The mechanism was approved during the plenary meeting in Baku
The plenary assembly of COP29, in Baku, Azerbaijan, approved this Saturday (23) the rules for the establishment of an international carbon credit market, a mechanism foreseen by the 2015 Paris Agreement.
This was the second main item on the agenda of the climate summit, behind only the fund to help developing countries fight global warming, negotiations on which remain stalled due to differences between the North and the South of the world.
According to Jacopo Bencini, a researcher at the European University Institute, the COP29 decision establishes an “international register of carbon credits” managed by the United Nations Framework Convention on Climate Change (UNFCCC) and “methodologies to say when this credit is of quality ” .
“A state can purchase a decarbonization project from another country, and the emissions cut resulting from that project would be counted in favor of the purchasing state,” the expert explained to ANSA.
The mechanism, however, is viewed with suspicion by many environmentalists who believe it could become an excuse for polluting countries not to reduce their greenhouse gas emissions more quickly. On the other hand, defenders of this market believe that trading carbon credits can help the development of poor countries.
Companies already purchase carbon credits in other nations, but these transactions do not contribute to national emissions reduction goals. The COP29 Presidency estimates that this market can reduce the costs of implementing each country’s decarbonization goals by up to $250 billion per year.
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Source: Terra
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