The COP29 summit has delivered a historic breakthrough, finalising Article 6 of the Paris Agreement after a decade of negotiations. This pivotal achievement establishes high-integrity carbon markets, offering countries and companies a transparent platform to collaborate on reducing emissions and meeting their climate targets.
Top view of growing tree seedlings. AI generated picture.
The operationalisation of Article 6 is projected to save nations up to $250 billion annually in implementing their Nationally Determined Contributions (NDCs). The COP29 Presidency urged countries to reinvest these savings in more ambitious environmental initiatives as the next generation of NDCs approaches.
Mukhtar Babayev, COP29 President, hailed the milestone as critical for maintaining global environmental goals. ‘Climate change is a transnational challenge and Article 6 will enable transnational solutions. Because the atmosphere does not care where emissions savings are made’, he stated.
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Lead negotiator Yalchin Rafiyev emphasised the transformative impact of Article 6. ‘It means coal plants decommissioned, wind farms built and forests planted. It means a new wave of investment in the developing world’, he said.
This outcome builds on earlier progress made at the Glasgow and Sharm El-Sheikh COPs, which established foundational rules for carbon markets. However, unresolved issues had stalled their full functionality until COP29’s dual-track approach bridged technical and political divides.
Adopted guidelines ensure environmental integrity, inclusivity, and human rights protections, offering project developers confidence under the Paris Agreement. The rulebook remains adaptable, allowing Parties to refine it through practical application.
This milestone marks a critical step forward, unleashing the potential of carbon markets to drive global environmental investments while reinforcing the collective ambition to support nature restoration for the health and benefit of the entire global population.
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