New rules allowing wealthy polluting countries to buy carbon-cutting “offsets” from developing nations were agreed at UN climate talks overnight, in a move already raising fears they will be used to greenwash climate targets.
Carbon credits are generated by activities that reduce or avoid planet-heating greenhouse gas emissions, like planting trees, protecting existing carbon sinks or replacing polluting coal with clean-energy alternatives.
COP29 has laid bare divisions between wealthy governments constrained by tight domestic budgets and developing nations, while past failures to meet climate finance obligations have also made developing countries mistrustful of new promises.
The COP29 Presidency encourages Parties to reinvest these savings in even greater climate ambition. The next generation of NDCs, due in February, are make-or-break for the world’s hopes of keeping 1.5 degrees within reach. Today’s milestone has been reached just in time to aid countries in committing to more ambition in their climate plans.
“We have ended a decade-long wait and unlocked a critical tool for keeping 1.5 degrees in reach,” said COP29 President Mukhtar Babayev.
“Climate change is a transnational challenge and Article 6 will enable transnational solutions. Because the atmosphere does not care where emissions savings are made.”
