Global Recycling Foundation calls for recognition of carbon credits for recycling industry at COP29
Recycling’s role in cutting emissions could unlock $40 billion in carbon revenue, driving circular economy growth
The COP29 meeting in Azerbaijan must recognize and facilitate carbon credits made by the recycling industry, says the Global Recycling Foundation.
Speaking on the occasion of COP29, Ranjit Baxi, founding president of Global Recycling Foundation and Global Recycling Day, says the billions of tons of carbon dioxide emissions saved globally have the potential to generate over $40 billion in carbon revenue.
"The funds generated will help promote much-needed technological innovation using AI and will also help in building infrastructure innovation in developing economies to promote the circular economy," says Baxi.
Baxi urged COP29 to translate the pledges made at COP28 in the UAE into binding international commitments, creating a tangible path toward achieving a reduced carbon footprint and meeting the climate change target of limiting global temperature rises to 1.5 degrees Celsius. He cautioned that current trends indicate this target is at risk of being exceeded.
"We need agreements supported by real deliverable roadmaps for climate finance, a multifold increase in energy storage, sustainability, and biodiversity," says Baxi.
