COP29 Greenlights UN-Backed Global Carbon Credits Market

Critics say carbon credits will become an added cost for consumers while serving the interests of ‘green billionaires.’

The Opening Ceremony of the United Nations climate change conference, COP29, in Baku, Azerbaijan, on Nov. 12, 2024. Maxim Shemetov/Reuters

Negotiators have agreed on establishing a U.N.-backed system for trading carbon credits.

The deal, announced on Nov. 12 at the U.N. climate change conference in Azerbaijan, will support a decade-old aim to bring on a centralized carbon market by next year.