On November 18, within the framework of COP29, the Parties adopted a decision regarding the work program under non-market approaches referenced in paragraph 8 of Article 6 of the Paris Agreement, APA reports.
Article 6.8 enables Parties to implement their national climate plans, including mitigation and adaptation plans, and promote sustainable development through the use of mentioned approaches.
The COP29 Presidency has identified the full operationalization of Article 6 of the Paris Agreement as one of its main priorities. This article envisions the establishment of reliable and transparent carbon markets during collaboration between countries to achieve climate goals. Markets in line with that article are an important tool for directing more investment to developing countries. The full implementation of Article 6 could reduce the countries' cost of implementing Nationally Determined Contributions by approximately USD 250 billion annually.
Recall that on the first day of COP29, November 11, the Parties agreed on the creation of carbon credit standards in accordance with Article 6.4 of the Paris Agreement. This will ensure the functioning of the international carbon market under the supervision of the UN. These standards will enable the international carbon market to have high reliability and contribute to emissions reductions.
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