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Agreement reached on key instrument of article 6 of Paris Agreement

9 July 2024 11:33 (UTC+04:00)
Agreement reached on key instrument of article 6 of Paris Agreement
Ulviyya Shahin
Ulviyya Shahin
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COP29 President Mukhtar Babayev stated that progress has been made by Article 6 of the Paris Climate Agreement, Azernews reports.

He informed journalists that under Article 6.8, some issues have been agreed upon, and a draft document is already prepared.

Babayev emphasized the significance of Article 6 discussions at COP29, noting that while agreements have been reached on Articles 6.2, 6.4, and 6.8, discussions are ongoing for Articles 6.2 and 6.4.

Article 6 of the Paris Agreement plays a pivotal role by enabling countries to cooperate voluntarily, mobilize financial support for implementing Nationally Determined Contributions (NDCs), and includes three key instruments:

Article 6.2: Facilitates bilateral cooperation on mitigation efforts that can be used to fulfill NDCs.
Article 6.4: Establishes a new mechanism for approving, verifying, and issuing high-quality carbon credits.
Article 6.8: Allows countries to collaborate on achieving their NDCs without solely relying on carbon markets.

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