India, Jan. 8 -- Among other risks, a further delay in operationalising Article 6 could mean voluntary carbon markets and discretionary bilateral arrangements will keep filling the void

Two weeks of high-tension drama at the 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change in Dubai ended in a stalemate. The 197 countries participating failed to land a deal on Article 6 of the Paris Agreement, which would have allowed them to trade carbon credits generated from projects that reduce or remove greenhouse gas emissions to reach their climate targets mentioned in their Nationally Determined Contributions (NDC).

One carbon credit represents 1 tonne of carbon dioxide equivalent reduced or removed ...