Partner Pam Wu authored an article for Reuters discussing the establishment of a UN-backed global carbon market at COP29 in Baku, Azerbaijan, through the adoption of standards under Article 6 of the Paris Agreement.
As Pam notes, the framework is designed to standardize and increase confidence in carbon markets, attracting investments and facilitating global transactions. In conclusion, she says that while “additional work will need to be done to further develop the standards and explain how they will be implemented and applied…the adoption of the standards represents significant progress toward the operation of a global carbon market.”