Work had begun in October, when Azerbaijan hosted a meeting of the Article 6.4 Supervisory Body, which proposed a set of standards for Article 6.4. The COP29 Presidency says it “built support” for these standards at “Pre-COP”, a series of negotiations held on Oct 10 and 11.
The United Nations’ (UN) annual climate conference started on Nov 11 with a “breakthrough”, according to host nation Azerbaijan, as parties agreed on rules for a UN-administered global carbon market.
Parties have “achieved a critical early success” by welcoming standards adopted by the Article 6.4 Supervisory Body for the creation of carbon credits under Article 6.4, says the COP29 Presidency. These standards will ensure that the international carbon market is of high integrity, and that emissions reductions and removals are real, additional, verified and measurable.
