The UN Climate Change Conference, COP29, currently taking place in Baku, Azerbaijan, has achieved a significant milestone in its early days, securing consensus on international carbon market standards under Article 6.
Yalchin Rafiyev, COP29 Lead Negotiator, announced that the agreement establishes a dynamic framework for carbon crediting projects, aimed at supporting developing nations and potentially saving up to $250 billion annually in climate-related expenditures.
This achievement follows intensive discussions and coordination, including a recent supervisory body meeting on Article 6.4 in Baku and pre-COP events designed to build support for the standards.
The approval marks a breakthrough after years of stalled negotiations, highlighting a new level of commitment among participating countries.
“This will be a game-changing tool to direct resources to the developing world,” Rafiyev stated, adding that further discussions at a leader-level summit will reinforce this agenda.
The summit, opened by Azerbaijani President Ilham Aliyev, will engage global leaders to address emission reduction strategies and encourage climate financing, with a special focus on methane emissions and contributions from international financial institutions.
