Reporting by Mathew Carr

June 11-12, 2024 — Article 6 of the Paris climate deal seeks to provide new incentives to cut emissions. Nine years after the framework for the new UN carbon-market incentives was agreed ….it’s barely having an impact.

Saudi Arabia argued it was important that all parties retained access to Article 6.

Authorization of projects and programs was seen as crucial, according to parties including Saudi Arabia, Australia.

Some countries are seen authorizing weak rules and projects, others want tight rules — one of the main areas of contention.

Article 6 might be needed in the case captured GHG escapes or if forests burn down, Saudi Arabia said.

Honduras was heard expressing dismay that people wanted to trade itmos — a potential new UN carbon commodity — a little too prematurely.

Article 6.4 credits needed to be confirmed as valid and verified before being turned into itmos, Honduras said.

Leaders said work would continue later in the year in Baku…or at another workshop over the next few months.