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ARTICLE · 05 MARCH 2025

The Road From COP 29: Paving The Way For A Global Carbon Market

McCarthy Tétrault
McCarthy Tétrault
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The 29th Conference of the Parties ("COP 29") to the United Nations Framework Convention on Climate Change was held in Baku, Azerbaijan from November 11 to 22, 2024.

CanadaEnvironment
Selina Lee-Andersen
Selina Lee-Andersen
Thomas McInerney
Thomas McInerney
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The 29th Conference of the Parties ("COP 29") to the United Nations Framework Convention on Climate Change was held in Baku, Azerbaijan from November 11 to 22, 2024. COP 29 got off to a quick start when negotiators approved the framework for Article 6.4 of the Paris Agreement on the first day of the conference. The framework establishes standards for a United Nations-led global carbon market, which is expected to benefit developing nations looking to finance greenhouse gas ("GHG") emission reduction projects in their countries.

Article 6 introduces mechanisms for collaborative, marketbased approaches to support the objectives of the Paris Agreement. Among these mechanisms is Article 6.4, which provides a centralized trading system that will enable GHG emission reductions or removals to be transferred internationally. The Article 6.4 mechanism, which will be overseen by the United Nation's Article 6.4 Supervisory Body, will replace the Kyoto Protocol's Clean

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