The decision to fast-track the adoption of Article 6 has been criticised for bypassing comprehensive consultations with member states and neglecting key issues, including transparency, justice, and human rights.
Climate experts have voiced strong disappointment over the adoption of a contentious carbon market framework at COP29.
The newly finalised rules for implementing Article 6 of the Paris Agreement, which governs international carbon trading, have sparked fears of promoting "cowboy carbon markets" that could do more harm than good in the fight against climate change.
The decision to fast-track the adoption of Article 6 has been criticised for bypassing comprehensive consultations with member states and neglecting key issues, including transparency, justice, and human rights.
Critics warn that the framework could shift focus away from urgent measures like phasing out fossil fuels and addressing climate finance shortfalls.
"Fast-tracking this decision prioritises carbon markets over more effective climate solutions," UN experts cautioned.
"The lack of necessary transparency and due consideration of justice issues and potential human rights impacts raises serious concerns."
Isa Mulder, a policy expert at Carbon Market Watch, described the loose and opaque framework under Article 6.2 as alarming.
"This approach risks creating a free-for-all in carbon markets, undermining accountability and climate justice," Mulder warned.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
Understanding Article 6
Article 6 of the Paris Agreement is intended to enable international cooperation on carbon markets by allowing countries to trade carbon credits.
The goal is to incentivise emissions reductions and channel climate finance to where it is most needed.
At COP29, two key mechanisms under Article 6 were finalised:
- Bilateral Trading (Article 6.2): This mechanism enables countries to trade carbon credits directly, but critics argue it lacks robust safeguards and transparency, raising fears of misuse and greenwashing.
- Centralised Market Mechanism (Article 6.4): This aims to create a global carbon credit marketplace overseen by the UN, but experts are sceptical about its potential to address loopholes effectively.
Missed Opportunities
The emphasis on carbon markets has been criticised for overshadowing critical discussions on phasing out fossil fuels and bolstering climate adaptation financing.
Activists warn that the current framework could undermine the Paris Agreement's ultimate goal of limiting global warming to 1.5°C.
"Instead of advancing just and effective climate action, this outcome risks entrenching market-driven approaches that serve corporate interests over communities and ecosystems," climate activist groups argued.
As COP29 concludes, the future of global climate action hangs in the balance. Many are calling for urgent revisions to ensure that Article 6 contributes meaningfully to emissions reductions, rather than becoming a distraction from the real solutions needed to combat the climate crisis.
