BAKU: The International Energy Forum urges governments to finalize the agreement on Article 6 of the Paris Agreement, which provides a framework for countries to trade carbon credits internationally and is considered critical to meet national emissions targets, said Joseph McMonigle, Secretary General of the International Energy Forum, Trend reports.

He made the remark at the launch of a report entitled “The Role of Carbon Markets in Transitions”.

“Agreement on Article 6 is key to unlocking the potential of international carbon markets and we hope to see more progress at COP29 in Azerbaijan,” he said.

According to McMonigle, carbon markets will play an important role in achieving climate, energy security, and sustainable development goals by boosting the efficiency of energy transitions and raising money for clean energy projects.

“Carbon markets play an important role in aligning resources to achieve our global climate, energy security, and affordability goals. But they are at an inflexion point. With st
ronger international collaboration and smart regulation, they can raise billions of dollars for clean energy projects, especially in the developing world, that would otherwise not get off the ground,” he added.

This November, Azerbaijan will host COP29. This decision was made at the COP28 plenary meeting held in Dubai on December 11 last year. Baku will become the center of the world and will receive about 70-80,000 foreign guests.

The United Nations Framework Convention on Climate Change is an agreement signed at the Earth Summit in Rio de Janeiro in June 1992 to prevent dangerous human interference with the climate system. COP- the Conference of the Parties – is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change. 198 countries are parties to the Convention. Unless the parties agree otherwise, the COP is held annually. The first COP event took place in March 1995 in Berlin, and its secretariat is located in Bonn.

Source: Trend News Agency