What’s in the Baku Carbon Credit Deal?
At COP29 in Baku, negotiators reached an agreement on the framework for carbon markets under the Paris Agreement. Hæge Fjellheim from Veyt explains why this was significant.
Article 6 of the Paris Agreement outlines how international carbon markets should function, and negotiators have spent nearly a decade hammering out the details. At COP29 in Baku this November, the parties finally reached a consensus on a framework—one of the few notable breakthroughs at this year’s climate summit.
But how big was the achievement, really? While the COP presidency hails it as a «breakthrough«, others were more reserved. How important is this agreement, what impact will it have, and what comes next? We ask Hæge Fjellheim, Head of Carbon at the analytics firm Veyt.
<2°C: – COP29 concluded with an agreement on rules for internationa( article continues at Energi og Klima )