COP29 Unlocks International Carbon Markets
Protest in favour of increasing climate financing at the COP29, Nov. 2024. X/ @UN_News_Centre
November 24, 2024 Hour: 7:23 am
Trading of carbon credits incentivates countries to reduce emissions and invest in climate-friendly projects.
On Saturday, the presidency of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) announced that it has concluded negotiations on Article 6 of the Paris Agreement, enabling cross-border carbon trading to support global climate goals.
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Article 6 provides trusted and transparent carbon markets for countries to collaborate on emission reductions, potentially saving up to US$250 billion annually in implementing national climate plans.
“We have ended a decade-long wait and unlocked a critical tool for keeping 1.5 degrees in reach. Climate change is a transnational challenge and Article 6 will enable transnational solutions,” said COP29 President Mukhtar Babayev.
With the agreement, carbon markets are poised to drive substantial investment in developing countries, ensuring transparency and environmental integrity.
The newly adopted rules will facilitate real, additional, and measurable emission reductions while respecting human rights and promoting sustainable development.
The agreement follows years of stalled negotiations at previous COP meetings, including those in Glasgow and Sharm El-Sheikh, where initial rules for carbon markets were set but key components remained unresolved.
COP29’s dual-track approach broke the deadlock, leading to a unanimous adoption of the final rules for Article 6 of the Paris Agreement. This norm paves the way for a United Nations-backed global carbon market, which will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.
teleSUR/ JF Source: Xinhua – UN