Today is Tuesday, March 5 2024.
According to a recent press release from UNFCCC, the United Nations Body charged with implementing a new carbon crediting mechanism under the Paris Agreement has expedited plans for action at their first meeting since COP28 in Dubai.
Part of Article 6 of the Paris agreement, intended to promote cooperation among countries with regards to carbon credits transfers, this new carbon crediting mechanism relates specifically to Article 6.4, the rules and standards towards "a good carbon removal", underpinning carbon credit markets.
Worth also mentioning Article 6.2, framework of standards that governments should follow when making deals with one another. Under Article 6.2, countries are already signing deals and memoranda of understanding that transfer ownership of carbon removals from one country’s balance sheet to another.
As highlighted about a month ago, not all countries may have enough technologycal processes nor land with natural resources, such as forests, not even valid and internationally accepted methodologies, that would allow them to develop their own carbon credits and help achieving their climate targets.
Besides that, last COP in Dubai did not deliberate about the carbon credits. Among the challenges still being discussed in negotiations by governments and companies, we mention issues of integrity, transparency and double counting.
Worth refering also to this article "Carbon Credits and Article 6 in 2024. What to expect, according to MSCI (Trove), IETA and A6IP."
Back to the UNFCCC March 1 press release - you can click at the image below to read it - the main objective is developing further documents for consideration at COP29 in Baku.
It also informs that two technical expert panels were formed:
Accreditation panel, to start accrediting auditors to verify and validate projects from April 2024; and
Methodologies panel, to develop standards, guidelines, and tools for crediting activities under the mechanism.
The press release ends quoting Martin Hession, newly elected Vice-Chair of the Supervisory Body:
"There is a clear demand out there for a credible carbon crediting mechanism that we intend to fill. We need to respect the interests of host countries, investors and other stakeholders. I am hopeful we can deliver something that is both fair and effective, which works for people and planet".
Besides Mr. Hession, from Ireland, that UNFCC specific Supervisory Body also appointed representatives from the following countries for other senior roles: Saudi Arabia, Austria, South Africa, Senegal and United States of America.
