Two relevant standards for the operationalization of the new UN’s Carbon Market were finalized yesterday, October 10th. Important step before COP29.

Friday, 11 October 2024.

Closing a busy and constructive week for UN Carbon Markets and ahead of COP29, one last post, shorter today, but with important new.

After our series of posts related to Article 6, yesterday’s development relates to agreement reached on crucial standards to operationalize a new UN carbon crediting mechanism.

The Article 6.4 Supervisory Body, responsible for creating the UN carbon market under the Paris Agreement, adopted standards for methodologies and greenhouse gas removals, an essential element in making the mechanism fully operational.

The standards adopted after intense discussions during the five-day meeting were:

• Standard on methodology requirements: Requirements for developing and assessing projects under the Paris Agreement Carbon Crediting Mechanism

  
  

• Standard on activities involving removals: Requirements for projects that remove greenhouse gases from the atmosphere

These standards will help project developers create and submit methodologies for their projects, to allow them to be registered under the new Paris Agreement Carbon Crediting Mechanism.

Click at the image below for UNFCCC’s press release, including the remarks from Maria AlJishi, Chair of the Article 6.4 Supervisory Body, and from Martin Hession, the Vice-Chair.

And here our other posts from this week related somehow to Article 6:

• The rise of carbon trading between governments: Can businesses benefit from Intergovernmental Carbon Credits under Article 6.2?

• Article 6, the Paris Agreement Carbon Crediting Mechanism. Will it be possible to reach consensus at COP-29 in Baku?

• UN carbon market strengthened by new environmental and human rights safeguards and with the mandatory use of a new tool.

#ParisAgreement

#carboncredits

#carboncreditmarkets

Key Standards for UN Carbon Market Finalized Ahead of COP29. Portal UNFCCC, 10 October 2024.