UN Paris Carbon Market to Have Another Lost Year or Two – Despite Urgency of Climate Crisis: QCI + CarrZee (1)

Opinion / analysis by Mathew Carr

Nov. 14-15, 2022 — The only way the climate will be saved is by letting people make money by cutting emissions in tightly overseen greenhouse-gas markets.

There is no need to wait until 2024 (see news snip published below).

Delaying the new UN market under the Paris climate deal until 2024 will be hugely damaging because a UN regulatory framework can be the strongest in the world by covering all countries wanting to use carbon markets. This can prevent jurisdictional loopholes and the development of flimsy national markets.

The UN carbon market under Paris can begin earlier than 2024, I believe, by publishing a whitelist of clearly additional projects that will be eligible (most projects in least-developed nations using most CDM [Clean Development Mechanism] methodologies could be deemed “additional,” for instance).

If a poorer country still has not created a carbon market regulator, the nation’s environment minister (or a national committee) could work with the UN market supervisory board to ensure the country’s interests are considered through any approval process at UN level.

There would need to be some transparency.

In fact, the UN market under article 6.4 of the Paris climate deal can begin next week, generating the “Sharma credits” immediately after COP27. It is a choice that UN envoys can make, this week. They just have to make it.

The CDM was an earlier UN level emissions market through 2020, which is being transformed into the new global program.

The Paris market should not be delayed because a few countries are not ready.

Note also the Quantum Commodity Intelligence email also includes news on Senegal and Singapore, linked below (subscription required).

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