Late Friday, texts were published that revealed further details for Article 6.4, as well as the rules for how countries can trade credits they plan to use to meet their national emissions reductions goals under the Paris climate agreement in Article 6.2.
Negotiators at the COP29 climate summit in Azerbaijan are close to landing a carbon credits agreement after almost a decade of deliberation. The decision, if adopted, will pave the way for more trading activity under a new market overseen by the United Nations.
Securing a deal on the latest set of rules for Article 6 was a top priority for the Azeri COP29 Presidency. On day one of the summit, negotiators rushed through a deal advancing rules on how a new UN-backed global crediting mechanism will function.
