#COP29 has delivered a historical agreement on international #carbonmarkets! After nine long years of hard work and frustration, #Article6 markets are finally operational. What does it mean? The carbon markets under the #ParisAgreement can start delivering on raising ambition (the main goal!) and mobilising finance to climate mitigation projects around the world, be it emission reductions or #carbonremoval. Bilateral collaboration under Article 6.2 was already operational but needed many further details to be agreed upon to bring the missing clarity to market participants on topics like revocation of authorisation, registry, reporting, and more. COP29 (#CMA6) filled the gaps. The Paris Agreement Carbon Crediting Mechanism (#PACM) under Article 6.4 now has standards on methodologies and removals, and further guidance on registries, #CDM transition and more. It has been anything but easy, but we're finally there. Not with perfect results, but enough to make it work. During this nine-year gap, the role of the voluntary carbon markets #VCM has grown, and the convergence of compliance and voluntary markets will also play out in the context of Article 6. The infrastructure of voluntary markets is already used under 6.2, and its methodologies will likely be featured in the PACM. Congrats to everyone involved! Decision texts: 6.4 PACM unfccc.int/sites/default/fil… 6.2 unfccc.int/sites/default/fil… Read about the convergence of compliance and VCM evetamme.com/2023/11/09/conv…