By Mathew Carr
Nov. 11, 2024 — After nine years of shameful delay, the world has taken a key step today toward creating more comprehensive rules for a carbon commodity that probably will eventually (in many more years) rival crude oil.
https://cop29.az/en/media-hub/news/cop29-opens-in-baku-with-breakthrough-on-global-carbon-markets
Zsolt Lengyel on Linked In
“Congrats & appreciations for the hard work of the Art 6.4 SB / SBM for pushing ahead with Art 6.4 operationalisation and for the CMA as it “Takes note of the adoption by the Supervisory Body of the “Standard: Application of the requirements of Chapter V.B (Methodologies) for the development and assessment of Article 6.4 mechanism methodologies”4 and the “Standard: Requirements for activities involving removals under the Article 6.4 mechanism”
The uphill struggle continues to scale and speed up international project-based climate action under the auspices of the Article 6.4 of the Paris Agreement!“
I was initially relying on Carbon Pulse and the source doc below from UNFCCC website: https://www.linkedin.com/posts/carbon-pulse_breaking-azerbaijans-cop29-presidency-secured-activity-7261798699662561280-2vFt?utm_source=share&utm_medium=member_desktop
BREAKING: Azerbaijan’s COP29 presidency secured an early endorsement of key methodological standards under Article 6 during Monday’s opening plenary, driven to action by two years of failure at the annual UN climate summit to move forward on the Paris Agreement’s carbon crediting mechanism.
Despite resistance from some parties, the standards brought into force ahead of the summit in Baku, which began Monday, have been approved by national diplomats and are now formally endorsed.
Many international carbon markets participants welcomed the move as a significant step towards operationalising the Paris Agreement crediting mechanism, while those concerned have cited a disregard for governance processes and transparency.
Read our coverage in full 👉 https://lnkd.in/e42uUgu3
New source doc — denoted a “draft decision”:
This and links to my other curtain-raiser stories for this news:
See also this …Im confused how something can be “in force” before COP approval:
Crude oil:
Oil Holds Biggest Drop in Two Weeks on Demand Concern and Dollar
