New Delhi: On the positive side, COP 29 Rules for buying and selling in global carbon markets finalized on Sunday carbon creditsobtained through the Green Initiative, and decided to launch a centralized United Nations trade system starting next year. The issue has remained unresolved for nearly a decade.
Provisions of Article 6 Paris Agreement Credibility and standardization of carbon credits will be ensured. We will work out more details on how to maintain the registry and ensure that the system is free of “greenwashing”.
“Today we solve one of the most complex and technical challenges in climate diplomacy. Article 6 is difficult to understand, but its impact on our daily lives is clear. It means the decommissioning of coal plants, wind farms construction and forest planting. This means a new wave of investment in developing countries,” said COP29 chief negotiator Yalchin Rafiyev.
Article 6 provides a trustworthy and transparent carbon market for countries to work together to achieve climate goals. “This cross-border cooperation is expected to reduce the cost of implementing national climate plans (NDCs) for countries by up to $250 billion per year,” the COP29 president said in a statement.
These expected unanimous decisions will play a key role in ensuring environmental integrity, transparency and the robustness of carbon markets through real, additional, verified and measurable emissions reductions and removals, while unlocking their potential to drive global development. huge potential.
“The guidelines and rules adopted are designed to ensure that carbon projects remain relevant and inclusive, respect human rights and provide support for carbon projects Sustainable developmentenabling countries and project developers to cooperate with confidence in line with the Paris Agreement.
