COP29 approval of Article 6.4 is “opening the floodgates for a global carbon market that will have devastating impacts on communities in the Global South”
This post by REDD-Monitor looked at the approval of the Paris Agreement mechanism for a global carbon market on the very first day of the last UN climate conference in Baku. With a text that many would find “puzzling”, the rules created “on the fly” reflect a process in which the Article 6.4 Supervisory Body went outside its mandate to establish the standards for the mechanism. However, regardless of how the drafting and approval process went, the mechanism is bound to mislead and worsen the climate crisis. That's why the approval generated immediate criticism from many civil society organisations, some of which gathered in the second part of this post.