The EU’s latest Carbon Removal Certification Framework (CRCF) methodologies continue to set a much lower standard than the Paris Agreement Crediting Mechanism and best practice in the voluntary carbon market, reveals a new analysis commissioned by Carbon Market Watch and carried out by Öko-Institut.
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.
A new Carbon Market Watch analysis reveals the first batch of Article 6.4 international carbon credits could be overestimated by a factor of 26 – highlighting the risks of using them towards the EU’s 2040 climate target
Analysis of the available documents has found that PoA 10415, over the monitoring periods 5, 6 and 7, is likely set to issue 26 more credits than it should have according to available literature.
A new Carbon Market Watch analysis, based on currently available project data, has uncovered that the first project transitioning from the CDM to the Article 6.4 market is poised to issue an astonishing 26 times more credits than it should as compared to the values from peer-reviewed scientific literature.
The apparent progress made on Article 6 carbon markets during week 1 of the COP29 climate conference conceal many problematic fundamental and technical issues that remain unresolved.
In light of the Article 6.4 negotiations at COP29 in Baku, and the possibility for the Parties to the Paris Agreement (CMA) to give further guidance on the development of the Article 6.4 carbon crediting mechanism, Carbon Market Watch has prepared recommendations on CMA’s further guidance to the Article 6.4 Supervisory Body.
Article 6 of the Paris Agreement sets out the principles for carbon markets. At COP29, governments must fix all the outstanding issues so as to ensure that Article 6 advances, rather than sets back, the climate agenda. This detailed guide explains what is at stake.
The body responsible for supervising the new UN carbon market mechanism must abandon the inadequate rules for social and environmental safeguards and return to the drawing board.
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