Azerbaijan’s COP29 presidency hailed the adoption of rules for a global carbon market as an early “breakthrough” on day one of the UN summit in Baku.
After nine years of wrangling, including some of the hottest on record, progress towards trading carbon credits internationally has been broadly welcomed.
The industry has a reputational problem, littered with scandals about credits that exaggerated their real impact in limiting emissions.
NGOs are still questioning whether Article 6, as it’s known, will be clear enough on the details.
Gilles Dufrasne, a policy expert at Carbon Market Watch, says that to really address concerns about carbon credit integrity the new UN mechanism would need to impose standards so high that they would force prices up dramatically, limiting demand.
