Negotiations conclude at COP29 climate meeting.
At the annual United Nations climate change meeting (COP29) in Baku, Azerbaijan, countries have reached a deal on carbon markets under the Paris Agreement. Singapore's Minister for Sustainability and the Environment Grace Fu and New Zealand's Minister of Climate Change Simon Watts co-chaired the negotiations, which concluded successfully with all 196 Parties agreeing to the final text.
The agreement marks a significant milestone in international climate diplomacy, resolving one of the most complex challenges in carbon market negotiations. The deal will unlock investments in renewable and sustainable projects that reduce global emissions, supporting the transition to a low-emissions future. While further technical rules need to be sorted out in 2025, this consensus provides much-needed confidence in carbon markets.
Ministers Fu and Watts expressed gratitude to all countries for their participation in the negotiations and hope that parties will reach agreement on other COP29 priorities. Singapore and New Zealand are committed to supporting the Paris Agreement and have been honored to support the Presidency in reaching a consensus on Article 6 of the Paris Agreement.