COP29 adopts decision on work programme under framework for non-market approaches referred to in Paris Agreement Article 6.8
Baku, November 18, AZERTAC
COP29 adopted a decision concerning the work programme under the framework for non-market approaches referred to in Article 6, paragraph 8, of the Paris Agreement.
Article 6.8 provides Parties with opportunities for non-market-based cooperation to implement mitigation and adaptation actions, which includes promoting mitigation and adaptation ambition. The full operationalisation of Article 6 is one of the COP29 Presidency’s main priorities for its vision to enhance ambition and enable action. The full operationalization of Article 6 will help countries to save up about 250 billion dollars a year when implementing their Nationally Determined Contributions (NDCs).
On November 11, Parties agreed strong standards for a centralized carbon market under the UN under Article 6.4 of the Paris Agreement, ensuring the reliability of the international carbon market and supporting emission reductions.
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