Approved criteria define the methodology for calculating the amount of credits that a project can generate, in addition to establishing guidelines on what happens if the stored carbon is lost
At the , held in Baku, new quality standards for carbon credits were established, a crucial step towards creating a global carbon market under the auspices of the . The agreement, which was signed on the first day of the conference, opens up the possibility for this market to begin operating in 2025. Carbon credits represent a ton of carbon dioxide that was removed from the atmosphere or whose emission was avoided. This mechanism allows countries and companies to acquire credits for projects that contribute to the reduction or removal of CO2 emissions, enabling them to offset their own emissions.
The approved criteria define the methodology for calculating the amount of credits that a project can generate, in addition to establishing guidelines on what happens if the stored carbon is lost. The new rules focus mainly on countries that pollute the most, allowing them to offset their emissions by purchasing credits from nations that have exceeded their greenhouse gas reduction targets. However, the agreement did not go without criticism. Activists have raised concerns about the lack of protection for the human rights of communities impacted by compensation projects.
Furthermore, some negotiators expressed dissatisfaction with the negotiation process, claiming that their opinions were not properly considered. COP29 also aims to finalize other regulations necessary to create a solid carbon market. According to the International Emissions Trading Association, trading in this market, supported by the UN, could generate up to US$250 billion annually by 2030, in addition to contributing to the reduction of 5 billion metric tons of carbon emissions each year. .
*Report produced with the help of AI
Published by Matheus Oliveira
