Monday, 09 November 2024.
There is a growing number of parties engaging in bilateral cooperation under Article 6 of the Paris Agreement, a mechanism which allows for greenhouse gas emission reduction and other mitigation measures be implemented through international cooperation among countries.
Specially after a key related approval during last COP29.
As you know, the Paris Agreement Article 6 Implementation Partnership was launched in November 2022, with support from the Ministry of the Environment of Japan.
And Carbon Credit Markets has been actively reporting its activities. Below are our posts, the first and most recent ones, monitoring this important global capacity building initiative.
Recently, the A6IP published its 1st status report, aimed to capture a snapshot of the current status and challenges of implementation of Article 6 across the globe.
Here are some key messages reported.
(1) Enhancing Nationally Determined Contributions (NDC) Ambition through Article 6
78% of 168 parties already expressed an intent to engage in voluntary cooperation under Article 6 in their NDCs, about which 2025 is a critical year
(2) Article 6 Capacity Building Landscape
At least 37 organizations are engaged with carbon market development
(3) Assessing Current Project Status under Independent Carbon Standards and their Potential Role in Article 6 Implementation
9,000 projects in pipeline under the Independent Carbon Standards showing a demand in high quality carbon credits
(4) Projects in pipeline
4,100 Verified Carbon Standards (VCS), headquartered in Washington, DC, United States
3,300 Gold Standard (GS), headquartered in Geneva, Switzerland
900 Climate Action Reserve (CAR), headquartered in Los Angeles, United States
700 American Carbon Registry (ACR), headquartered in Little Rock, United States
20 Architecture for REDD+ Transactions (Art Trees), headquartered in Arlington, United States
(5) Current Developments on Bilateral Cooperation and Article 6.4 Mechanism
89 Bilateral agreements between 58 Parties
286 Ongoing projects under bilateral cooperation frameworks in accordance with Article 6.2 of the Paris Agreement
95 parties have submitted their Article 6.4 Designated National Authorities information
1,400 CDM activities requested transition to Article 6.4 Mechanism
Click at the image below for this recent report by the A6IP with several other highlights.
