The first two projects, both related to cookstoves, approved for use under the UN’s carbon market massively overestimate their climate impact, despite efforts to rein in overcrediting. In April of last year, Carbon Market Watch published an analysis demonstrating that the first Clean Development Mechanism project (known as Programme of Activities, or PoA, 10415) in …
The Paris Agreement Article 6.4 carbon market is meant to protect the rights of indigenous peoples and local communities. However, the Sustainable Development (SD) Tool meant to offer this defence is not fit for purpose, according to the findings of this joint investigation carried out by the Land Matrix Initiative and Carbon Market Watch.
Carbon markets have fallen short on contributing to climate mitigation, with less than 16% of credits delivering promised atmospheric impact. At the cusp of the largest international carbon market seen to date under Article 6 of the Paris Agreement, it is imperative that we learn the lessons from the past, ensuring that carbon market transactions translate to real and meaningful mitigation and are not used as a smokescreen for countries and companies to shirk their decarbonisation responsibilities or meet their international climate finance obligations. On this basis, we are proud to launch the Article 6 Observatory — an independent consortium of leading academics and civil society experts dedicated to providing evidence-based analysis of both the structure and use of Article 6. Created early on in the era of Article 6 operationalisation, this Observatory will independently trace its potential to shape the success or failure of the Paris Agreement.
As the European Union institutions prepare to embark on the final negotiations around the bloc’s diluted 2040 climate target, there is one last chance to shore up some of the goal’s loopholes for the good of the environment and society.
Few climate instruments are as controversial as carbon credit markets: some see them a cost-efficient way to reduce or remove emissions globally and to help the Global South in the bargain, while others see a failure to deliver sufficient climate benefits, as well as inequitable, or even seriously negative, social consequences.
Although the European Union has the means and capacity to wave goodbye to fossil fuels by 2040, EU environment ministers have backed an unambitious climate target for that year that unfairly shifts some of the burden for domestic climate action to the Global South and future generations.
At the COP30 climate conference, countries that have cooled on climate action are set to exploit carbon markets to take the heat to act off themselves. But carbon markets are no substitutes for real emissions cuts and no replacement for climate finance.
Instead of listening to its own technical experts and scientific evidence, the body overseeing the UN carbon crediting mechanism has chosen to side with market players after intense lobbying efforts.
This document contains Carbon Market Watch’s feedback to the European Commission’s proposal to amend the European Climate Law. It analyses the challenges and shortcomings of the proposal and makes a series of recommendations to remedy them.
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