In what environmental advocates are calling the most significant climate agreement since Paris 2015, delegates at the Global Climate Action Summit have reached consensus on a unified carbon market framework.

What the Agreement Means

The new framework establishes standardized rules for carbon credit trading across borders, replacing the patchwork of regional systems that has hampered progress for years.

• Standardized carbon credit verification
• Cross-border trading mechanisms
• Penalties for non-compliance
• Support fund for developing nations

The agreement is expected to reduce global emissions by an additional 4-6% by 2035, according to preliminary modeling by the International Energy Agency.