The approval of the standards was called a “critical step” toward future climate negotiations at COP29 by the summit’s lead negotiator, Yalchin Rafiyev.

By Virginia Furness BAKU (Reuters) -Countries at the U.N. COP29 climate summit in Azerbaijan will attempt to agree rules for a global system for trading carbon offset credits. Here's what you should know: WHAT ARE CARBON OFFSETS?

They're some of the world's smallest nations, but a group of countries that say they absorb more carbon than they emit is demanding attention at the UN COP29 talks.

Governments at the COP29 talks approved Monday new UN standards for international carbon markets in a key step toward allowing countries to trade credits to meet their climate targets.

Countries gave the go-ahead to carbon credit quality standards which are critical to launching a U.N.-backed global carbon market that would fund projects that reduce greenhouse gas emissions.

He further says that negotiations have begun on an ambitious climate fund to developing countries; a new goal of $1 tn is this summit’s top agenda.