COP29 adopts decision on non-market approaches work program

The Parties adopted a decision on the work program regarding non-market approaches referenced in paragraph Article 6.8 of the Paris Agreement on Monday within the framework of COP29.

Report informs that Article 6.8 enables Parties to implement their national climate plans, including mitigation and adaptation plans, and promote sustainable development through these approaches.

The COP29 Presidency has identified the full operationalization of Article 6 of the Paris Agreement as one of its key priorities. This article provides for ensuring reliable and transparent carbon markets when countries cooperate to achieve their climate targets. Markets aligned with this article are an important tool for directing more investment to developing countries. Full implementation of Article 6 could reduce countries' spending on Nationally Determined Contributions by about $250 billion annually.

On the first day of COP29 - November 11, the Parties reached an agreement on standards for creating carbon credits in accordance with Article 6.4 of the Paris Agreement. This will ensure that the international carbon market operates under UN supervision. These standards will enable high reliability of the international carbon market and reduction of emissions.