COP29 Opens in Baku with Breakthrough on Global Carbon Markets

Parties assembled for the first day of the UN Climate Change Conference in Baku (COP29) achieved a critical early success by reaching consensus on standards for the creation of carbon credits under Article 6.4 of the Paris Agreement.

This will enable climate action by increasing demand for carbon credits and ensure that the international carbon market operates with integrity under the supervision of the United Nations.

The COP29 Presidency identified the full operationalization of Article 6 as a key negotiating priority this year.

Finalising Article 6 negotiations could reduce the cost of implementing national climate plans by $250 billion per year by enabling cooperation across borders. This decision is an essential step in achieving that goal and establishes strong momentum for continued progress over the coming two weeks of negotiations.