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CLIMATE CHANGE

COP29: 196 countries unite on global carbon market framework

November 12, 2024 • 2 min read

November 12, 2024

By Samuel Ogunsona

About 198 countries attending the 29th session of the climate change conference of parties (COP29) have reached a landmark agreement on a new global carbon market framework.

This framework rewards nations for reducing emissions, paving the way for accelerated climate action.

Speaking in Azerbaijan on Tuesday, Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), hailed the decision as “significant.”

Stiell emphasized the urgent need for climate investment to flow to where it’s needed most, warning that a deteriorating climate will exacerbate the cost of living crisis and fuel inflation.

Stiell stressed that bold climate action is imperative, urging leaders to instruct their negotiators to find common ground rather than engaging in posturing. “Unless all countries can slash emissions deeply, every country and every household will be hammered even harder… living in a permanent inflationary nightmare,” he cautioned.

“So to Article 6, last night, parties agreed strong standards for a centralised carbon market under the UN. There is more work to do but this is a good start. The product of over 10 years of work within the process.

“Colleagues, you are masters of making complex things understandable. So let me say on Article 6, this is not some bit of UN bureaucracy when operational.

“These carbon markets will help countries implement their climate plans faster and cheaper, driving down emissions.

“We must ensure that developing countries benefit from new flows of finance. There’s more work to do on Article 6, and the process allows for all perspectives to continue to be heard.

“And there is a huge amount of work to do at the COP more broadly to ensure its delivery.”

However, this historic agreement has the potential to unlock significant climate finance and support countries in implementing their climate plans more efficiently.

“These carbon markets will help countries implement their climate plans faster and cheaper, driving down emissions” Steill noted