Clear Roadmap in Place for UN Carbon Crediting Body

The UN entity responsible for implementing a centralised carbon crediting mechanism under Article 6.4 of the Paris Agreement has expedited its plans for action since its meeting at COP28. After little meaningful progress in Dubai on finalising the framework for carbon trading between countries, the Supervisory Body of the Paris Agreement Crediting Mechanism has implemented two expert panels. The accreditation panel will be focused on accrediting auditors who will verify and validate Article 6.4-aligned carbon credit projects from April of this year. The methodologies panel will seek out further technical expertise for the development of standards, guidelines and tools for crediting activities under the mechanism ahead of COP29 in Baku. “The implementation of a Paris-aligned mechanism is a huge undertaking,” said Maria AlJishi, the newly elected Chair of the Supervisory Body. “With a clear roadmap now in place, we can, and we will, move forward with operationalisation.” Additionally, the Supervisory Body plans to alleviate financial barriers by waiving the adaptation share of proceeds for carbon market activities within the world’s least developed countries. “We need to respect the interests of host countries, investors and other stakeholders,” said Vice-chair Martin Hession. “I am hopeful we can deliver something that is both fair and effective, which works for people and planet.”

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