The participants of the United Nations Conference on Climate Change (COP29) being held in Baku (Azerbaijan) have closed this Saturday an agreement on the rules for a global market for the purchase and sale of carbon credits to reduce emissions of greenhouse gases after nine years of negotiations.
States had not been able to agree on this issue since the Paris Agreement was approved in 2015 amid immense doubts about the reliability of this system.
“Article 6 of the Paris Agreement will establish transparent, high-quality carbon markets through which countries and companies can work together to achieve their climate goals. In addition, Article 6 can save up to $250 billion a year in the implementation of national climate plans,” the COP Presidency announced in a statement.
“Carbon credits” are created through projects such as planting trees or building wind farms in a poorer country, which receive a credit for every metric ton of emissions they reduce or absorb from the atmosphere.
Countries and companies can purchase these credits to help achieve their climate goals.
The approval occurs, however, in the midst of an extremely delicate moment at COP29, after developing countries left the negotiating table amid disputes over the amount of climate aid financing to be received from richer countries.
Negotiators present in Baku have noted a certain rapprochement in recent hours in the middle of the plenary session organized by the president of COP29, the Azeri Minister of Ecology Mukhtar Babayev, but they still do not take anything for granted, according to DPA.
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