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While we appreciate the detailed work of the Methodological Expert Panel on the important process of baseline setting, we do not see all elements of the Article 6.4 Rules, Modalities and Procedures (RMPs) reflected in the proposed Standard.
Specifically, we see the need for further alignment of the baseline provisions with encouraging ambition over time and alignment with nationally determined contributions, long-term low-emission development strategies and particularly the long-term temperature goal of the Paris Agreement.
The report calls for a phased reduction in international credit use within K-ETS, increased focus on domestic emission reductions, and alignment with best practices from systems like the EU ETS. Strengthening the environmental integrity of K-ETS is essential to achieving South Korea’s climate goals and ensuring the global credibility of the country’s climate action by putting in place and implementing robust and effective policies.
Analysis of the available documents has found that PoA 10415, over the monitoring periods 5, 6 and 7, is likely set to issue 27.4 more credits than it should have according to available literature.
The aim of this co-creation workshop is to detail, to the extent possible, the key elements of a concrete proposal for a regulatory framework to finance CDR in the EU.
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