COP29 climate summit: Global carbon market set to be reality soon

The COP29 climate summit in Baku saw a significant development as negotiators agreed on rules for a UN-administered global carbon market. This market aims to drive emission reduction projects in developing nations. The agreement operationalizes Article 6.4 of the Paris Agreement. The decision, however, faced criticism for its expedited procedural approach, with some countries expressing concerns over limited consultation time.