Official announcements from the United Nations Framework Convention on Climate Change (UNFCCC) or related bodies

COP29 Finalizes Paris Agreement Deal for Global Carbon Credit Market

Nov 23, 2024, 06:33 PM

Countries at the COP29 climate conference in Dubai have finalized an agreement on rules for a global carbon credit market, marking a significant step after nine years of negotiations. This deal, in line with the Paris Agreement's Article 6, aims to facilitate the trading of carbon credits through a centralized U.N. trading system. The agreement seeks to mobilize billions of dollars into climate projects like tree planting and wind farms, though some questions about market integrity remain.