Simon Stiell, executive secretary of UNFCCC
COP29 talks agree carbon market standards
Standards have been agreed for a mechanism under Article 6.4 of the Paris Agreement to trade carbon credits internationally
Negotiators at the COP29 talks in Baku, Azerbaijan have reached an agreement on standards for international carbon markets under Article 6.4 of the Paris Agreement and a dynamic mechanism to update them. Article 6.4 establishes a successor to the Clean Development Mechanism (CDM)—a UN-backed market for carbon credits generated by emissions reduction projects—and aims to create a global carbon market regulated by a supervisory body set up by the UN Framework Convention on Climate Change. “Last night, parties agreed strong standards for a centralised carbon market under the UN,” said UN Climate Change Executive Secretary Simon Stiell. “These carbon markets will help countries implement t
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Standards have been agreed for a mechanism under Article 6.4 of the Paris Agreement to trade carbon credits internationally
