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Azerbaijan's COP29 presidency celebrated a significant early achievement by swiftly approving controversial rules for a new UN carbon market, aiming to facilitate climate action funding. However, critics expressed concerns over the rushed decision-making process and the potential for dubious emission reductions, emphasizing the need for further scrutiny and development of essential market components before trading can commence.
The UN has introduced a mandatory mechanism within its new carbon market to safeguard against human rights violations and environmental damage by requiring project developers to conduct detailed risk assessments. This Sustainable Development Tool aims to ensure that carbon credit projects contribute positively to the 17 Sustainable Development Goals while avoiding harm. The approval marks a significant step towards operationalizing the Article 6 carbon market, with ongoing reviews planned to enhance its effectiveness.
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15:11 10.10.2024
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