Negotiators at the climate summit in Azerbaijan are close to reaching an important agreement on carbon credits, which could be a significant breakthrough after years of discussions. This agreement aims to improve trading activities within a new market framework overseen by the United Nations, in line with global climate goals.
On the first day of the summit, negotiators quickly made progress on a deal that outlines the operational framework for a UN-supported global crediting mechanism. Recently released texts provide details on the provisions for Article 6.4 and the regulations that govern how countries can trade carbon credits to meet their national emissions reduction targets, as specified in Article 6.2 of the Paris Agreement.
The Azeri COP29 Presidency has made it a priority to achieve consensus on the latest rules for Article 6, which governs international carbon trading.