International Organization Speeds Up Important Carbon Crediting Process

The United Nations Body responsible for implementing a new carbon crediting mechanism under the Paris Agreement has taken swift action at their recent meeting following COP28. The Supervisory Body of the Paris Agreement Crediting Mechanism has established a clear direction for the year ahead.

They have intensified their efforts by initiating the development of methodological tools and guidelines while also seeking input on concerns raised by Parties in Dubai. This dual approach aims to advance the work while preparing additional documents for consideration at COP29 in Baku.

Maria AlJishi, the newly elected Chair of the Supervisory Body, emphasized the enormity of implementing a Paris-aligned mechanism and expressed confidence in moving forward with the operationalization process. Two expert panels have been set up – an accreditation panel to accredit auditors and a methodologies panel to enhance technical expertise for the development of standards and tools for crediting activities.

To encourage broader participation from Least Developed Countries (LDCs), plans are underway to waive the adaptation share of proceeds for activities within LDCs. Additionally, efforts will be made to strengthen regional capacity through a global dialogue aimed at knowledge exchange and addressing common challenges among designated national authorities.

Martin Hession, the new Vice-Chair of the Supervisory Body, highlighted the significance of this year’s work, emphasizing the need for a credible carbon crediting mechanism that respects the interests of host countries, investors, and stakeholders. The goal is to deliver a solution that is fair, effective, and beneficial for both people and the planet.

Overall, the UN Body is accelerating efforts to implement a vital carbon crediting mechanism, with a focus on collaboration, inclusivity, and sustainability.