COP29 nations approve new rules for creation of global carbon market

NEWS WIRES

11 November 2024 at 1:13 pm·1-min read

Nations at COP29 on Monday agreed new ground rules for a global carbon market that would reward countries for reducing emmissions by giving them "carbon credits" they could sell to higher-polluting countries. COP29 president Mukhtar Babayev said the agreement was a "breakthrough" but more negotiations are needed to develop the UN-backed plan.

Governments at the COP29 talks approved Monday new 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.

(AFP)

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