COP29's global carbon market push is expected to boost carbon trading. (Photo: UN Climate Change - Kiara Worth)
On the opening day of the United Nations Climate Summit (COP29), a major breakthrough was achieved in global carbon market negotiations.
Member countries endorse a United Nations-backed carbon credit trading mechanism. Under this new framework, countries can use carbon credits earned through assisting other nations in reducing emissions as part of their own Nationally Determined Contributions (NDCs). However, some experts have criticized the summit for rushing the process, setting a controversial precedent for "backdoor" deals.
