Today is Thursday, 30 May 2024.
Last 24 May, Carbon Credit Markets attended the 1st Private Sector Working Group Meeting of the Paris Agreement Article 6 Implementation Partnership, Global initiative led by Ministry of the Environment from Japan since November 2022.
Article 6 refers to the structuring of carbon markets in accordance with the rules of the Paris Agreement, through which countries can trade carbon credits internationally.
In 2021 at the COP26 in Glasgow, rules of Article 6 market mechanisms were adopted.
The Paris Agreement requires each Parties to prepare, communicate and maintain successive Nationally Determined Contributions (NDCs) that it intends to achieve. More than 100 countries have expressed their willingness to use Article 6 in their updated NDCs.
As such, objectives of the Article 6 Implementation Partnership are to:
international coordination of Article 6 Capacity Building,
develop information platform for Article 6 implementation, and
support piloting and knowledge products.
The opening topic of the agenda of the Working Group was Path of Article 6 Implementation Partnership and the private sector, including the G7 principles of High Integrity Carbon Markets.
Supply-side Integrity … Demand-side Integrity … Market Integrity.
Not coincidentally, similar words used last 27 May by Janet Yellen, United States Secretary of the Treasury, in her announcement of a joint statement and key principles to support high-integrity voluntary carbon markets.
Click below for the slides presented by the Director of Article 6 Implementation Partnership, followed by the International Policy Director from IETA.
And the the image below for the full meeting agenda and video recording (by the way, the question “that received a lot of likes … a very difficult question” on 1:14:40 was from Carbon Credit Markets).
Growing convergence of actions by relevant global stakeholders in the high integrity carbon credit value chain is clear since last COP28 Dubai.
