A centralised global carbon programme was given the green light to begin operations during the UN climate conference COP29, paving the way for greater cooperation between countries to achieve their climate goals.
Once it is up and running, the UN-managed carbon programme will provide countries with a one-stop shop for eligible carbon credits of high environmental integrity standards. Countries can use these credits to offset their greenhouse gas emissions and help them meet their national climate change targets under the Paris Agreement.
The Straits Times explains the importance of the carbon markets to countries’ efforts to cut their emissions, and how the new centralised mechanism could impact the growing carbon services sector in Singapore.
