Countries establish new carbon trading rules at Cop29 to support climate goals

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 new system could enable major emitters like Germany and Japan to purchase carbon credits from developing countries, potentially starting in 2025. This shift comes after a period of turmoil in the carbon market, which faced scandals and significant financial losses. Concerns remain about the integrity of carbon credits, with reports indicating that many do not represent actual emissions reductions. Experts emphasize the need for strict standards to ensure the effectiveness of the new trading system and to avoid repeating past mistakes.