Parties attending COP29 in Baku have agreed strong standards for a centralised carbon market under the UN.
Simon Stiell, UN Climate Change Executive Secretary, said, “There’s more work to do, but this is a good start – the product of over 10 years of work within the process. When operational, these carbon markets will help countries implement their climate plans faster and cheaper, driving down emissions.”
While acknowledging that the world is a long way from halving emissions this decade, he said ‘wins on carbon markets at COP29’ will help us get back in that race.
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