COP29 participants ratified standards for common carbon market under UN auspices
The participants of the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), which is currently taking place in the capital of Azerbaijan – Baku – have agreed on standards for a common carbon market under the UN auspices, TASS reports
“Last night, the parties agreed on tough standards for a centralised carbon market within the UN. There is still much work to be done, but this is a good start, the result of more than a decade of work,” Simon Steele, the Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), said during a press conference.
He did not reveal the details of the agreements, but clarified that they were not a ‘secret UN bureaucracy’, but aimed at achieving climate goals more cheaply.
The day before, the UNFCCC Executive Secretary urged the COP29 participants to reach agreements on the launch of international carbon markets by finalising the agreement on Article 6 of the Paris Agreement, which envisages the introduction of specific mechanisms to regulate greenhouse gas emissions and trade in carbon units.
