UN one step closer to establishing global carbon market
If new rules on project eligibility are adopted at COP28, this global carbon finance mechanism could finally start working next year.
The United Nations body responsible for the Paris Agreement’s carbon market provision has finalised rules around which carbon projects should qualify under the scheme. If they are adopted at COP28, this global carbon finance mechanism eight years in the making could finally start working next year.
The Article 6.4 supervisory body is responsible for designing the Paris Agreement’s carbon market mechanism, which aims to allow countries and companies to trade their greenhouse gas emissions reductions across borders.
