COP29 reaches agreement on international carbon market standards

Published by BBNTEAM at November 12, 2024

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Posted: Tuesday, November 12, 2024. 9:10 am CST.

By Zoila Palma Gonzalez: Today, at the ongoing UN Climate Change Conference (COP29) in Baku, Azerbaijan, a major milestone was reached as negotiators agreed on the standards for the international carbon market under Article 6 of the Paris Agreement.

Yalchin Rafiyev, the lead negotiator for COP29, hailed the decision as a critical step in the global effort to combat climate change.

The agreement, which builds on months of preparatory work, establishes a dynamic framework for international carbon crediting projects, aimed at directing climate finance to developing nations and driving down global emissions.

This breakthrough is seen as a significant step toward finalizing Article 6 negotiations, which have been ongoing for over a decade.

Simon Stiell, the UN Climate Change Executive Secretary, emphasized the importance of this agreement, noting that carbon markets are essential for enabling countries to meet their climate goals more efficiently and affordably.

“When operational, these carbon markets will help countries implement their climate plans faster and cheaper, driving down emissions.

We are a long way from halving emissions this decade but wins on carbon markets here at COP29 will help us get back in that race,” Stiell said.

Stiell also warned that the climate crisis is no longer a distant threat but a global economic issue, with rising costs already impacting economies worldwide. He stressed that stronger climate action is not only necessary to prevent further disaster but will also create new economic opportunities, from job creation to improved health and energy security.

In addition to the carbon market agreement, COP29 has fostered greater engagement from non-state actors, including the private sector and civil society.

Nigar Arpadarai, the COP29 High-Level Champion, highlighted the importance of inclusive climate action, announcing the creation of a new business and philanthropy platform at the conference.

This initiative, aimed at promoting green investment and supporting small and medium-sized enterprises (SMEs) in their transition to sustainable practices, has already garnered significant participation. With more than 1,000 registrations for the forum, Arpadarai underscored the need for broad-based collaboration to turn climate challenges into opportunities for sustainable growth.

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