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?

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

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.

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.

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.

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.