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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 operationalizing 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.