COP29: CDM negotiations a mess as Article 6 forwarded to second week
The SBSTA UN advisory body has laid out final exit protocols for the Kyoto-era Clean Development Mechanism (CDM), predecessor to the Paris Agreement Crediting Mechanism (PACM), at COP29 in a draft text.
Read MoreCOP29: Trouble in paradise – After strong start, old conflicts on Article 6 come to the fore
After a solid start, talks on UN carbon markets in Baku at COP29 are heading back into deep water after a lengthy and heavily-bracketed first draft text concerning Article 6 was released, with reports of old conflicts that caused negotiations to collapse last year bubbling back up to the surface.
Read MoreCOP29: Presidency secures early Article 6 outcome as parties approve carbon crediting standards
Azerbaijan’s COP29 presidency secured an early endorsement of key methodological standards under Article 6 during Monday’s opening plenary, driven to action by two years of failure at the annual UN climate summit to move forward on the Paris Agreement’s carbon crediting mechanism.
Read MoreCOP29: UN regional centres helping to build global Article 6 capacity
UN Regional Collaboration Centres (RCCs) channelling funds from the Clean Development Mechanism (CDM) have played a key role in developing notable Article 6 and carbon pricing initiatives in the Global South, with ongoing projects expected to yield further concrete outcomes in the near and medium term.
Read MoreCOP29: Azerbaijan to push for early Article 6 outcome, faces resistance
The COP29 presidency is pushing for an early endorsement of key carbon crediting standards under Article 6, Carbon Pulse has learned, though is facing resistance from several countries.
Read MoreCarbon markets falling far short of potential to support least developed countries, UN warns
Carbon markets are fulfilling just a tiny fraction of their potential to shore up much-needed climate finance in the world’s 45 least developed countries, with credits issued from both the voluntary and UN-run schemes concentrated in just a few countries, according to a report published on Monday.
Read MoreLATAM Roundup: A big week for the Paris Agreement’s Article 6
The week ending Oct. 13, which saw the UN Supervisory Body (SBM) for Article 6.4 circumvent negotiators to help operationalise Paris carbon markets, also welcomed key Article 6 statements out of Chile, ranging from new projects to potential use cases for Paris Agreement credits.
Read MoreUN body skips over Paris negotiators in a bid to secure consensus on Article 6.4
The UN body mandated to determine rules governing the Paris Agreement’s Article 6 opted early Thursday to bypass negotiators and bring its standards for carbon methodologies and removals into force – in a “risky” and “bold” move that was widely welcomed for its potential to drive agreement at next month’s COP29, despite concerns about its long-term implications.
Read MoreArticle 6 body adopts sustainable development tool
The body mandated to shape the UN’s Article 6.4 carbon crediting mechanism has adopted a sustainable development tool, as it also scrambles to ready guidance ahead of COP29 next month.
Read MoreBRIEFING: As ICVCM rejects key voluntary carbon methodologies, Dominican Republic pushes crediting renewables as sustainable development
While the Integrity Council for the Voluntary Carbon Market (ICVCM) rejected this week multiple renewable energy carbon crediting methodologies from its Core Carbon Principles (CCP) label, citing additionality concerns, the Dominican Republic (DR) is pushing forward on expansion plans for these projects in the frame of sustainable development.
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