Carbon market creation is a priority for ensuring environmental integrity, Brazil's Minister of Environment and Climate Change Marina Silva said at a press conference following the first part of the final plenary session of COP29, Report informs.
"Articles 6.2 and 6.4 are complex and highly technical documents that also touch upon aspects of national legislation in many countries. This was never perceived as a subject of bargaining: the creation of a carbon market was supported not only by developed countries, but also by many developing countries. Thus, this initiative became a common goal for a significant number of countries. The discussion process lasted nine years - it was a truly long and difficult path. The applause that sounded at the end of the session after the adoption of the project clearly showed that all participants were eager to complete this stage. Now we can move forward, creating a carbon market that will be sustainable and ensure environmental integrity, which remains our top priority," she noted.
The minister also reported that last week, Brazil approved a national carbon market.
She noted that its implementation, subject to approval by the country's President Luiz Inacio Lula da Silva, will be carried out in parallel with the introduction of an international carbon market.
"This will ensure environmental integrity, create the necessary registers and control mechanisms in accordance with international standards," she added.