A deal to launch multibillion-dollar carbon markets governed by UN rules on emissions has been agreed at the COP29 climate summit, as countries attempt to show the fight against climate change will persist despite last week’s election of Donald Trump.
In the first symbolic negotiating breakthrough, the COP29 presidency pushed successfully on Monday for countries to adopt rules on a global market for trading instruments representing carbon emissions.
Carbon trading could help raise some of the cash that developing countries will need to adapt to the effects of climate change, while helping big polluters cut their emissions, in a win for COP29 host Azerbaijan ahead of tough negotiations on other types of finance.
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