illuminem summarizes for you the essential news of the day. Read the full piece on Euronews or enjoy below:

🗞️ Driving the news: COP29 adopted rules for Article 6 of the Paris Agreement, setting up carbon markets where countries can trade emissions reductions as credits
• Intended to reduce overall emissions costs, this “breakthrough” sparked immediate criticism from campaigners concerned about the efficacy and ethics of such markets

🔭 The context: Article 6 allows countries to offset emissions by purchasing carbon credits from nations or projects that have cut emissions
• It proposes two trading paths: bilateral deals between nations or a UN-regulated global market
The mechanism has faced delays over transparency and the risk of exploiting vulnerable communities

🌍 Why it matters for the planet: Proponents argue that Article 6 could mobilize climate finance and make emissions reductions more affordable, with up to $250 billion in annual savings projected
• Critics, however, fear carbon markets will undermine meaningful emissions cuts and increase social inequalities, particularly for Indigenous and vulnerable communities

⏭️ What's next: COP29 will further refine carbon market rules, particularly for bilateral agreements and UN oversight
• If finalised, Article 6 could reduce costs for national climate plans, but activists are pressing for stronger human rights safeguards to avoid exploitation

💬 One quote: "This sends a bad signal…carbon markets…will increase inequalities, infringe on human rights, and hinder real climate action,” warns Ilan Zugman, Latin America Director of 350.org.

📈 One stat: The UN estimates carbon market implementation could reduce climate action costs by $250 billion annually

Click for more news covering the latest on carbon market