NZ climate change minister celebrates COP29 carbon market deal

Sunday, 24 November 2024

Climate Change Minister Simon Watts says a carbon market deal reached at the United Nations climate change meeting (COP29) in Azerbaijan will result in “more renewable and sustainable projects that reduce global emissions, supporting the transition to a low emissions future”.

Watts, who was co-chairing the negotiations with Singapore’s Minister for Sustainability and the Environment Grace Fu, said all 196 parties agreed the final text.

“After years of negotiations, international carbon markets under the Paris Agreement are now fully operational, resolving one of the most sophisticated and technical challenges in climate diplomacy.

“This decision sends a clear signal to the market to unlock investments in activities that reduce emissions and enable countries to be able to work together and support each other to meet their climate targets.

He said Article 6 was “one of the only key COP29 priorities that has come to an agreement”.

Fu said the Article 6 decision would “provide the necessary confidence in carbon markets to facilitate the trading of high quality carbon credits”.

“This will be critical to mobilise private capital toward global mitigation efforts, and to ensure we keep global temperature rise below 1.5 degrees.”