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.
Azerbaijan’s leadership as COP29 President was praised during high-level meetings in Mexico, where the two countries discussed climate diplomacy and the expansion of bilateral ties.
A delegation led by Yalchin Rafiyev, Deputy Minister of Foreign Affairs of the Republic of Azerbaijan and Chief Negotiator of COP29, participated in Climate Week in Panama, held from May 19–21, 2025, in Panama City.
With a global outlook and local context, Baku Climate Action Week (BCAW) will convene key stakeholders—from policy and finance to science, culture, and civil society—to help lay the foundations for a successful COP30. This will be the second time Azerbaijan has hosted BCAW.
Azerbaijan's Foreign Ministry has established the Climate Diplomacy Department to strengthen Baku's diplomatic role in the Baku-Belém Roadmap, aiming to foster international cooperation for a significant increase of financial resources to support developing countries.
At the Antalya Diplomacy Forum, COP29 President Mukhtar Babayev highlighted Azerbaijan’s climate leadership, unveiling the Baku to Belem Roadmap. The initiative aims to scale climate finance to $1.3 trillion by 2035, with global cooperation to support developing nations.
Iranian Foreign Minister Abbas Araghchi has arrived in Egypt on a one-day visit and is scheduled to visit Lebanon on Tuesday on the second leg of his tour of the two Arab countries with which the Islamic Republic is re-adjusting its relations.
Kazakhstan’s Deputy Prime Minister and Foreign Minister Murat Nurtleu will make an official visit to the Islamic Republic of Iran on June 7, 2025, following an invitation from the Iranian government, the Ministry of Foreign Affairs of Kazakhstan announced on Monday.
The State Oil Company of Azerbaijan (SOCAR) and Canada’s Gran Tierra Energy Inc. signed a Memorandum of Understanding on the sidelines of the 30th Anniversary International Caspian Oil and Gas Exhibition held as part of Baku Energy Week.
Azerbaijan and Iran have reached a key agreement on the operation mode and water allocation of the Araz reservoir, following the 54th meeting of the Permanent Joint Commission on the shared use of the Araz River's water and energy resources, held in Baku.
Azerbaijan has emerged as a critical transportation hub in China's Belt and Road Initiative, transforming from a regional energy exporter into a vital link connecting Chinese goods with European markets.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
Taxi drivers across France are protesting government plans to cut payments for driving patients to medical appointments. These cuts are part of a broader effort by Prime Minister François Bayrou to save €40 billion in the 2026 budget and reduce the country’s large deficit.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
EU climate advisers are urging the bloc to stay firm on its 2040 climate target, warning that shortcuts could jeopardize long-term progress.
South Korea will host World Environment Day 2025, with a strong focus on eliminating plastic pollution worldwide.
Leading Chinese and international scientists have called for stronger global cooperation to tackle pressing challenges and accelerate progress toward the Sustainable Development Goals, emphasizing the role of science and innovation in shaping a sustainable future.
A massive landslide in southern Switzerland this week buried the village of Blatten and blocked a river, creating a growing risk of flooding. Millions of cubic meters of ice, mud, and rock crashed down from a mountain on Wednesday, flooding the few buildings left in the village.
The Green Climate Fund (GCF)-backed project, “Strengthening Climate Resilience of Vulnerable Agricultural Livelihoods in Southern Iraq” (SRVALI), was officially launched on the sidelines of the 5th Baghdad International Water Conference.
Iranian Foreign Minister Abbas Araghchi has arrived in Egypt on a one-day visit and is scheduled to visit Lebanon on Tuesday on the second leg of his tour of the two Arab countries with which the Islamic Republic is re-adjusting its relations.
Kazakhstan’s Deputy Prime Minister and Foreign Minister Murat Nurtleu will make an official visit to the Islamic Republic of Iran on June 7, 2025, following an invitation from the Iranian government, the Ministry of Foreign Affairs of Kazakhstan announced on Monday.
The State Oil Company of Azerbaijan (SOCAR) and Canada’s Gran Tierra Energy Inc. signed a Memorandum of Understanding on the sidelines of the 30th Anniversary International Caspian Oil and Gas Exhibition held as part of Baku Energy Week.
Azerbaijan and Iran have reached a key agreement on the operation mode and water allocation of the Araz reservoir, following the 54th meeting of the Permanent Joint Commission on the shared use of the Araz River's water and energy resources, held in Baku.
Azerbaijan has emerged as a critical transportation hub in China's Belt and Road Initiative, transforming from a regional energy exporter into a vital link connecting Chinese goods with European markets.
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