COP29 nations OK carbon market framework
BAKU—Countries at the two-week COP29 climate summit gave the go-ahead on Monday to carbon credit quality standards which are critical to launching a UN-backed global carbon market that would fund projects that reduce greenhouse gas emissions.
The green light was an early deal on day one of the UN conference in Baku, Azerbaijan.
Juan Carlos Arredondo Brun, a former climate negotiator for Mexico who now works for carbon market data and souring company Abatable, said the endorsement “will bring us closer to operationalizing the carbon market before any single party may decide to move away from the Paris Agreement.”
Monday’s deal could allow a UN-backed global carbon market 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.
