COP29 agrees framework for international carbon market standards
- 12 November, 13:58
Countries participating in the COP29 UN climate summit reached an agreement on Monday on a framework for global carbon market standards that govern the trade of carbon credits.The consensus was reached on the first day of the key summit being held in Azerbaijan’s capital Baku between November 11 and 22.
The participating nations granted approval for carbon credit quality standards essential for establishing a UN-supported global carbon market aimed at financing initiatives that mitigate greenhouse gas emissions. Additionally, governments are anticipated to negotiate a climate finance agreement.
COP29 president Mukhtar Babayev hailed the newly-reached consensus as a "breakthrough" but said more work was needed.
"It's hugely significant," Erika Lennon, from the Center for International Environmental Law, CIEL, told AFP, stressing it would "open the door" for a fully-fledged market.
The endorsement "will bring us closer to operationalizing the carbon market before any single party may decide to move away from the Paris Agreement,” another summit participant, former climate negotiator for Mexico Juan Carlos Arredondo Brun said.
A key goal at COP 29 is agreeing on establishing a new climate finance fund for developing nations. Labelled as “finance COP”, the climate summit this year is focused on getting more cash to developing countries to help them reduce greenhouse gas emissions and cope with the growing impacts of climate change. COP29 brought together 32,000 participants from around 200 countries.
COP climate summit this year is overshadowed by election victory of Donald Trump who said he would again pull the US out of the global Paris climate agreement.
