(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 27. The InternationalEnergy Forum urges governments to finalize the agreement on Article6 of the Paris Agreement, which provides a framework for countriesto trade carbon credits internationally and is considered criticalto meet national emissions targets, said Joseph McMonigle,Secretary General of the International Energy Forum, Trend reports.
He made the remark at the launch of a report entitled "The Roleof Carbon Markets in Transitions".
"Agreement on Article 6 is key to unlocking the potential ofinternational carbon markets and we hope to see more progress atCOP29 in Azerbaijan," he said.
According to McMonigle, carbon markets will play an importantrole in achieving climate, energy security, and sustainabledevelopment goals by boosting the efficiency of energy transitionsand raising money for clean energy projects.
"Carbon markets play an important role in aligning resources toachieve our global climate, energy security, and affordabilitygoals. But they are at an inflexion point. With strongerinternational collaboration and smart regulation, they can raisebillions of dollars for clean energy projects, especially in thedeveloping world, that would otherwise not get off the ground," headded.
This November, Azerbaijan will host COP29. This decision wasmade at the COP28 plenary meeting held in Dubai on December 11 lastyear. Baku will become the center of the world and will receiveabout 70-80,000 foreign guests.
The United Nations Framework Convention on Climate Change is anagreement signed at the Earth Summit in Rio de Janeiro in June 1992to prevent dangerous human interference with the climate system- the Conference of the Parties - is the highest legislativebody overseeing the implementation of the Framework Convention onClimate Change. 198 countries are parties to the Convention. Unlessthe parties agree otherwise, the COP is held annually. The firstCOP event took place in March 1995 in Berlin, and its secretariatis located in Bonn.
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