As ministers and negotiators race to an agreement on carbon markets at the COP29 UN climate change summit, a sticking point remains over the nature of an international registry that will document carbon trading between countries.
While some countries want to limit it to pure accounting functions, several developing countries want the platform to also perform carbon credit transactions, as they lack the means to build their own national registries, which would facilitate carbon trading.
Minister for Sustainability and the Environment Grace Fu - who is facilitating negotiations along with her ministerial counterpart from New Zealand - said on Nov 20: "There are some discussions going on, some divide in the room, but we have some proposals on bridging solutions... We will consult every group and parties again."
To cater to developing countries, the latest proposal negotiated at COP29, being held in Baku, Azerbaijan, includes an additional function in the registry to enable some nations to carry out carbon credit transactions.
In terms of the COP, carbon markets are governed under Article 6 of the Paris Agreement.
Countries are divided on the proposal that the international registry also issue carbon credits for two main reasons.
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