The African Group of Negotiators on climate change (AGN) offered a progressive solution that accelerates the voluntary carbon trading schemes based on Article 6 of the Paris Agreement on climate, the United Nations Economic Commission for Africa (UNECA) said on Wednesday in a statement.
The United Nations Framework Convention on Climate Change (UNFCCC) on its part said it failed to reach an agreement on all technicalities related to the implementation of Article 6 of the Paris Agreement that would enable countries to transfer carbon credits earned from reduction of greenhouse gas emissions to help them meet their climate targets.
The UNECA’s statement further said the methodological elements of the new UN carbon crediting mechanism also remained largely unresolved.
Article 6 of the Paris Agreement governs how countries can cooperate voluntarily in the implementation of their nationally determined contributions to climate action while promoting sustainable development and environmental integrity.
UNECA’s workshop held in Zimbabwe emphasized the essential role of carbon markets in incentivizing emission reductions and fostering sustainable practices to align with the goals of the Paris Agreement.
“Emphasizing the need for integrity and transparency in carbon market design, participants discussed the importance of promoting technologies and practices that drive emissions reductions, rather than solely relying on mobilizing development or climate finance,” the statement said.
Key topics addressed during the event included the current asymmetry between supply and demand in African carbon markets, the urgent need for regulatory tools to manage these markets effectively, and the significance of focusing on cleaner technologies to achieve emissions reduction targets.
MG/as/APA