The Article 6.4 Supervisory Board, tasked with establishing the UN carbon market under the Paris Agreement, has finalized two critical standards related to carbon removal and project assessment for this market.
The board, meeting in Baku ahead of COP29 in November, announced the standards as operational following an extended work session on Wednesday, with wording that formally established their status.
This move is somewhat unexpected, as the typical protocol involves submitting draft standards to the Parties to the Paris Agreement (CMA) for approval.
The board’s decision to push these standards forward may reflect a desire to break the recent deadlock and gain consensus on the matter.
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Maria AlJishi, Chair of the Article 6.4 Supervisory Body, emphasized the significance of the new standards, stating that they are a key element in the effort to deliver a crediting mechanism suitable for the future, according to Carbon Herald.Â
She expressed the commitment to balancing the needs of achieving the Paris goals, supporting market players, and addressing host country interests. AlJishi highlighted that the adoption of these standards marks a major step toward establishing a robust carbon market capable of evolving over time.
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Despite the operational status of the standards, the CMA retains the authority to revisit and review them at its upcoming meeting during COP29.
Recent discussions at Climate Week New York indicated a growing alignment between the EU and the US regarding Article 6, which governs the United Nations carbon market.
Establishing this market has been a priority since 2015, allowing countries to trade emissions and create financial links between high emitters in developed nations and emerging economies.
However, uncertainties persist about the methods being employed to advance this initiative.
Developing the UN carbon removal standard is crucial as it could standardize various carbon removal methods, addressing a significant barrier to market growth.