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Smoke billows from a coal-fired power plant in Neurath, Western Germany. (Photo: Getty Images/VNA)
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On November 23, local time, countries participating in the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) in Baku, Azerbaijan, reached an agreement on the rules for a global carbon credit market.
The market is expected to mobilize tens of billions of dollars for new projects to combat global warming.
According to VNA’s reporter in Eastern Europe, the agreement centers on ensuring reliable reductions in greenhouse gas emissions that cause climate change.
After reaching a deal that allows the UN’s centralized trading system to be implemented as early as next year, negotiators spent the remainder of their time in Azerbaijan trying to finalize the details of a separate bilateral system for countries to trade directly.
The details to be worked out included how to build a registry to track credits, as well as the amount of information countries should share about their agreements and what would happen if projects ran into trouble.
While the European Union (EU) called for tighter UN oversight and transparency on inter-country transactions, the US sought more autonomy over the agreements reached.
The COP29 President also announced a draft agreement proposing to allow some countries to issue carbon credits through a separate registry system without UN approval.
The final agreement is a compromise, with the EU ensuring registration services for countries unable to set up their own ledgers to issue and track credits, while the US ensured that a transaction recorded on such a registry would not qualify as UN-sanctioned credits.
Analysts say the COP29 agreement strikes a balance by providing clear rules to ensure integrity and transparency without limiting the participation of countries, thus promoting carbon credit trading.
The value of the UN-backed global carbon credit market could reach up to $250 billion per year by 2030./.
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