Marina Silva: Brazil to try to ensure that success of carbon markets provides maximum integrity

Brazil will make efforts to ensure that the success of carbon markets under Article 6 of the Paris Agreement becomes transparent and ensures maximum integrity, Brazil's Minister of Environment and Climate Marina Silva said at a press conference following the first part of the final plenary session of COP29, according to Report.

The minister emphasized that the process of discussing climate financing had reached a deadlock. However, this did not prevent a breakthrough in years-long negotiations and reaching an agreement on creating carbon markets under Article 6 of the Paris Agreement.

She said significant progress was made after nine years of intensive negotiations and debates aimed at creating a structure and architecture that ensure the reliability of carbon credits.

Silva pledged to continue working to keep this process as transparent and integral as possible.

She noted that while the carbon market is not a panacea for solving all problems and development needs of countries, it remains one of the key instruments. At the same time, it is crucial to maintain the integrity and trust in this mechanism, Silva said.