COP29 Approves Article 6.4, Paving the Way for Global Carbon Trading

COP29 has begun with a significant achievement, approving the Article 6.4 mechanism. This move allows countries to trade carbon emissions reductions, helping them meet their Nationally Determined Contributions (NDCs) under the Paris Agreement. The decision lays the foundation for a global carbon market that can drive international climate cooperation.

One of the key benefits of the Article 6.4 approval is the potential to unlock much-needed climate finance. Developing countries with carbon projects or natural carbon sinks will now have opportunities to engage in carbon trading.