COP29 climate summit: Global carbon market set to be reality soon
COP29 climate summit have managed to secure a win with an agreement on the rules for a United Nations-administered global carbon market — a move that can unlock billions for emission reduction projects in developing countries.
COP29 president Mukhtar Babayev gavelled the session that approved the standards to enable the private sector and countries to trade carbon credits at the opening plenary dominated by long, gruelling backroom negotiations on the agenda of the summit after it resumed late night on Monday.
«By matching buyers and sellers efficiently, such markets could reduce the cost of implementing NDCs by $250 billion a year,» Babayev said. «In a world where every dollar counts, that is essential.»
These rules operationalise Article 6.4 of the Paris Agreement, which is the successor to the clean development mechanism under the 1997 Kyoto Protocol. Disagreements over the integrity of these carbon and mechanisms to ensure that the promised emissions reductions are indeed additional had led to long delays.
In October, the panel of experts known as the supervisory body set up at the Glasgow meet drew up a set of guidelines. Instead of putting them up for discussion and voting, the panel had proposed that their recommendation be adopted. Accepting this course of action, the COP29 presidency put the expert group's recommendation to a vote without further consultation with the countries.
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