At the COP29 climate summit, nations have endorsed higher standards for international carbon credits.

The move is expected to direct much-needed resources to developing nations while reducing greenhouse gas emissions more effectively.  

Yalchin Rafiyev, COP29’s lead negotiator, described the agreement as a “game-changing tool”, projecting annual savings of US$250 billion through improved climate plan implementation. 

While hailed as a milestone in multilateral climate action, the decision has drawn criticism from some negotiators who argued their perspectives were not adequately considered during the process.  

Simon Stiell, Executive Secretary of the UN Climate Change body, has expressed optimism about the practical benefits of the agreement, saying that operational carbon markets would accelerate emissions reductions while cutting costs. 

However, he also reminded attendees of the broader stakes, calling climate action essential to prevent the worsening of economic and social instability worldwide.  

The endorsement coincides with advancements in funding mechanisms for climate-vulnerable regions. 

Agreements signed at the summit will allow the Fund for Loss and Damage to begin disbursing financial support by 2025, a critical milestone for those most affected by climate impacts.  

The agreement on carbon credit standards follows years of stagnation in negotiations on Article 6 of the Paris Agreement. The new arrangement was described by Rafiyev as “a breakthrough” and the start of a new chapter in multilateral climate cooperation. 

However, as COP29 progresses, attention remains fixed on upcoming leader-level dialogues and other key negotiations.  

With the summit set to conclude on November 22, the outcomes will be pivotal in determining the trajectory of global climate action, particularly as nations prepare their next round of national climate plans. 

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