Following the precedent of the Kyoto Flexible Mechanisms – the Clean Development Mechanism (CDM) and Joint Implementation (JI) – the Paris Agreement established a new ‘mechanism to contribute to the mitigation of greenhouse gas emissions and support sustainable development’. The new mechanism bears some similarity to the CDM and JI, but will function in a radically changed world where Parties have committed to a new 1.5 C degree target, longer term deep de-carbonization, and a new climate regime in which all Parties make a variety of contributions.
In elaborating the rules, modalities and procedures of the new mechanism, it is essential that Parties flesh out a mechanism that accomplishes three key goals:
- Foster higher ambition for climate action;
- Ensure environmental integrity; and
- Contribute to sustainable development and uphold human rights