The participating states at the 29th UN Climate Conference (COP29) can already demonstrate success after the first day of the meeting: they were able to agree on uniform standards for global trading in emissions certificates.
COP29 President Mukhtar Babayev spoke of a “breakthrough”. However, he explained that further efforts are needed to regulate emissions trading. This trade allows states and companies to buy so-called credits for climate protection projects – such as planting trees, protecting habitats or replacing environmentally harmful coal with clean alternatives. One credit corresponds to one ton of carbon dioxide saved.
Since the 2015 Paris Climate Agreement, the United Nations has been working on rules that would allow countries and companies to exchange credits with each other in a transparent and global market. An earlier attempt to regulate carbon markets under the Paris Agreement was rejected as too lax by the EU and developing countries at COP28 in Dubai last year.
So far outside all international rules
According to Erika Lennon of the Center for International Environmental Law (CIEL), Monday’s agreement is “hugely important”. This opens the door to a market focused on trading high-quality emissions allowances with UN standards, she said. Until now, this market has developed outside all international rules and has been mainly used by companies wanting to claim CO2 neutrality by trading emissions allowances.
This year, approximately 51,000 people are participating in the World Climate Conference, significantly fewer than last year in Dubai. Negotiations end next Friday, but an extension like previous years would not be a surprise. This year, Austria is represented by Climate Protection Minister Leonore Gewessler, Green Party spokesperson for energy and climate protection Lukas Hammer and Green MEP Lena Schilling.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
