Baku, Nov 24 (IANS): The presidency of the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) announced that it has concluded negotiations on Article 6 of the Paris Agreement, enabling cross-border carbon trading to support global climate goals.

Article 6 provides trusted and transparent carbon markets for countries to collaborate on emission reductions, potentially saving up to $250 billion annually in implementing national climate plans, reports Xinhua news agency.

"We have ended a decade-long wait and unlocked a critical tool for keeping 1.5 degrees in reach," said COP29 President Mukhtar Babayev. "Climate change is a transnational challenge, and Article 6 will enable transnational solutions."

With the agreement, carbon markets are poised to drive substantial investment in developing countries, ensuring transparency and environmental integrity. The newly adopted rules will facilitate real, additional, and measurable emission reductions while respecting human rights and promoting sustainable development.

The agreement follows years of stalled negotiations at previous COP meetings, including those in Glasgow and Sharm El-Sheikh, where initial rules for carbon markets were set, but key components remained unresolved. COP29's dual-track approach broke the deadlock, leading to a unanimous adoption of the final rules for Article 6.