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COP 29 - International Carbon Market Standards
November 17 , 2024
19 hrs 0 min
23
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- COP29 agreed the UN-backed carbon market standards pertaining to Article 6 of the Paris climate agreement.
- It defines how countries can voluntarily use the carbon credits to meet carbon emission reduction targets set out in their nationally determined contributions.
- It also guarantees that the emission reductions and removals are real, additional, verified, and measurable.
- Article 6 was proposed in the 2015 UN Paris Agreement.
- It is an international framework that allows countries to achieve the national emission mitigation targets via a market-based mechanism.
- Private sector also plays a key role in the mechanism.
- The Key Sections of this Article are 6.2, 6.4, and 6.8, covering non-market approaches.
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