Article 6 of the Paris Agreement comes into play

In the efforts to tackle climate change, a clear goal looms large: a 43% reduction in greenhouse gas emissions by 2030 to limit global heating to 1.5°C. The Intergovernmental Panel on Climate Change (IPCC) and leading climate scientists warn this is needed to avert the worst impacts of climate change.

However, a report recently published by UN Climate Change reveals a stark disparity between this goal and current commitments in national climate plans, which would increase emissions by 9% by 2030 compared to 2010 levels.

And yet, the challenge is not unsurmountable.

One urgent question is how developing and least developed countries can be expected to put forward ambitious climate pledges under the Paris Agreement, when many do not currently have the means or the resources necessary to enable an economy-wide transition towards a low emissions future.

This is where Article 6 of the Paris Agreement comes into play. It enables international cooperation to tackle climate change and unlock financial support for developing countries.

There are three tools which countries can draw upon under Article 6:

1.Article 6.2: Allows countries to exchange mitigation outcomes bilaterally and to report their trade, and use them towards their nationally determined contributions (NDCs).

2.Article 6.4: Establishes a new UNFCCC mechanism for the validation, verification and issuance of high-quality carbon credits.

3.Article 6.8: Provides opportunities for countries to cooperate towards the achievement of their NDCs without relying on carbon markets.

At the heart of these efforts is the UN’s new high-integrity carbon crediting mechanism, uniquely positioned under Article 6.4 to allow countries to raise climate ambition and implement national action plans more affordably.

It identifies and encourages opportunities for verifiable emission reductions, attracts funding to implement them, and allows cooperation among countries and other groups to conduct and benefit from these activities.

It can also be a source of climate finance for developing nations, with a share of proceeds going towards adaptation funding to build resilience to the inevitable impacts of climate change.

The groundwork for carbon markets laid out at COP26 in Glasgow is now being fine-tuned at COP28. Here is a summary of the key topics of discussions under Article 6.2, 6.4 and 6.8 of the Paris Agreement.

Source from UNFCC

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