The United Nations has marked a significant milestone by approving the first carbon credits to be issued under a new market mechanism established by the Paris climate accord.This new initiative is designed to aid in reducing global emissions, though it has faced scrutiny regarding potential greenwashing concerns.
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aljazeera.comThe UN-run carbon market will allow companies and countries to offset their excess emissions by financing projects that effectively cut greenhouse gases in other nations.The first credits will come from a clean cooking project in Myanmar, which aims to distribute efficient cookstoves that reduce both harmful household air pollution and pressures on local forests.
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france24.comAccording to UN Climate Change Executive Secretary Simon Stiell, the initiative is critical for improving health and empowering women and girls, who are often most affected by household air pollution.He stated, "Clean cooking protects health, saves forests, cuts emissions and helps empower women and girls." However, the World Health Organization has noted that, even with these efforts, only 78 percent of the global population is expected to have access to clean cooking by 2030.
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aljazeera.comfrance24.comThe Paris Agreement, adopted in 2015, commits nations to limit global warming to well below 2°C, aiming ideally for 1.5°C.It includes provisions for cross-border trade of carbon reductions, which is expected to play a crucial role in achieving climate targets.
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aljazeera.comThe newly approved credits are part of the Paris Agreement Crediting Mechanism (PACM), which adopts more conservative calculations than previous schemes, resulting in credited emissions reductions being 40 percent lower than those from prior mechanisms.This shift aims to build trust and confidence in the carbon credit market from the outset.
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carboncredits.comfrance24.comDespite the positive implications of the PACM, there are concerns regarding its potential for misuse.Critics argue that poorly structured schemes might allow countries and companies to misrepresent their emissions reductions, undermining global efforts to combat climate change.The UN climate agency has acknowledged these risks and emphasized the importance of maintaining integrity in the carbon market.
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aljazeera.comJacqui Ruesga, vice chair of the UN body supervising the PACM, expressed optimism about the first issuance of credits, stating, "This first issuance shows that the system is working as intended." The effectiveness of the new market will largely depend on rigorous monitoring and verification processes.Every project must pass strict checks by independent auditors before earning credits, ensuring that only verifiable emissions reductions are counted.
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aljazeera.comcarboncredits.comThe approval of the first methodology under Article 6.4 of the Paris Agreement marks a significant step in international carbon trading, with expectations that the UN-backed carbon market could stimulate a multi-billion-dollar global carbon economy.The system is anticipated to facilitate the trading of verified emission reductions, enabling countries to meet their Nationally Determined Contributions (NDCs) more efficiently.
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carboncredits.comceezer.earthAs the carbon market begins to take shape, the expected demand for carbon credits could soar, with estimates suggesting it might reach up to 2 billion tonnes by 2030.This demand will be driven by both compliance and voluntary markets, as countries and companies seek to align their operations with net-zero targets.
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carboncredits.comWhile the UN's initiative has the potential to deliver real benefits for both the environment and communities, challenges remain.Experts have pointed out that the integrity of the new credits will need to be carefully managed to prevent issues such as double counting and fraud, which have historically plagued carbon markets.
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e360.yale.eduLooking ahead, the UN's Supervisory Body will continue to refine the methodologies and oversight necessary to ensure the PACM operates effectively.Further approvals and methodologies are anticipated in the coming months, as the global community navigates the complexities of carbon trading and its role in addressing climate change.
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carboncredits.comceezer.earthThe establishment of this carbon crediting system is seen as a crucial step toward mobilizing climate finance and supporting sustainable development efforts worldwide.With robust standards and a commitment to transparency, the UN aims to foster a credible and effective market that can significantly contribute to global emissions reduction goals.
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aljazeera.comfrance24.comAs the world grapples with the realities of climate change, initiatives like the PACM represent both the potential for innovation in climate finance and the necessity for vigilance in ensuring that these systems deliver on their promises.
