In a significant step toward enabling nations to sell credits to satisfy their climate commitments, governments at the COP29 negotiations agreed new UN criteria for international carbon markets on Monday.
After nearly ten years of intricate negotiations, over 200 countries agreed on many key ground conditions for launching a market on the first day of the UN climate conference in Azerbaijan.
Mukhtar Babayev, the president of COP29, praised the “breakthrough” but stated that further effort was required.
Experts stated that although the decision moves closer to a long-sought UN-backed market trading in high-quality credits, other crucial elements of the broader framework still require negotiation.
Simon Stiell, the UN climate chief, stated at Baku Stadium, “Let’s get rid of the notion that climate finance is charity.” “Every country, even the biggest and wealthiest, has a vested interest in achieving a bold new climate finance goal.”
However, economic issues, the wars in Gaza and Ukraine, and the election of climate change denier Donald Trump for a second term as president of the United States, the largest economy in the world—are vying for attention with the financial aim.
US President Joe Biden, Chinese President Xi Jinping, and European Commission President Ursula von der Leyen are among the political figures who are anticipated to abstain.
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