Reported 13 days ago
At the COP29 climate summit, negotiators achieved a significant breakthrough by establishing rules for a UN-administered global carbon market aimed at enhancing emissions trading. This market, which proponents believe will attract billions for emissions reduction projects especially in developing nations, allows buyers in wealthier countries to purchase credits from projects that mitigate pollution. While the new rules provide a framework under 'Article 6.4' of the Paris Agreement, concerns remain regarding transparency and the integrity of carbon credit verification. Negotiators are also tasked with finalizing additional rules under Article 6.2 for bilateral trades.
Source: YAHOO