COP29: Nations Approve UN Rules On Carbon Markets

11/11/2024 11:12:03 PM

(MENAFN- Brazil-Arab News Agency (ANBA)) Baku – governments at the United Nations Climate Change conference (COP29) talks approved Monday (11) new United Nations (UN ) standards for international carbon markets in a key step toward allowing countries to trade credits to meet their climate targets.

On the opening day of the UN climate talks in Azerbaijan, nearly 200 nations agreed a number of crucial ground rules for setting a market in motion after nearly a decade of complex discussions.

COP29 president Mukhtar Babayev hailed the“breakthrough” but said more work was needed.

Other key aspects of the overall framework still need to be negotiated, experts said, but the decision brings closer a long-sought UN-backed market trading in high-quality credits.

“It's hugely significant,” Erika
Lennon, from the Center for International Environmental Law (CIEL), told AFP in Baku, saying it would“open the door” for a fully-fledged market.

Carbon credits are generated by activities that reduce or avoid planet-heating greenhouse gas emissions, like planting trees, protecting carbon sinks or replacing polluting coal with clean-energy alternatives.

One credit equals a tonne of prevented or removed heat-trapping carbon dioxide.

Since the Paris climate agreement in 2015, the UN has been crafting rules to allow countries and businesses to exchange credits in a transparent and credible market.

The benchmarks adopted in Baku will allow for the development of rules including calculating how many credits a given project can receive.

Carbon Market

Once up and running, a carbon market would allow countries – mainly wealthy polluters – to offset emissions by purchasing credits from nations that have cut greenhouse gases above what they promised.

Purchasing countries could then put carbon credits toward achieving the climate goals promised in their national plans.

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