Tue Nov 12 06:48:07 UTC 2024: ## Global Carbon Market Deal Reached at COP29

**Baku, Azerbaijan:** After years of delays, delegates at the UN Climate Summit COP29 in Baku, Azerbaijan, have finally reached an agreement to finalize a global carbon market. The deal, which follows the provisions of Article 6 of the Paris Agreement, will allow countries to trade carbon credits—certified reductions of carbon emissions—among themselves.

The agreement establishes a market overseen by the United Nations, ensuring the transparency and legitimacy of carbon credits. The market is expected to launch in 2025, directing resources towards developing countries and helping them implement their national climate plans.

“This will be a game-changing tool to direct resources to the developing world,” said COP29 President Mukhtar Babayev. “Following years of stalemate, the breakthroughs in Baku have now begun. But there is much more to deliver.”

Experts believe that the new carbon market could significantly reduce the cost of implementing national climate plans, potentially saving $250 billion per year. However, they also caution that the implementation details still need to be finalized.

The agreement on Article 6.4 comes at a crucial time as the COP29 summit focuses on finding solutions to achieve the New Collective Quantified Goal (NCQG), which aims to increase financial support for developing countries in their efforts to combat climate change.

The NCQG is a crucial aspect of the Paris Agreement, requiring developed countries to provide $100 billion annually to developing countries by 2025. UN Climate Change Executive Secretary Simon Stiell emphasized the importance of reaching a new global climate finance goal at the summit.

“If at least two-thirds of the world’s nations cannot afford to cut emissions quickly, then every nation pays a brutal price,” he said. “So, let’s dispense with any idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest.”

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