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Global carbon market officially launched: COP29 approves key clause 6.4 of the Paris Agreement
Release time:
Nov 15,2024
On November 11th, at the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), the highly anticipated Article 6.4 of the Paris Agreement was approved, marking the official establishment of the global carbon market. This clause aims to reduce greenhouse gas emissions and promote sustainable development through international cooperation.
The newly established Article 6.4 Supervisory Body (SBM) will be responsible for regulating the carbon market, ensuring that projects are approved by the corresponding countries, and issuing UN recognized carbon credits. This decision is seen as an important progress in achieving the Nationally Determined Contributions (NDCs) of each country, expected to provide emission reduction support for high emission economies and promote the flow of funds to developing countries.
The Paris Agreement provides two carbon credit trading mechanisms to help countries and businesses achieve their emission reduction targets. The 6.4 articles approved this time aim to establish a central carbon credit system regulated by the United Nations, for countries and enterprises to offset carbon emissions and conduct carbon credit trading. It is predicted that by 2030, the total annual trading volume of this market is expected to reach 25 billion US dollars, which can reduce 5 billion tons of carbon emissions annually.
COP29 President Mukhtar Babaev stated that the global carbon market will reduce the cost of implementing NDCs and redirect resources to developing countries. However, some negotiators have criticized the way the agreement was reached, arguing that a few technical experts set the standards while some countries did not have a fair say in the final rules.
The establishment of a global carbon market has a profound impact on voluntary carbon markets, promoting standardization of carbon credits and enhancing market confidence. At the same time, COP29 also emphasized the importance of setting fair and ambitious new collective quantitative targets for climate financing to send a strong signal to financial markets.
The COP29 conference also involves topics such as the Loss and Damage Fund and the Biennial Transparency Report, all aimed at promoting greater progress in global climate action.
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