Carbon intelligence platform Abatable and carbon credit verifier and standardization body Gold Standard will host their first webinar on implementing Article 6 of the Paris Agreement.
The webinar is part of a larger collaboration between Gold Standard and Abatable, which was made public in December 2023 and aims to provide governments, investors and carbon project developers with the tools needed to navigate the carbon market, including those related to Article 6.
The partnership between the two organizations was announced shortly after what many consider to be a disappointing outcome of COP28 with regards to country leaders not coming to a decision on Article 6.2 and Article 6.4.
Even so, a number of countries around the world are already prepared to implement Article 6, with many more willing to follow suit.
And precisely stakeholders in these countries can benefit from the Abatable and Gold Standard joint initiative.
The first webinar in the series will focus on how Article 6 is intertwined with the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA).
As of this year, airlines from more than one hundred participating countries with emissions of more than 10,000 metric tons of CO2 per year must offset their emissions by purchasing carbon credits, authorized for use under Article 6.
However, the current low supply of carbon credits and lack of standard government procedures in most countries to issue Letters of Authorisation (LoAs) for carbon projects are creating an environment of uncertainty, which Abatable and Gold Standard seek to address.
The webinar titled The ticking clock: the interplay between CORSIA and Article 6 is scheduled for 15 February, 2024, at 14.00 GMT (7pm ET).
Confirmed speakers at the online event are:
- Moderator: Greg Lydka Morris
- Hugh Salway, Gold Standard
- Lisa Demarco, Resilient LLP
- Robert Stevens, Climate Impact Partners
- Molly Peters-Stanley, Negotiator, U.S. Department of State
What Is Article 6?
Article 6 of the Paris Agreement enables countries to trade carbon credits among each other with the aim of achieving emission reduction targets.
This way countries that generate carbon credits by reducing, removing and/or avoiding greenhouse gas (GHG) emissions may help other countries reach their climate goals by selling them said credits.
Article 6 deals with the establishment of international compliance markets, where governments can authorize certain carbon credits to be sold to other countries, but only one of the sides (the buyer or the seller) may count these credits towards its Nationally Determined Contributions (NDCs).
And to avoid instances of double counting (i.e., both countries counting the credits towards their NDCs), Article 6 calls for an accounting mechanism called ‘corresponding adjustment’, which is also a requirement of CORSIA.
What Is CORSIA?
The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is the world’s first international market-based measure for a given industry to reduce emissions.
Developed by the International Civil Aviation Organization (ICAO) back in 2016, CORSIA requires airlines with a total annual emissions count exceeding 10,000 tons of CO2 to monitor, report and verify their emissions every year from 2019.
In addition to other measures listed by CORSIA, the scheme requires that airlines offset the amount of CO2 emissions they cannot reduce otherwise (e.g., via technological or other means) by purchasing carbon credits.
Abatable is a technology platform, which aims to connect businesses and investors to the world’s largest network of carbon projects.
The London-based carbon procurement company has access to over 2,000 carbon project developers, which it combined with procurement expertise and an extensive base of corporate buyers through the acquisition of nature-based carbon credit provider Ecosphere+ in 2023.
About Gold Standard
Gold Standard was established in 2003 by WWF and other international NGOs as a best practice standard to help the world grow to net zero.
All Gold Standard certified projects and programmes accelerate progress towards the Net-Zero ambition of the Paris Climate Agreement while catalyzing impact toward the broader Sustainable Development Goals. Its standard, Gold Standard for the Global Goals, allows climate and development initiatives to quantify, certify and maximise their impacts toward climate security and sustainable development. Certification against the standard provides the confidence that these results are measured and verified, enabling credible impact reporting.
ISEAL Code Compliant and backed by a broad NGO Supporter Network, Gold Standard has 2900+ projects underway in over 100 countries, creating billions of dollars of shared value from climate and development action worldwide.