The Article 6.4 Supervisory Body has made progress in its work on setting up standards and procedures for a robust carbon credit mechanism to serve carbon markets. The members of the Article 6.4 Supervisory Body met in Singapore last week to move towards the finalization of the mechanism expected to be unveiled at the start of next year.
There are also calls for input on specific topics or issues to help the Article 6.4 Supervisory Body with its considerations before completing the regulatory framework documents.
Relevant: COP26 – What Was Achieved And What Needed To Be Done?
Back in 2021, at the United Nations Climate Change Conference COP26 in Glasgow, it was agreed that an international governance framework will be developed for deploying environmentally effective and transparent carbon markets.
The Supervisory Body was tasked with overseeing the mechanism that will support countries in the international trade of climate benefits provided by carbon credits and essentially, in its core, serve to actively contribute to the global mitigation of greenhouse gases as mandated by Article 6.4 of the Paris Agreement.
During the 7th meeting last week, the Body finished considering the key document framework that will regulate the cycle of submission and consideration of project activities under the Article 6.4 mechanism.
It will open this document framework to final public consultation before adoption, seeking feedback on the following documents:
- The Sustainable Development tool, which will aim to ensure the environmental, developmental, and social benefits of the activities implemented under the Article 6.4 mechanism.
- The appeal and grievance procedure, which will enforce the implementation of environmental and integrity safeguards.
After being opened for extensive public consultation, they will be finalized at the next meeting of the Supervisory Body in October.
The United Nations Climate Change body also reported progress on carbon removals and project methodology requirements. The Supervisory Body set itself the task of finalizing the recommendations regarding the activities involving removals and the requirements for the development and assessment of methodologies.
Relevant: Article 6.4 Mechanism Supervisory Body Launches Public Consultation On Removal Activities
The discussions last week focused on appropriate monitoring, reporting, and accounting for removals and crediting periods, addressing reversals, avoidance of leakage as well as other negative environmental and social impacts. There is also a big focus on baselines.
The Body reported there is progress on a robust package of recommendations. The work will also serve as a strong foundation for the final recommendations that could be agreed upon at their next meeting. The Supervisory Body’s next meeting is scheduled to take place between 30 October – 2 November 2023 in Bonn. The deadline for registering as an observer for this meeting is 9 October.
