Today is Thursday, 6 June 2024.
Since last Monday 3 June it is happening in Bonn, Germany, the UN Climate Change Conference, the so-called 60th Sessions of the Subsidiary Bodies (SB60).
“We must also move towards better carbon markets by making progress on Article 6 here in Bonn…” was urged at the opening remarks by UN Climate Change Executive Secretary Simon Stiell.
In a matter of a few weeks, this is another relevant boost in growing international convergence towards a high-integrity carbon credits value chain, after IETA issuing the “Guidelines for Using High Integrity Carbon Credits”, UNIDROIT further elaborating on the Legal Nature of Voluntary Carbon Credits, with special attention to issues brought up by China, and United States also taking a big step towards high-integrity voluntary carbon markets (*).
All these topics were recently and individually covered here in Carbon Credit Markets.
In a 3 hours meetings held on the first day of SB60, UN’s Article 6.4 Supervisory Body further engaged Parties and stakeholders.
“Our aim in bringing together Parties and stakeholders today was to have a frank and open discussion which enables us to find solutions that are inclusive ahead of COP29,” said Maria AlJishi, Chair of the Article 6.4 Supervisory Body.
11 questions were discussed, towards operationalizing this new global carbon market under Article 6.4 of the Paris Agreement, recalling that the same group had already other recent deliberations on International carbon credit mechanism.
Tomorrow we will further elaborate on these discussions, with a second and final part of this article.
Before we finish, a note about Mexico, that made to the headlines this week with a new president elected.
In the past, she was a contributing author from Mexico in the Intergovernmental Panel on Climate Change (IPCC), a leading international body for assessment of climate change. If interested, here is the outcome of her work for the “Working Group III: Mitigation of Climate Change” that was part of “IPCC Fourth Assessment Report: Climate Change 2007”.
Mexico already has an operating carbon credit markets, as you can read in this article “🇲🇽 Mexico regional protagonism: ETS, federal and subnational carbon taxes. And VCM.”
(*) Carbon Credit Markets is working on a marketplace to support the assessment of the integrity of carbon credits. If you are interested in offering documentation or due diligence relating to your jurisdiction, please send an email to contact@damasceno.org with the subject “Integrity Marketplace”.
