Countries at COP29 in Baku approved carbon credit quality standards, paving the way for a U.N.-backed global carbon market to launch next year. The move aims to fund emission-reducing projects, though critics argue it lacks protections for impacted communities.
Countries at the two-week COP29 climate summit gave the go-ahead on Monday (11 November) to carbon credit quality standards which are critical to launching a U.N.-backed global carbon market that would fund projects that reduce greenhouse gas emissions.
The green light was an early deal on the opening day of the U.N. conference in Baku, Azerbaijan.
The deal on Article 6.4 of the Paris Agreement could allow a U.N.-backed global carbon market, which has been years in the making, to start up as soon as next year, one negotiator said.
Carbon credits theoretically allow countries or companies to pay for projects anywhere on the planet that reduce CO2 emissions or remove it from the atmosphere and use credits generated by those projects to offset their own emissions.
Examples of projects could include cultivation of CO2-absorbing mangroves, or distribution of clean stoves to replace polluting methods of cooking in poor rural communities.
The market could be one route for U.S. companies to keep participating in global efforts to address climate change, even if Trump were to quit the Paris accord. If that happened, U.S. firms could still buy credits from the U.N.-backed market to meet their voluntary climate targets.
While the standards approved in Baku were aimed at allaying concerns that many projects do not deliver the climate benefits they claim, campaigners said they fell short in areas including protecting the human rights of communities affected by projects.
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The United Nations Framework Convention on Climate Change (UNFCCC) has formally recognised Azerbaijan’s strong organisation and effective delivery of COP29, paving the way for deeper cooperation and the involvement of Azerbaijani specialists in future global climate initiatives.
On September 1, Azerbaijani President Ilham Aliyev met with Maldives President Mohamed Muizzu in Tianjin, China, to strengthen economic, trade, and tourism ties between the two nations.
The United Nation’s climate chief says a delay in choosing the host for next year’s COP31 summit is causing problems. It's after Australia and Türkiye submitted bids in 2022 to host the high-profile conference in 2026. Sydney said it's received the most votes.
The first side event of the Global South NGO Platform, initiated by Azerbaijan, was held in Bonn, Germany this week.
Ukraine has welcomed the European Union’s decision to provide €90 billion in support over the next two years, calling it a vital lifeline even as the bloc failed to reach agreement on using frozen Russian assets to finance the aid.
European Union foreign policy chief Kaja Kallas has warned that attempts to reach a peace agreement in Ukraine are being undermined by Russia’s continued refusal to engage meaningfully in negotiations.
Chinese Foreign Minister Wang Yi has held a phone conversation with his Venezuelan counterpart Yvan Gil at the latter’s request.
Belarusian President Alexander Lukashenko has confirmed that Russian-made Oreshnik missile systems have been deployed on Belarusian territory and placed on combat alert.
The European Union has postponed signing its long-awaited free trade agreement with the Mercosur bloc until January, after failing to secure sufficient backing from member states, according to media reports.
Dense smog has forced authorities in Pakistan’s Punjab province to shut several major motorways on Tuesday (16 December), stranding commuters as visibility dropped sharply and Lahore’s air quality reached hazardous levels.
At least 37 people have been killed in flash floods triggered by torrential rain in Morocco's Atlantic coastal province of Safi, Moroccan authorities said on Monday (15 December).
Climatologists say Poland has logged its warmest December in 74 years, with 2025 continuing a run of above-average temperatures and repeated national records.
As the world marks the tenth anniversary of the Paris Agreement, progress in combating global climate change is mixed.
An extratropical cyclone has caused widespread disruption across Brazil’s São Paulo state, with powerful winds toppling trees and power lines, blocking streets and leaving large parts of the region without electricity.
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