India's plans to set up a carbon market received a boost at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, after the United Nations Framework Convention on Climate Change (UNFCCC) ratified key rules for a global carbon trading mechanism at this UN-sponsored climate event, officials said.
On Monday night, states assembled for the first day of the UN Climate Change Conference reached a consensus on standards for projects to qualify for carbon credits under Article 6.4 of the Paris Agreement, UN Climate Change reported.
This agreement enables climate action by increasing demand for carbon credits and ensures that the international carbon market operates with integrity under UN supervision.
It also guarantees that emission reductions and removals are real, additional, verified, and measurable.
"This step is a good move toward making Article 6.4 work as intended, but more needs to be done to ensure strong and effective implementation," said Dhruba Purkayastha, director-growth and institutional advancement, at New Delhi-based think tank CEEW.
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