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Akbar Novruz

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On November 18, COP29 adopted a significant decision concerning the work program for non-market approaches, as outlined in paragraph 8 of Article 6 of the Paris Agreement, Azernews reports.

Article 6.8 enables Parties to implement national climate plans, including mitigation and adaptation strategies while promoting sustainable development through these approaches. The COP29 Presidency highlighted the full implementation of Article 6 as a key priority, emphasizing its role in ensuring reliable and transparent carbon markets. These markets are crucial for facilitating cooperation between countries to meet their climate targets, and they serve as an important tool for channelling more investment into developing nations.

The complete execution of Article 6 could potentially reduce countries' spending on Nationally Determined Contributions (NDCs) by approximately US$250 billion annually.

Earlier, on November 11, the Parties also agreed on the creation of carbon credit standards under Article 6.4 of the Paris Agreement, ensuring the reliability of the international carbon market and supporting emission reductions. These standards will be overseen by the UN to ensure the effectiveness and trustworthiness of the global carbon market.