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.
The COP29 UN Climate Change Conference, held in Baku concluded with a landmark agreement to increase public climate finance for developing countries to $300 billion annually by 2035
The agreement, finalised at COP29 in Baku, Azerbaijan, establishes that developed countries will contribute $300 billion annually by 2035 to assist poorer countries in mitigating the effects of climate change.
Delegates at COP29 in Baku push for consensus on climate finance targets, with calls for urgent action to address the global climate crisis as negotiations intensify.
The COP29 UN Climate Change Conference, held in Baku concluded with a landmark agreement to increase public climate finance for developing countries to $300 billion annually by 2035
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The United Nations COP29 climate change conference in Baku seeks $1 trillion annually to help vulnerable nations tackle climate change, as political tensions and Argentina’s withdrawal overshadow talks.
The COP29 UN Climate Change Conference, held in Baku concluded with a landmark agreement to increase public climate finance for developing countries to $300 billion annually by 2035
The agreement, finalised at COP29 in Baku, Azerbaijan, establishes that developed countries will contribute $300 billion annually by 2035 to assist poorer countries in mitigating the effects of climate change.
Delegates at COP29 in Baku push for consensus on climate finance targets, with calls for urgent action to address the global climate crisis as negotiations intensify.
The COP29 UN Climate Change Conference, held in Baku concluded with a landmark agreement to increase public climate finance for developing countries to $300 billion annually by 2035
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