UN carbon market inches closer after COP29 agreement [Video]

The creation of a UN-backed global carbon market has taken a step closer to reality with governments approving new standards for the use of credits to meet climate targets.

The agreement reached at the COP29 climate summit was hailed as a breakthrough after nearly a decade of complex negotiations over the rules for trading carbon credits.

UN climate chief Simon Stiell said carbon markets would be a “game-changing tool” for poorer countries, but opponents say the use of credits does not change the behaviour of big polluters.

Carbon trading

In carbon markets, one credit equals a tonne of planet-heating carbon dioxide emissions removed from the atmosphere or prevented from entering it.

A country, or company, wanting to reduce its carbon footprint can buy credits from projects that are cutting emissions …