The United Nations Climate Change Conference (COP29) has recently reached an agreement on the rules for a global carbon credit trading market.
This is a significant outcome, as before COP29, carbon market mechanisms were limited to national or regional levels, lacking connection and coordination. A global carbon credit trading market will address these limitations, enabling the transparent and efficient transfer of carbon credits between countries.
The agreement focuses on ensuring reliable reductions in greenhouse gas emissions. Carbon credits are generated through projects such as tree planting or building wind farms in developing, poorer nations, which receive one carbon credit for each ton of emissions they reduce from being released into the atmosphere. Countries and companies can purchase these credits to meet their climate targets.
Mr. Axel Michaelowa, Head of the International Climate Policy Research Group at the University of Zurich, Switzerland, stated: “A poorly functioning international carbon market can actually hinder emission reductions. But now, the rules have been established and decided. These rules will provide a much better, stronger, and more reliable foundation.”
The new agreement also allows for the early implementation of the United Nations' centralized trading system as soon as next year. This market is expected to raise billions of dollars for new projects aimed at combating global warming, from reforestation to the development of clean energy.
The value of the global carbon credit trading market supported by the United Nations is estimated to reach 250 billion USD annually by 2030.
Source: New turning point for carbon credit trading posted on VTV online newspaper
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