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What the passage of Article 6 means for carbon markets

COP26的标志

Article 6 that creates guidelines for carbon credits was agreed to at COP 26 in Glasglow. Image via Shutterstock/ Chris Dorney

在上个月COP26上获得了有关碳信贷国际交易规则的协议,这是一系列称为第6条的谈判。但是在会议的最后一个周末,200个国家最终达成了指导方针,该准则将创建国际碳信贷市场,包括这些工具的国家 - 国家交流。

对于购买补偿和两个大验证组织的公司,Verra和Gold Standard,第6条是期待已久的政府指导,以创建,会计和验证碳信用额,直到这一点,私营部门一直在临时开发,基础。

根据世界资源研究所气候计划中国家气候行动负责人Chirag Gajjar的说法,在格拉斯哥同意的规则将使抵消计划更加严格。

南极首席执行官Renat Heuberger补充说:“这是我们一直在等待的规则手册。”“这确实使我们需要真正增加大量私营部门投资到真正大规模削减排放的项目。”

Article 6 builds upon the Clean Development Mechanism (CDM) from the Kyoto Protocol in 1997. CDM established the rules for carbon markets and offset projects, including the definitions for加法性和泄漏. Unfortunately, alleged abuses of these carbon trading practices have comeunder scrutinyfor actually increasing emissions, which has prompted many questions about the credibility of the voluntary offset markets.

"We want to dust off this mechanism, modernize it and put it into place again," Heuberger said, "As the science evolves, as you get better data, better satellite imagery, better quantification tools, this mechanism will become better and better."

Article 6 also covers how countries engaged in international transfers of carbon credits will avoid double counting, a process called corresponding adjustments. And itallowsfor the conversion of existing certified emission reductions (CERs), a type of carbon credit issued by the CDM, into internationally transferred mitigation outcomes (ITMOs), the new unit of carbon reduction created by The Paris Agreement and trade across countries.

According to Gajjar, the passage of Article 6 means that the carbon markets rulebook required by the Paris Agreement has finally been finalized. But the countries must still offer guidance for putting that framework into practice, he said. To do this, a supervisory body plans to meet twice in 2022.

"Till now, offsetting has been a zero-sum game where selling and purchasing offsets did not translate into real emission reductions," Gajjar wrote in an email to GreenBiz. "Article 6 will impact the way private sectors will look to achieve their targets. It will likely open the door for the private sector to contribute to reducing global emissions."

Companies that buy offsets, the projects that create them engaged in offsetting, the organizations that handle verifications would disagree that voluntary offsetting hasn’t produced any tangible carbon reductions. But everyone agrees that getting clearer guidance, especially when it comes to counting offsets transferred from country to country, will help build trust in carbon markets.

Experts say that the biggest win from passing Article 6 is that it addresses how to avoid double counting emission reductions when the credits are traded between countries, an issue that stymied passage of the framework during two previous COPs.

Under the newscheme, the country that generates and hosts the carbon reduction credit can decide to either sell it or use it against its own Nationally Determined Contributions (NDCs) target. If sold, the seller country will add an emissions unit while the buyer country will deduct one, essentially keeping the balance.

This form of the double counting rule avoids what could end up being a sense of carbon colonialism.

"[This rule] avoids what could end up being a sense of carbon colonialism," Heuberger said. "It’s important that the host country is in the driver’s seat and that they can decide. You don’t want to deprive Senegal [for example] of its opportunity to decarbonize."

关于第六条对自愿碳市场的影响有些分歧。咨询公司South Pole表示这样的理论,即第六条不会对购买补偿的企业的内部运营产生太大影响,因为它们并不是朝着像国家 /地区这样的NDC目标努力,因此并没有“出口”信用。

WRI’s Gajjar thinks further clarity is needed to address situations to cover credits that aren’t authorized and adjusted for an NDC. "In a way, Article 6 has already started the debate on the shape and form of the voluntary market and may influence how it will evolve overtime," Gajjar wrote in an email. "The credits that are adjusted will be used for offset purposes and the ones that are not adjusted could be used for other purposes."

但是大多数专家都相信,第六条的协议将有助于增加碳信贷项目的投资量和对信贷的需求。他们说,需求和融资的增加应该促进碳信用额的价值 - 帮助更雄心勃勃的气候缓解项目最终逐渐消失。

根据南极的说法,许多低悬挂,廉价的拆除项目已经完成。现在,由于预期的价格上涨,更昂贵的产品可能会变得可能会成为可能的 - 这可能会释放新的融资,从而使他们最终能够下台。

Heuberger在一封电子邮件中写道:“第6条非常适合志愿市场,因为它通常支持国际合作和碳信贷,这是一种关键的金融工具。”“因此,我希望第六条帮助市场获得更高的信誉。”

校正:京都协议的清洁开发机制(CDM)于1997年开发,而不是1992年。

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