Agreement Reached on International Carbon Credit Trading Rules at COP26: Negotiators at COP26 Reached an Agreement to Foster International Carbon Credit Trading MarketsSullivan & Cromwell LLP - November 30, 2021
The 2021 United Nations Climate Change Conference, commonly referred to as “COP26”, was held in Glasgow, Scotland earlier this month. Among other agreements coming out of COP26, government ministers representing nearly 200 countries reached a consensus regarding rules implementing Article 6 of the 2015 Paris Agreement, which provides a framework for the creation of voluntary international carbon credit trading markets. This agreement follows six years of negotiations over the specific characteristics of such markets, and parties to the agreement have expressed the hope that this framework will lead to the establishment and growth of an international carbon credit trading market.
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