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COP29: Countries agree on new global carbon market framework

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Nations at the 29th session of the climate change conference of parties (COP29) have aggred on a new global carbon market framework, to reward countries cutting down emissions.

Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change |

Speaking on Tuesday in Azerbaijan, Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change , said the operationalisation of carbon markets will accelerateStiell, who described the decision as “significant”, emphasised the need for climate investment to flow to where it is most needed.

“Unless all countries can slash emissions deeply, every country and every household will be hammered even harder than they currently are… will be living in a permanent inflationary nightmare. And this is not some far off risk,” Stiell said. “These carbon markets will help countries implement their climate plans faster and cheaper, driving down emissions.

 

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