A UN-backed global market for creating and trading carbon credits has been discussed for at least 10 years. If a deal can be reached this week in Baku, Azerbaijan, "the main impact would be a confidence boost", said Andrea Bonzanni, international policy director at the International Emissions Trading Association (IETA). IETA has said a UN-backed market could be worth $250 billion a year by 2030, and count towards offsetting an extra 5 billion metric tons of carbon emissions annually. "It isn't clear how one can benefit, how the auditing is done of carbon credits," she said. Nkiruka Maduekwe, director general of Nigeria's national council on climate change, agreed, describing high integrity carbon credits as "the key".

Source: bd News24 November 18, 2024 18:54 UTC