Participants of the United Nations Conference on Climate Change (COP29), currently being held in Baku (Azerbaijan), reached an agreement this Saturday on carbon markets, the rules for a global market for trading carbon credits, with the aim of reducing greenhouse gas emissions after nine years of negotiations.
Carbon markets to reduce greenhouse gas emissions
Since the approval of the Paris Agreement in 2015, states had not been able to agree on this issue due to immense doubts about the reliability of this system.
Article 6 of the Paris Agreement will establish transparent and high-quality carbon markets, allowing countries and companies to collaborate to achieve their climate goals. Additionally, Article 6 could save up to $250 billion annually in the implementation of national climate plans, announced the COP Presidency in a statement.
Delicate moment of COP29
“Carbon credits” are generated through projects such as tree planting or the construction of wind farms in poorer countries, which receive a credit for each metric ton of emissions reduced or absorbed from the atmosphere. Countries and companies can purchase these credits to help meet their climate goals.
The approval comes, however, at an extremely delicate moment of COP29, after developing countries walked out of the negotiating table due to disputes over financial support for climate aid from wealthier countries.
Negotiators present in Baku have noted some progress in the last few hours during the plenary session organized by the COP29 president, Azerbaijani Ecology Minister Mujtar Babayev, although nothing is certain yet, as reported by DPA.
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