COP29 nations approve new rules for creation of global carbon market

COP29 Greenlights UN Backed Global Carbon Credits Market

Negotiators have agreed on establishing a U.N.-backed system for trading carbon credits. The deal, announced on Nov. 12 at the U.N. climate change conference, COP29, in Azerbaijan, will support a decade-old aim to bring on a centralized carbon market by next year. On the opening day, nations agreed on several crucial ground rules on the U.N.’s Article 6.4 Supervisory Body, which under the Paris Agreement, is designed to allow countries to trade …

Global Leaders Gather in Baku for Critical Climate Talks

The 29th annual United Nations Climate Change Conference, held this year in the Azerbaijani capital Baku, kicked off November 11 with a plea for attendees to clean up a mess. “One single COP can’t deliver the full transformation that every nation needs,” UN Climate Change Executive Secretary Simon Stiell stated in his opening remarks. “Parties need to agree [on] a way out of this mess. That’s why we’re here in Baku. We must agree [on] a new glob…

COP29 countries endorse global carbon market framework

Countries gave the go-ahead 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.

Global carbon market gets green signal at COP29

Such a market would allow countries to trade carbon credits among themselves