COP29 moves forward with non-market approaches under Paris Agreement

COP29 has adopted a decision on the work programme for non-market approaches under Article 6, paragraph 8, of the Paris Agreement.

Article 6.8 provides Parties with opportunities for non-market-based cooperation to implement mitigation and adaptation actions, which includes promoting mitigation and adaptation ambition, News.Az reports.

The full operationalisation of Article 6 is one of the COP29 Presidency’s main priorities for its vision to enhance ambition and enable action. The full operationalization of Article 6 will help countries to save up about 250 billion dollars a year when implementing their Nationally Determined Contributions (NDCs).

On November 11, Parties agreed strong standards for a centralized carbon market under the UN under Article 6.4 of the Paris Agreement, ensuring the reliability of the international carbon market and supporting emission reductions.

News.Az