Baku, Azerbaijan - November 11, 2024 World experts are eagerly anticipating the establishment of a global carbon trading market as agreed to at the 29th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), or COP29, which commenced in Baku, Azerbaijan from Monday. Countries at the convention gave the green light to carbon credit quality standards on the first day of the meetings. The standards are seen as critical for the UN's goal of establishing a carbon market to fund carbon reduction initiatives. Erik Solheim, former UN Environment Executive Director and Under-Secretary-General of the United Nations, said he believes that such a market will attract increased investments to green and low-carbon sectors and play a crucial role in combating climate change. Experts emphasized that the mechanisms behind a global carbon trading market will mobilize additional funds for green and low-carbon sectors, foster the development and application of low-carbon technologies, and support developing countries in their efforts to mitigate and adapt to climate change. On China's domestic carbon market, they anticipate a gradual expansion to include new sectors and introduce new mechanisms. COP, or Conference of the Parties, refers to a series of formal meetings where governments assess global efforts to advance the Paris Agreement and UN Framework Convention on Climate Change, with the aim of limiting global warming to 1.5 degrees Celsius. Shotlist: Baku, Azerbaijan - Nov 11, 2024: 1. Venue of COP29; 2. Sign reading "Welcome to COP29; Entrance"; 3. Participants talking; Baku, Azerbaijan - Nov 12, 2024 4. SOUNDBITE (English) Erik Solheim, sixth and former UN Environment Executive Director and Under-Secretary-General of the United Nations: "It seems that a very important agreement may now have been found on the carbon market. I salute that because the carbon market is much more likely to provide substantial finance for fighting climate change."; 5. Brochures, poster at venue site; 6. SOUNDBITE (Chinese) Jiang Qingzhe, head, China International Research Institute of Carbon Neutral Economy, University of International Business and Economics (UIBE): "It is a big trend to expand China’s domestic carbon market. Currently, we only focus on coal power generation. In the future, there will be more areas included in the market."; 7. Various of graphics on carbon emission, Paris Agreement; 8. SOUNDBITE (Chinese) Wang Yi, deputy director, National Committee of Climate Change Experts(partially overlaid with shot 9): "First of all, we need to establish global regulations and create an ideal global carbon market. The future may involve a diverse and multi-stage carbon pricing system. Therefore, it is essential to consider the development stages of different countries and address different concerns of each country."; [SHOT OVERLAYING SOUNDBITE] 9. Graphic about carbon dioxide storage; [SHOT OVERLAYING SOUNDBITE] Baku, Azerbaijan - Nov 11, 2024 10. Various of national flag of Azerbaijan, UN flag; 11. Banners. [Restriction - No access Chinese mainland]