Carbon markets are the critical factor for scalable climate action. Mr. Elnur Soltanov, Chief Executive Officer of COP29 Azerbaijan, described ITMO (Internationally Transferred Mitigation Outcome) trading according to Paris Agreement Article 6 as the “Holy Grail” of carbon mitigation. He stated, “Article 6 is essential for internationalising these compulsory markets and tying back to NDCs. It’s the most efficient way of reducing emissions.”
In November 2024, after a decade-long preparation period, the COP29 in Baku took the decisive step of operationalising Article 6, overcoming one of the most complex technical challenges in climate diplomacy. This long-awaited move will propel the Article 6 market from the pilot phase into a phase of global growth.
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