COP28 Misses Opportunity to Set “High Bar” in Carbon Markets

Parties gathered in Dubai for COP28 have failed to reach a consensus on texts relating to Articles 6.2 and 6.4 of the Paris Agreement, delaying progress on regulating the international carbon markets. Non-profit business group IETA cited concern about the “politicisation” of the Article 6.4 mechanism and the delays to its operationalisation. “We have missed an opportunity to expedite the operationalisation of a crediting mechanism that would have set a high bar on environmental integrity, safeguards, and human rights,” said Andrea Bonzanni, IETA’s International Policy Director. “The delay of the Article 6.4 mechanism is not a victory for environmental integrity, it is a victory for the anti-market agenda.” IETA further noted that the necessary guidance for the operationalisation was agreed at COP26, meaning it can continue to be implemented without further guidance. Amy Merrill, Interim COO of the Integrity Council for the Voluntary Carbon Market (ICVCM), said: “It is disappointing not to see an Article 6 carbon markets outcome and we hope this important work will restart on a stronger footing in 2024. At the ICVCM, we have ensured our Core Carbon Principles align with Article 6 and we will continue to support and engage with the 6.4 supervisory body to ensure a coherent approach to high integrity.”

The practical information hub for asset owners looking to invest successfully and sustainably for the long term. As best practice evolves, we will share the news, insights and data to guide asset owners on their individual journey to ESG integration.

Copyright © 2024 ESG Investor Ltd. Company No. 12893343. ESG Investor Ltd, Fox Court, 14 Grays Inn Road, London, WC1X 8HN

To Top