Tuesday, 8 October 2024.
The Paris Agreement Crediting Mechanism (also known as Article 6.4) is a carbon crediting mechanism established under the Paris Agreement. It allows cooperation among countries and other groups, towards actions leading to verifiable emission reductions and by attracting funding to implement them.
In a press release yesterday, 7, UNFCCC indicated that for the first time new United Nations carbon credits will have mandatory checks to ensure environmental and human rights are considered and protected.
The new rules by the Article 6.4 Supervisory Body mean environmental and social rights will be protected through a mandatory tool - known as the Sustainable Development Tool - that assesses and monitors project impacts throughout their lifespan. According to the plan, this tool will be updated every 18 months.
You may recall that Article 6 has not yet reached consensus in previous COPs, and that the involved teams are working hard to have the deadlocks superseded.
The same press release indicates that in the coming days, the Supervisory Body is also aiming to finalize two other key documents required for the full operationalization of the mechanism related to methodological requirements and activities involving removals.
In times when the private sector, in particular from the rich countries in the Global North, are signalizing increasing interest on carbon credits, these new safeguards intend to strengthen the alignment of UN's Paris Agreement Crediting Mechanism with sustainable development, with special focus not to harm people or the environment.
Click at the image below for the press release itself.
And stay tuned. Very soon Carbon Credit Markets will announce a partnership with the Busca.Global portal to provide official documentation and due diligence services for projects. We will initially focus on Brazil.
Integrity is everything. From beginning to end. Throughout any project’s lifespan.
