Countries at the United Nations climate summit in Baku struck a final deal on the broad rules to launch carbon trading markets, almost a decade after being first proposed.
The agreement passed at the UN COP29 climate summit late on Saturday night will allow countries and companies to trade credits for cuts in carbon emissions to offset their carbon footprints.
The carbon trading mechanism had first been formally sketched out in the 2015 Paris agreement on limiting climate change, as a way for polluters to pay for other countries to cut emissions on their behalf.
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