BAKU - Countries at the two-week COP29 climate summit gave the go-ahead on Monday to carbon credit quality standards which are critical to launching a U.N.-backed global carbon market that would fund projects that reduce greenhouse gas emissions.
However, Juan Carlos Arredondo Brun, a former climate negotiator for Mexico who now works for carbon market data and souring company Abatable, said the endorsement"will bring us closer to operationalising the carbon market before any single party may decide to move away from the Paris Agreement". Examples of projects could include cultivation of CO2-absorbing mangroves, or distribution of clean stoves to replace polluting methods of cooking in poor rural communities.
"A lot of funders are worried that the markets aren't stable enough, credible enough to be able to invest more in," Rebecca Iwerks, a co-director at non-profit group Namati told Reuters. Kevin Conrad, executive director for the Coalition for Rainforest Nations and former climate envoy for Papua New Guinea said the supervisory board had overstepped its mandate.Countries at COP29 will also try to finish other rules aimed at creating a robust market.
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