Yarchin Rafeyev, Chief Negotiator of the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC), announced on the 12th that the parties to the Convention have broken the long-standing deadlock over the global carbon market mechanism on the 11th and made key progress in negotiations related to Article 6 of the Paris Agreement, an important issue of the conference. On November 11th, in Baku, the capital of Azerbaijan, attendees exchanged ideas at a pavilion of the United Nations Climate Change Conference in Baku. Xinhua News Agency reporter Cao Yang introduced at a press conference on the same day that a supervisory body meeting on Article 6 (4) of the Paris Agreement was held in Baku, the capital of Azerbaijan, last month, which proposed standards for how international carbon credit projects operate. On the 11th, the contracting parties reached a consensus on the carbon credit quota standards and their dynamic update mechanism under Article 6 (4), which is a crucial step in completing the negotiations on Article 6 of the Paris Agreement. This (Article 6 of the Paris Agreement) will be a rule changing tool that helps redirect resources towards developing countries and can help us save $250 billion annually in implementing climate action plans (by promoting cross-border cooperation) Rafiyev said, "After years of stalemate, breakthroughs have begun to emerge in Baku." Article 6 of the Paris Agreement involves the global carbon market mechanism, which means that countries with higher carbon emissions can achieve their climate goals by purchasing credit quotas for emission reduction projects from countries with lower carbon emissions, also known as carbon credits, and inject funds into emission reduction projects in developing countries. This mechanism provides two ways to trade carbon credits: the first way allows both countries to independently formulate the terms of a bilateral carbon trading agreement; The second approach aims to create a global carbon market supervised and managed by the United Nations, namely Article 6.4. Although Article 6 of the Paris Agreement has the potential to promote global emissions reduction, it has faced many contradictions before. For example, the allocation mechanism of carbon credits is not transparent enough, and how to ensure the actual effectiveness of emission reduction projects, avoid false emission reductions, and how to handle the cross-border transfer of carbon credits have always been hot topics. During this conference, all parties will continue to discuss the relevant content of Article 6 in order to reach a consensus. (New Society)