COP29 Strikes Carbon Credit Deal

The BusinessNZ Energy Council (BEC) celebrates a recent development in international carbon markets, at the annual United Nations climate change meeting.

All 196 parties present have agreed to a final version of Article 6 of the COP29 Agreement. BEC Executive Director Tina Schirr says the outcome will help achieve New Zealand's climate goals.

"The agreement enables cooperation through the transfer of carbon credits between countries, to achieve their emission reduction targets while promoting sustainable development.

"For New Zealand, the agreement also paves the way for investment in emission reduction projects around the world, to support our own climate targets.

"The responsibility to mitigate and adapt to climate change is a challenge shared by all nations. This breakthrough has the potential to unlock further investments in renewable energy, driving New Zealand towards a more sustainable future.

"BEC has long advocated for an international solution to carbon markets and it’s fantastic to see Article 6 negotiations successfully concluded after several years."

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