COP29 countries endorse global carbon market framework
The market could be one route for U.S. companies to keep participating in global efforts to address climate change, even if Trump were to quit the Paris accord.
BAKU, Nov 11 (Reuters) - Countries at the two-week COP29 climate summit gave the go-ahead on Monday to carbon credit quality standards which are critical to launching a U.N.-backed global carbon market that would fund projects that reduce greenhouse gas emissions.
The green light was an early deal on day one of the U.N. conference in Baku, Azerbaijan. Governments are also meant to hammer out a climate finance agreement, although expectations have been muted by Donald Trump's U.S. election win.
President-elect Trump has said he would again pull the U.S. out of the global Paris climate agreement, which lays the groundwork for the planned U.N.-backed carbon market.
However, Juan Carlos Arredondo Brun, a former climate negotiator for Mexico who now works for carbon market data and souring company Abatable, said the endorsement "will bring us closer to operationalising the carbon market before any single party may decide to move away from the Paris Agreement".
Monday's deal could allow a U.N.-backed global carbon market, which has been years in the making, to start up as soon as next year, one negotiator said.
Carbon credits theoretical( article continues at Reuters )