Climate Politics

COP29 Negotiators Agree on Global Carbon Market Mechanism

New market to form the gold standard for emissions trading
The rules, dubbed “Article 6.4,” have been stalled for years

Attendees at the COP29 climate conference in Baku, Azerbaijan, on Nov. 11. — Attendees at the COP29 climate conference in Baku, Azerbaijan, on Nov. 11.
Photographer: Hollie Adams/Bloomberg

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By John Ainger

November 11, 2024 at 6:16 PM UTC

This article is for subscribers only.

Climate negotiators secured a breakthrough on day one of the COP29 climate summit by agreeing on rules for a United Nations-administered global carbon market.

Proponents argue the new market will form the gold standard for emissions trading, unlocking billions in finance for emissions mitigation projects in the developing world. Buyers, mostly in wealthier countries, would be able to meet their climate goals by buying credits from projects that cut pollution.