Carbon market deal done? Experts wary

THE United National Climate Conference (COP29) presidency has claimed early success with the adoption of standards for carbon credits, referred to as Article 6.4 of the Paris Agreement, a long-debated framework designed to help nations collaborate on reducing carbon emissions. But, critics say it was pushed without adequate scrutiny and would lead to greenwashing as there are not enough safeguards.

- SV KRISHNA CHAITANYA

Yalchin Rafiyev, COP29 lead negotiator, told the media, "This will be a game-changing tool to direct resources to the developing world and help us save up to $250 billion a year when implementing our climate plans." Harjeet Singh, Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative, said, "Fast-tracking carbon market rules at the start of COP29 sets a troubling precedent."

"UNLIKE COP28's positive example of operationalising the Loss and Damage Fund, which had the support and approval of all countries, this approach sidesteps comprehensive consultation with nations and civil society.