, both work-related immigration and asylum applications have declined in recent years.

- Less individual consideration -

“Negative decisions on residence permit applications are now more common than before” and cases receive less individual consideration, Finnish Immigration Service spokesman Johannes Hirvela told AFP.
Meanwhile, Finland is increasingly enforcing deportation rulings even if people have appealed against their rejected asylum applications, according to the Immigration Service’s director of Control and Monitoring Tirsa Forssell.
The majority of visitors at the House of Hope are men aged between 30 and 45 from Morocco, Somalia or Iraq, but the undocumented people there also include families, children, elderly people and victims of human trafficking from more than 40 non-EU nationalities.
“It’s difficult,” said 30-year-old Rachid, who arrived from Morocco in 2022 as a seasonal worker.
After his contract ended, he started looking for a new job, but now that possibility has been ruled out.
He spends his days at the House of Hope, waiting.
“I hope the next government will change the rules.”


Tajikistan says it is ‘deeply concerned’ by latest EU sanctions targeting its banks

Tajikistan says it is ‘deeply concerned’ by latest EU sanctions targeting its banks
Updated 9 min 9 sec ago

Tajikistan says it is ‘deeply concerned’ by latest EU sanctions targeting its banks

Tajikistan says it is ‘deeply concerned’ by latest EU sanctions targeting its banks
  • The economy of Tajikistan is heavily dependent on remittances from migrant workers in Russia
  • “The Republic of Tajikistan adheres to its international obligations,” the foreign ministry said

ALMATY: Tajikistan’s foreign ministry said on Saturday it was “deeply concerned” by the inclusion of Tajik banks in the latest round of EU sanctions against Russia, and said it would take measures to minimize the consequences on Dushanbe.
Three Tajik banks — Spitamen, Dushanbe City Bank and the Commercial Bank of Tajikistan — were included in the EU’s 19th sanctions package, adopted on October 23.
The economy of Tajikistan, a landlocked country of some 10 million people sandwiched between Afghanistan, Uzbekistan, Kyrgyzstan and China, is heavily dependent on remittances from migrant workers in Russia.
“The Republic of Tajikistan adheres to its international obligations and is always ready to cooperate with international partners to jointly prevent risks associated with possible circumvention of sanctions,” the foreign ministry said.


UK pledges millions in urgent aid for Sudan as FM Cooper condemns ‘horrifying’ atrocities

UK pledges millions in urgent aid for Sudan as FM Cooper condemns ‘horrifying’ atrocities
Updated 29 min 13 sec ago

UK pledges millions in urgent aid for Sudan as FM Cooper condemns ‘horrifying’ atrocities

UK pledges millions in urgent aid for Sudan as FM Cooper condemns ‘horrifying’ atrocities
  • ‘In Sudan right now, there is just despair,’ FM Yvette Cooper says
  • Funds will help provide food, medical care, protection for survivors of sexual violence

LONDON: The UK has pledged an additional £5 million ($6.6 million) in emergency funding to support civilians caught in Sudan’s escalating humanitarian crisis, Foreign Secretary Yvette Cooper announced on Saturday.

Speaking at the 21st Manama Dialogue in Bahrain, Cooper described the situation in El-Fasher as “truly horrifying and utterly intolerable,” highlighting that about 260,000 people, half of them children, were trapped amid famine-like conditions and ongoing violence.

“In Sudan right now, there is just despair,” she said. “For too long this terrible conflict has been neglected, while suffering has simply increased. Today I’m announcing from the UK government a further £5 million of humanitarian support in response to the violence in El-Fasher, on top of the £120 million the UK is already providing this year across Sudan.”

The funds will be used to provide critical services such as emergency food, medical care and protection for survivors of sexual violence. Of the total, £2 million will be directed specifically to support survivors of rape and sexual assault.

Cooper condemned reports that both the Rapid Support Forces and Sudanese Armed Forces were continuing to use rape as a weapon.

“Atrocities, mass executions, starvation and the devastating use of rape as a weapon of war, with women and children bearing the brunt of the largest humanitarian crisis in the 21st century, are truly horrifying,” she said.

The UK’s £120 million aid commitment for Sudan this year includes support through partners such as the International Committee of the Red Cross, the Sudan Humanitarian Fund and the Cash Consortium Sudan, delivering food, health assistance and protection services.

British diplomats continue to press all parties to end hostilities, protect civilians and grant unrestricted humanitarian access, as London urges renewed international efforts to bring peace to the war-torn nation.


‘Large numbers’ in Sudan’s El-Fasher facing death: MSF

‘Large numbers’ in Sudan’s El-Fasher facing death: MSF
Updated 34 min 59 sec ago

‘Large numbers’ in Sudan’s El-Fasher facing death: MSF

‘Large numbers’ in Sudan’s El-Fasher facing death: MSF
  • MSF denounced the “horrendous mass atrocities and killings, both indiscriminate and ethnically-targeted,” that have occurred in and around El-Fasher this week
  • Survivors reported that people were separated based on their gender, age or presumed ethnic identity

GENEVA: Doctors Without Borders on Saturday said it feared an ongoing potentially fatal situation for “large numbers of people” in Sudan’s El-Fasher, which has been captured by the paramilitary Rapid Support Forces.
Thousands of people have fled from El-Fasher, which fell to the RSF on October 26 after an 18-month siege.
Since then, testimonies of bloody violence targeting civilians have proliferated.
In a statement, Doctors Without Borders (MSF) denounced the “horrendous mass atrocities and killings, both indiscriminate and ethnically-targeted,” that have occurred in and around El-Fasher this week.

“Large numbers of people remain in grave danger and are being prevented by the Rapid Support Forces and its allies from reaching safer areas, such as Tawila where we work,” the NGO added.
But the numbers of people arriving to Tawila, a nearby region, “don’t add up, while accounts of large-scale atrocities are mounting,” according to MSF’s head of emergencies Michel Olivier Lacharite.
“Where are all the missing people who have already survived months of famine and violence in El-Fasher?” he said.
“The most likely, albeit frightening, answer is that they are being killed, blocked, and hunted down when trying to flee.”
Humanitarian organizations fear ethnically motivated atrocities similar to those committed in the early 2000s in Darfur by the Arab Janjaweed militias, from which the RSF originated.
Several eyewitnesses told MSF that a group of 500 civilians, along with soldiers from the Sudanese Armed Forces and the army-allied Joint Forces, had attempted to flee on October 26, but most were killed or captured by the RSF and their allies.
Survivors reported that people were separated based on their gender, age or presumed ethnic identity, and that many are still being held for ransom. One survivor described “horrific scenes” where fighters crushed prisoners with their vehicles.
The war in Sudan has killed thousands of people, displaced millions more and triggered the world’s worst humanitarian crisis, according to the United Nations.
The conflict erupted in April 2023 with a power struggle between two former allies: General Abdel Fattah Al-Burhane, army chief and Sudan’s de facto leader since the 2021 coup, and RSF chief General Mohamed Dagalo.


Pakistan PM hails record 5.9 million tax returns, notes surge of nearly a million new filers

Pakistan PM hails record 5.9 million tax returns, notes surge of nearly a million new filers
Updated 42 min 10 sec ago

Pakistan PM hails record 5.9 million tax returns, notes surge of nearly a million new filers

Pakistan PM hails record 5.9 million tax returns, notes surge of nearly a million new filers
  • FBR reports 17.6 percent rise in returns, 18.6 percent jump in taxpayers submitting payments compared to last year
  • Shehbaz Sharif says increase in tax filings reflects growing public trust in reforms and digital initiatives

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday lauded the Federal Board of Revenue (FBR) for achieving a record 5.9 million income tax returns and adding nearly a million new taxpayers this year, describing it as a sign of growing public confidence in the system, according to a statement circulated by his office.

The FBR, which is responsible for revenue generation and meeting tax targets, announced a “significant increase” in income tax return filings a day earlier, saying 5.9 million tax returns had been submitted by the end of October compared to five million in the same period last year, a 17.6 percent rise.

Out of these, 3.6 million taxpayers filed returns with tax payments, reflecting an 18.6 percent increase over 2024.

“The addition of 900,000 new tax filers to the network reflects citizens’ confidence in the government’s policies,” the statement quoted the prime minister as saying. “By the grace of God, the reforms in the tax system are yielding positive results.”

Sharif said merit had been prioritized within the FBR, adding that capable officers were being encouraged while poor performers were discouraged under a new performance-based culture.

He maintained that tax procedures had also been simplified, and automation at ports had helped curb corruption and improve efficiency.

“I personally chaired weekly meetings to oversee the FBR’s digital transformation,” he said, adding that efforts to formalize the economy through an expansion in point-of-sale registrations had curbed sales tax evasion.

The prime minister also pointed to a Rs9 billion ($31.8 million) year-on-year increase in tax revenues, calling it “clear proof” of the government’s reform agenda.

In a string of social media posts a day earlier, the FBR said the rise in return filings marked “a new milestone in voluntary compliance and taxpayer awareness.”

It added that individual taxpayers had paid nearly Rs69 billion ($244 million) in income tax this year, up from Rs60 billion ($212 million) in 2024, a 15 percent increase.

The FBR attributed the surge to a nationwide outreach campaign, involving robocalls, WhatsApp messages, and targeted reminders encouraging citizens to file on time.

It also reiterated its commitment to creating a fair, transparent and inclusive tax system.