UN 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.
Read MoreICVCM ruling deals major blow to LATAM voluntary carbon credits
The Integrity Council for the Voluntary Carbon Market (ICVCM) barred several methodologies from its integrity stamp on Tuesday, rejecting a renewable energy methodology responsible for a substantial proportion of Latin American credit supply.
Read MoreVCM Report: SBTi uncertainty casts doubt over voluntary carbon market as N-GEO hits fresh low
Liquidity remained thin and participants cited an uncertain outlook for the voluntary carbon market in the wake of a series of ‘confusing’ technical documents published by the Science Based Targets initiative (SBTi) last week, which confirmed that a final decision on carbon credit use under the organisation’s corporate standard will take place at the end of 2025.
Read MoreFEATURE: Egypt’s Article 6 bet could cash in, but doubts remain around additionality
Egypt is slated to receive $6 billion in loans from the World Bank by 2027 contingent in part on meeting Article 6 carbon trading infrastructure milestones – but the North African country’s proclivity for renewables projects could compromise credible additionality.
Read MoreSlow progress at UN Article 6.4 carbon crediting meeting as summer lull sets in
The UN body mandated to determine rules governing the Paris Agreement’s carbon crediting mechanism has inched closer to providing a basis text for discussion at COP29, in one of the last opportunities to finalise recommendations ahead of the summit in November.
Read MoreChile to experience severe supply crunch of tax-eligible carbon offsets in 2024
The South American country, which as of 2023 accepts select carbon credits in lieu of payment of its $5 per tonne tax, will see minimal supply emerge in 2024 despite hopes that the mechanism would take off once liable entities had sufficient time to source offsets.
Read MoreCape Town raises $2 mln from Kyoto Protocol waste-to-energy projects
South Africa’s legislative capital has raised R$36 million ($2 mln) by auctioning credits generated under the Kyoto-era UN Clean Development Mechanism (CDM) from projects that convert landfill-origin methane into electricity.
Read MoreLATAM Roundup: New regional players lay carbon pricing groundwork
Now on a weekly basis, Carbon Pulse rounds up developments in Latin American and Caribbean carbon markets for the week ending July 7, during which new players have emerged and are taking steps to scale their involvement in international markets, while mitigation schemes remain much the same in Colombia and Brazil.
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