❖ COP29 agreed the UN-backed carbon market standards pertaining to Article 6 of the Paris climate agreement.

❖ It defines how countries can voluntarily use the carbon credits to meet carbon emission reduction targets set out in their nationally determined contributions.

❖ It also guarantees that the emission reductions and removals are real, additional, verified, and measurable.

❖ Article 6 was proposed in the 2015 UN Paris Agreement.

❖ It is an international framework that allows countries to achieve the national emission mitigation targets via a market-based mechanism.

❖ Private sector also plays a key role in the mechanism.

❖ The Key Sections of this Article are 6.2, 6.4, and 6.8, covering non-market approaches.