The global carbon market rules were finalized at the 2024 UN Climate Conference in Baku, Azerbaijan. This marks a significant milestone after almost ten years of negotiations.
The agreement paves the way for an international carbon trading system that aims to facilitate emission reductions among countries. The establishment of these rules is expected to have a profound impact on global carbon trading dynamics, particularly influencing strategies for countries like India. The new framework is designed to promote cooperation and accountability in carbon markets, providing a structured approach for nations to fulfill their climate commitments while fostering sustainable economic growth.