A new Carbon Market Watch analysis, based on currently available project data, has uncovered that the first project transitioning from the CDM to the Article 6.4 market is poised to issue an astonishing 27.4 times more credits than it should as compared to the values from peer-reviewed scientific literature.
The apparent progress made on Article 6 carbon markets during week 1 of the COP29 climate conference conceal many problematic fundamental and technical issues that remain unresolved.
Many of the lofty announcements made at last year’s COP28 climate conference in Dubai have yet translate into action weeks ahead of COP29 in Baku.
The latest round of UN climate negotiations in Bonn has laid the groundwork for the power players to finally agree at COP29 on transparency and wider quality issues of Article 6 carbon markets. Our CMW team reports.
We couldn’t agree more with one of the Article 6 negotiators: the negotiations on Article 6.2 are like being on the Titanic
The body responsible for supervising the new UN carbon market mechanism must abandon the inadequate rules for social and environmental safeguards and return to the drawing board.
The first carbon credits issued under the UN’s CORSIA offsetting scheme will do nothing to bring down the aviation sector’s sky high emissions.
Following the technical deadlock and glacial pace of progress at the Bonn climate conference, negotiators need to get their act together before COP28. Climate commitments should shape the further development of carbon markets under Article 6 of the Paris Agreement, otherwise the environment and society will lose out.
If the country-to-country carbon market established under Article 6.2 of the Paris Agreement is to have any credibility, negotiators meeting at the UN intersessional climate conference in Bonn must agree on the fine print that prevents double counting, abandons secrecy and promotes accountability.
To ensure that the new carbon market under Article 6 of the Paris Agreement benefits the climate and society, the supervisory authority set up to govern it must get the rules absolutely right. That is why Carbon Market Watch submitted a set of recommendations.
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