Summary
The United Nations has approved the first carbon credits issued under a new market mechanism set by the Paris Agreement to reduce emissions. This initiative, involving a clean cooking project in Myanmar, aims to offset emissions and help achieve climate goals. Critics worry it might allow for greenwashing, but the UN claims its conservative measures ensure credibility.
Key Facts
- The UN approved carbon credits under a new mechanism of the Paris Agreement.
- Carbon credits allow offsetting emissions by funding projects that reduce greenhouse gases elsewhere.
- The first approved project provides efficient cookstoves in Myanmar to reduce emissions.
- The initiative partners with a South Korean company to meet climate goals for South Korea and Myanmar.
- Criticism centers on potential greenwashing, where emissions reductions might be overstated.
- The credited emissions reductions are 40% lower than those in a previous scheme.
- The Paris Agreement, established in 2015, aims to limit global warming to below 2°C.
- New rules were agreed upon in COP29 in Azerbaijan for the carbon market mechanism.
