COP29 gets UN carbon mkts going but concerns persist on climate integrity

UN Climate Change chief Simon Stiell lauded the passage and said that carbon markets would enable flow of $250 billion in annual financing

The just-concluded COP 29 UN global climate summit at Baku, Azerbaijan, could count only adoption of Article 6 — a UN-mandated framework to enable emission mitigation and fund clean energy projects using market mechanisms such as carbon credits — as the only real achievement. These rules were adopted nine years after Article 6 first appeared in the 2015 Paris Agreement.

 

While the adoption of Article 6 helps countries like India to have bilateral arrangements with rich nations to develop projects, transfer credits, and enable local corporations to access global carbon markets, climate activists have panned it as half baked, open