COP29 approves new UN rules on global carbon credit trading

The green light was an early deal on day one of the UN conference in Baku as governments are also expected to hammer out a climate finance agreement.

Carbon credits theoretically allow countries or companies to pay for projects anywhere on the planet that reduce CO2 emissions. / Photo: AA

US president-elect Trump has said he would again pull the US out of the global Paris climate agreement, which lays the groundwork for the planned UN-backed carbon market. Carbon credits theoretically allow countries or companies to pay for projects anywhere on the planet that reduce CO2 emissions or remove it from the atmosphere and use credits generated by those projects to offset their emissions.

While the standards approved in Baku were aimed at allaying concerns that many projects do not deliver the climate benefits they claim, campaigners said they fell short in areas including protecting the human rights of communities affected by projects.

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