Agreement reached on key instrument of article 6 of Paris Agreement
Ulviyya Shahin
Read moreCOP29 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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