COP29 Greenlights UN Backed Global Carbon Credits Market

Negotiators have agreed on establishing a U.N.-backed system for trading carbon credits. The deal, announced on Nov. 12 at the U.N. climate change conference, COP29, in Azerbaijan, will support a decade-old aim to bring on a centralized carbon market by next year. On the opening day, nations agreed on several crucial ground rules on the U.N.’s Article 6.4 Supervisory Body, which under the Paris Agreement, is designed to allow countries to trade carbon credits to meet their emissions reduction targets. According to the United Nations, carbon credits are measured in tonnes of CO₂ equivalent and can be purchased by individuals, businesses, and organizations to offset emissions or support environmental projects....