COP29 countries endorse global carbon market framework

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00:00For a long and obscure and sometimes anarchic system, carbon trading is now set to be brought

00:05under a settled global market, agreed through negotiations at the COP29 conference in Baku.

00:11The conference president green-lit the establishment on Monday of carbon credit quality standards.

00:16I now invite the CMA to adopt the draft decision contained in document BA slash CMA slash 2024

00:26slash LDIRT1.

00:29Theoretically, carbon credits allow countries or companies to pay for projects anywhere

00:33on the planet that reduce CO2 emissions or remove it from the atmosphere, and to use

00:39those credits generated by those projects to offset their own emissions. Examples include

00:44countries with extensive rainforests selling credits to generate funding.

00:48They can also provide an incentive to businesses to take part in environmental initiatives,

00:53a particular concern in the case of American companies if the incoming Trump administration

00:58leaves the Paris Accords.

01:00But carbon credits have been criticised by climate activists as an ineffective means

01:04of reducing emissions and allowing polluting businesses and countries to greenwash their

01:09activities. It's hoped that a UN-run market would usher in greater accountability.

01:15But some activists say measures fall short, including protecting the human rights of communities

01:19affected by projects.

01:21And the European Union, which holds companies to rigid standards regarding carbon prices,

01:27is demanding the conference adopt similar standards so as to keep European businesses

01:31on board.

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