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00:00For a long and obscure and sometimes anarchic system, carbon trading is now set to be brought
00:05under a settled global market, agreed through negotiations at the COP29 conference in Baku.
00:11The conference president green-lit the establishment on Monday of carbon credit quality standards.
00:16I now invite the CMA to adopt the draft decision contained in document BA slash CMA slash 2024
00:26slash LDIRT1.
00:29Theoretically, carbon credits allow countries or companies to pay for projects anywhere
00:33on the planet that reduce CO2 emissions or remove it from the atmosphere, and to use
00:39those credits generated by those projects to offset their own emissions. Examples include
00:44countries with extensive rainforests selling credits to generate funding.
00:48They can also provide an incentive to businesses to take part in environmental initiatives,
00:53a particular concern in the case of American companies if the incoming Trump administration
00:58leaves the Paris Accords.
01:00But carbon credits have been criticised by climate activists as an ineffective means
01:04of reducing emissions and allowing polluting businesses and countries to greenwash their
01:09activities. It's hoped that a UN-run market would usher in greater accountability.
01:15But some activists say measures fall short, including protecting the human rights of communities
01:19affected by projects.
01:21And the European Union, which holds companies to rigid standards regarding carbon prices,
01:27is demanding the conference adopt similar standards so as to keep European businesses
01:31on board.