The 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29), held in Baku, Azerbaijan, has been marked by controversy over the unexpected and rushed adoption of carbon market standards.
On the first day of the conference, November 11, the standards, recommended by a Supervisory Body on Article 6.4 of the Paris Agreement, were fast-tracked without consultation, bypassing the usual party-driven process.
The UN Independent Expert on the effects of foreign debt, Attiya Waris, and the UN Special Rapporteur on climate change human rights, Elisa Morgera, have expressed significant concerns over this decision, which they argue prioritises carbon markets over more effective climate solutions.
The United Nations Human Rights Council expressed in a statement that "there is insufficient evidence of the contribution of carbon markets to reducing greenhouse gas emissions, which raises questions about prioritising this approach to climate mitigation as opposed to more effective ones".
They contend that carbon markets, which allow polluters to offset emissions through credits, may not substantially reduce greenhouse gases and could divert attention from the urgent need to phase out fossil fuels.
Moreover, there are mounting worries that carbon markets will not generate sufficient climate finance, exacerbating the already inadequate global response to climate change.
Waris highlighted that carbon markets could negatively impact Indigenous Peoples and local communities, whose lands and livelihoods may be affected by these mechanisms.
The critics also call for greater transparency in how carbon markets function, emphasising the public’s right to access information regarding emission reductions, land use impacts, and who profits from these markets.
"Both concerns about effective action and sufficient finance are a matter of everyone’s human right to a healthy environment," the Council said.
With widespread misinformation surrounding climate change, these experts stress the importance of credible and verifiable evidence to prevent further human rights violations linked to climate policies.
IOL