COP29 fully implements Statement 6 of the Paris Act

The COP29 Presidency said today that the ten-year wait for the completion of high integrity carbon market discussions under Article 6 of the Paris Agreement is over.

Through intense dual-track technical and political talks, the Presidency pushed Parties to this historic accomplishment, which was one of its top goals for the year. This tactic resolved the remaining unresolved issue in the Paris Agreement and ended years of impasse.

As nations work together to achieve their climate objectives, Article 6 offers transparent and reliable carbon markets. It is anticipated that this cross-border collaboration would save up to USD 250 billion annually in the cost of executing nations’ national climate plans (NDCs).

Parties are urged to reinvest these savings in even more ambitious climate goals by the COP29 Presidency. The world’s prospects of staying below 1.5 degrees are on the line with the next generation of NDCs, which are due in February. Just in time to help nations agree to more ambitious climate goals, today’s milestone was accomplished.

Mukhtar Babayev, the president of COP29, said, “We have ended a decade-long wait and unlocked a critical tool for keeping 1.5 degrees in reach.” “Article 6 will allow for transnational solutions to the transnational problem of climate change. because where emissions are reduced has no bearing on the climate.

“Today, we have unlocked one of the most complex and technical challenges in climate diplomacy,” said Yalchin Rafiyev, the lead negotiator for COP29. Although Article 6 is difficult to comprehend, its effects will be evident in our daily lives. Forests are planted, wind farms are constructed, and coal facilities are retired. It indicates a fresh round of funding for developing nations.

The result of today was a difficult one. The final components of Article 6 were not settled, despite the fact that the Glasgow and Sharm El-Sheikh COPs were successful in establishing significant regulations, mechanisms, and processes for carbon markets. These talks had stopped before COP29, which caused a significant delay in the full operation of this avenue for increased global climate cooperation.

A focused strategy used by the COP29 Presidency broke past international deadlocks. By bridging the political and technical debates to reach an agreement, the Presidency promoted positive interaction between the Parties and advanced the cause throughout the year. In turn, this created momentum for today’s breakthrough by paving the way for the early acceptance of Article 6.4 standards on the first day of COP29.

In order to accomplish this, the COP29 Presidency would like to express its appreciation to the many people and organizations who have been working diligently for over ten years. Without the advancements they made over the years, today’s consensus would not have been achievable.

In addition to unleashing their enormous potential to drive global climate investment, the unanimously adopted decisions on Article 6 today will be crucial in ensuring the environmental integrity, transparency, and robustness of carbon markets through actual, additional, verified, and measurable emission reductions and removals.

Countries and project developers may work together confidently under the Paris Agreement thanks to the principles and regulations that have been implemented to guarantee that carbon projects preserve practicality and inclusiveness, protect human rights, and encourage sustainable development.

The development of these judgments continues even after they are adopted. As they gain experience, the Parties may continuously modify the Article 6 rules.