An agreement on reducing carbon dioxide emissions has been agreed. Member countries agreed to the agreement at the United Nations Climate Conference (COP 29) in Baku, the capital of Azerbaijan, on Saturday. The agreement aims to create and regulate a global market aimed at reducing carbon emissions. Countries can buy and sell 'carbon credits' in that market.
Under the agreement, poor countries will undertake projects such as plantations and wind power generation. In this way, they will get a 'carbon credit' for every ton of carbon dioxide or greenhouse gas emissions they reduce. Different countries and organizations can buy those 'credits' in exchange for money from a global market. For each 'credit' they buy, they are allowed to emit one ton of carbon.
