Kenya, among other African countries that contribute little in greenhouse gases emissions will reap big after more than 200 countries endorsed Global Carbon Market standards. Dubbed Article 6.4, the approval during this year’s CoP29 Baku lays the foundation for countries to trade carbon emission reductions.
“We are a long way from halving emissions this decade, but wins on carbon markets here at CoP29 will help us get back in that race. We must ensure that developing countries benefit from new flows of finance,” UN Climate Change Executive Secretary Simon Stiell said.
Through these trades higher-emitting economies will ideally be able to achieve their climate goals, called Nationally Determined Contributions (NDCs), under the Paris Agreement.
This will also allow for much-needed funds to flow towards developing countries that have the potential to develop carbon projects or protect existing carbon sinks.
“By matching buyers and sellers efficiently, such markets could reduce the cost of implementing NDCs by 250 billion dollars a year” Mukhtar Babayev, CoP president said while praising the compromise spirit that made the deal a reality.
The move comes after the group of experts tasked with creating the framework of a emissions market under the Paris Agreement – finalised two key standards related to carbon removal and developing and assessing projects for a UN-supervised carbon market.
