The use of international carbon credits in the EU’s 2040 climate target could result in the outsourcing of 140 million tonnes to a whopping 430 million tonnes of emissions. It should be zero tonnes.
In our latest report, we assessed the strengths and weaknesses of the finalised Article 6 rulebook and found so many holes, it’s like a sieve. At the COP29 climate conference in Baku, countries concluded nine years of negotiations and finalised the rulebook for United Nations carbon markets under Article 6 of the Paris Agreement. Since …
Read more “Are Article 6 carbon market rules fit for purpose?”
Carbon Market Watch submitted this during the global stakeholder consultation of the proposed ‘Comprehensive Lowered Emission Assessment and Reporting (CLEAR) Methodology for Cooking Energy Transitions’ under Article 6.4. The CLEAR methodology is a step in the right direction for clean cookstove methodologies but it still contains shortcomings which must be addressed. Failure to tackle these issues risks perpetuating the pervasive overcrediting linked to many existing cookstove methodologies.
The European Commission has defied science, prioritised polluters over people and shirked some of its global responsibility by weakening the EU’s 2040 climate target. This is bad news for climate action and for those hardest hit by rising temperatures.
The EU’s Emissions Trading System is essential to meeting the European Union’s 2040 climate target. Watering the EU ETS down with international carbon credits or carbon removals will prove fatal, concludes a study commissioned by Carbon Market Watch. Under pressure from industry and pro-business stakeholders, the European Commission has been toying with ways to water …
Read more “Flexibilities in 2040 target risk breaking the EU carbon market – study”
A new Carbon Market Watch analysis reveals the first batch of Article 6.4 international carbon credits could be overestimated by a factor of 26 – highlighting the risks of using them towards the EU’s 2040 climate target
Apparently, EU lawmakers are exploring four potential loopholes to weaken the target under the guise of “greater flexibility”. Under consideration are suggestions that include postponing climate action until the latter half of the 2030’s, allowing for more flexibility between EU sectors, or relying on international offsets and additional carbon removals to somehow fill the gap caused by EU inaction.
The decision by the Integrity Council for the Voluntary Carbon Market (ICVCM) to withhold its stamp of approval from the most problematic cookstove methodologies and to approve a good methodology is a welcome step in the right direction but more needs to be done.
At the COP29 climate conference in Baku, negotiators need to fix Article 6 carbon markets but, most importantly, they need to fix the world’s failure to slash emissions.
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