The UN Supervisory Body Pushes Up Works On Implementation Of Carbon Crediting Mechanism

The UN Supervisory Body Pushes Up Works On Implementation Of Carbon Crediting Mechanism - Carbon Herald

The United Nations Supervisory Body tasked to implement a new carbon crediting mechanism under the Paris Agreement, announced a new development that sets out a direction for the year to fulfill its mission. 

The Body has stepped up the pace of implementation of the carbon crediting mechanism by launching works to develop methodological tools and guidelines of the mechanism. It is also simultaneously gathering input on concerns raised by Parties in Dubai. The dual approach aims to progress the work while developing further documents for consideration at COP29 in Baku.

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“The implementation of a Paris-aligned mechanism is a huge undertaking. With a clear roadmap now in place, we can, and we will, move forward with operationalization,” commented Maria AlJishi, newly elected Chair of the Supervisory Body.

The Carbon Crediting Mechanism is established under the Paris Agreement and aims to support countries in the international trade of climate benefits provided by carbon credits. It allows countries to trade climate benefits and encourages cooperation between them to actively contribute to the global mitigation of greenhouse gasses as mandated by Article 6.4 of the Paris Agreement.

The Supervisory Body will develop and supervise the requirements and processes needed to operationalize the international trading of carbon credits. Some of its tasks include developing and/or approving methodologies, registering activities, accrediting third-party verification bodies, and managing the Article 6.4 Registry.

Relevant: UN Supervisory Body Seeks Input On Its Carbon Credit Mechanism

The Body established two expert panels – an accreditation panel, that will be ready to start accrediting auditors to verify and validate projects from April 2024 and a methodologies panel which will bring in further technical expertise for the development of standards, guidelines, and tools for crediting activities under the mechanism.

“There is a clear demand out there for a credible carbon crediting mechanism that we intend to fill. We need to respect the interests of host countries, investors and other stakeholders. I am hopeful we can deliver something that is both fair and effective, which works for people and planet,” clarified Martin Hession, the new Vice-Chair of the Supervisory Body, underscoring the importance of the Body’s work this year.

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