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
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
