In accordance with Article 6 of the Paris Climate Agreement, some issues have been agreed upon under Article 6.8, and there is a ready document, COP29 President-designate Mukhtar Babayev told Report.
“One of the most important topics of discussion is Article 6 of the Paris Agreement. Some issues have been agreed upon, while others remain open. Discussions are currently underway, in which we are actively participating. If countries can reach an agreement, it will be a very important decision at COP29,” Babayev said.
He noted that article 6.8 of the Paris Agreement have already been agreed upon: “It is almost a ready document. The parties continue discussions on articles 6.2 and 6.4.”
Article 6 is a key part of the Paris Agreement. It allows parties to voluntarily cooperate to meet their Nationally Determined Contributions (NDCs) and mobilize financial support for developing countries.
There are three tools under Article 6:
Article 6.2: Allows countries to exchange mitigation outcomes bilaterally and use them towards their nationally determined contributions (NDCs).
Article 6.4: Establishes a new mechanism for the validation, verification and issuance of high-quality carbon credits.
Article 6.8: Provides opportunities for countries to cooperate towards the achievement of their NDCs without relying on carbon markets.