Important milestones

One of the key contents of the COP29 Conference was approved. Specifically, countries agreed on the rules, methods and procedures (approval and management) for the International Carbon Market under Article 6.4 of the Paris Agreement. This laid an important foundation for countries to exchange results of greenhouse gas emission reduction.

Through this mechanism, countries can trade greenhouse gas emission reduction results with each other. For example, high-emitting countries can buy carbon credits from other countries to achieve their climate goals (in NDCs).

This would also create opportunities for green investment to flow to developing countries that have the potential to develop emission reduction projects.

“By effectively connecting buyers and sellers, these markets could reduce the cost of implementing NDCs by $29 billion per year,” said Mukhtar Babayev, President of COP250.

Contradictory opinions

There are also many opposing opinions. Senior attorney - Erika Lennon at the Center for International Environmental Law said that “This is a *victory* for COP29. But it is not a victory for the planet. Because approving these carbon market rules without discussion or debate would set a dangerous precedent for the entire negotiation process.”

Conclusion

Despite concerns, this is clearly an important milestone on the journey towards humanity’s Net Zero goal. The UN regulations, standards and guidelines issued from this mechanism will in the future become the foundation for standardizing all methodologies in developing carbon removal projects.