COP29 Outcomes: Nicola Rega and Dirk Forrister Discuss the Future of Climate Cooperation
Following COP29 in Baku this November, Nicola Rega, Cefic’s Executive Director for Climate Change and Energy, and Dirk Forrister, President and CEO of the International Emissions Trading Association (IETA), reflected on the conference’s key outcomes and the road ahead for the international climate action. The interview focused on the importance of international collaboration in achieving the climate targets set by the Paris Agreement and the role that carbon pricing and crediting mechanisms play in reaching these ambitious goals.
The discussion emphasised how vital Article 6 of the Paris Agreement is for enabling countries to cooperate on emissions reductions. Without these mechanisms, achieving the 1.5°C target would be difficult, if not impossible. As Nicola Rega put it, “International cooperation is the key to unlocking the scale of reductions needed. Article 6 is not just a tool, it’s a necessity.”
The conversation also highlighted the significance of the Paris Agreement Crediting Mechanism (PACM), which is expected to issue its first credits by 2025. While the mechanism holds great potential, both speakers acknowledged the challenges in implementing projects and ensuring the system is ready to deliver on its promises. Dirk Forrister noted, “We have the framework in place, but we need to accelerate the political will to make it work and drive the investments needed to get projects off the ground.”
The interview concluded with a strong call for swift action. As carbon prices rise and climate targets become more ambitious, there is growing pressure for international collaboration to be matched by immediate, impactful actions. “The possibilities are there, it’s just a matter of political willingness,” said Nicola Rega, underlining the urgency of addressing climate challenges through both policy and market solutions.