Events on 11 November during the 2024 UN Climate Change Conference (UNFCCC COP 29) addressed solar radiation modification (SRM) and using technology and market-based instruments to achieve net-zero emissions.

During the event on SRM, speakers highlighted the need to build capacity in the Global South in solar geoengineering, which aims to limit global temperature increases by reflecting sunlight back into space. As SRM’s inclusion in policy discussions raises significant risks and uncertainties, this event sought to promote an open and inclusive dialogue on governance and research issues surrounding SRM and empower the Global South to actively participate in global discussions on solar geoengineering. 

When applied prudently and in conjunction with net-zero objectives, solar geoengineering could mitigate risks like sea-level rise or intense storms, but careless deployment could take attention away from mitigation efforts, overcool the planet, or disrupt regional weather patterns, the event highlighted. 

Speakers mentioned: the need for an ethical framework to guide SRM research and decision making; inclusion of SRM in successive Intergovernmental Panel on Climate Change (IPCC) assessments; and growing civil society interest in SRM. The event was organized by The Degrees Initiative.

Another side event explored examples of innovative strategies and collaborative partnerships for successful implementation of voluntary market mechanisms, whose development is crucial to accelerate the global transition to net-zero emissions by 2050. As a result, more countries are leveraging technology and utilizing market-based mechanisms by partnering with other countries, financial institutions, and the private sector to develop and implement these approaches.

One speaker highlighted that carbon markets can contribute to the goals of the Paris Agreement on climate change and the SDGs only if the integrity of carbon markets is maintained. She also referenced the recent adoption of standards by the Article 6.4 Supervisory Body for the creation of carbon credits.

The event also called attention to the growing number of countries interested in engaging in carbon markets and promoting bilateral agreements to serve as a foundation for the mechanisms under Paris Agreement Article 6 (cooperative approaches).

The event was organized by the Marshall Islands, the Industrial Technology Research Institute, and the International Climate Dialogue e.V.