Countries agree on new carbon market rules at COP29 to boost climate efforts

At COP29, countries agreed on new rules for an international carbon trading system, allowing nations to create, trade, and register carbon credits. This development follows years of deadlock and aims to help countries meet their climate commitments under the Paris Agreement. The carbon market had previously faced significant challenges, including scandals and a sharp decline in value. Many organizations struggled financially, but the new rules could revitalize the market, with trading potentially starting in 2025. Concerns remain about the integrity of carbon credits, as a recent study found that most do not represent real emissions reductions. Experts warn that without strict standards, the new system could repeat past mistakes and undermine climate goals.