The United Nations has announced that it will establish a global carbon crediting mechanism, a key component under the Paris Agreement aimed at mitigating global carbon emissions. This new direction comes with a detailed plan for the upcoming year, underscoring the organisation's commitment to environmental sustainability.
Farmer in the process of planting a seedling as part of a reforestation project. AI generated picture.
The initiative will focus on creating methodological tools and guidelines necessary for the mechanism's operation, alongside addressing feedback from international stakeholders gathered in Dubai during COP28. This dual-focused approach is expected to propel the mechanism's development forward, with the goal of presenting further advancements at COP29 in Baku.
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Maria AlJishi, the newly elected chair of the UN's supervisory body, expressed optimism about the roadmap laid out for the mechanism's implementation. ‘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 operationalisation,’ she stated.
The mechanism encourages countries to engage in the international trade of carbon credits, facilitating cooperation towards achieving global emission reduction targets. The supervisory body's responsibilities include overseeing the mechanism's operational framework, accrediting third-party verifiers, and managing the registration of carbon-reducing activities.
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With the establishment of expert panels focused on accreditation and methodologies, the body is gearing up to ensure the mechanism's integrity and effectiveness. Martin Hession, the vice-chair, highlighted the global demand for a credible carbon crediting system, emphasising the balance between the interests of host countries, investors, and other stakeholders. ‘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 the planet,’ he concluded.
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