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This analysis examines how effective Article 6.4 of the Paris Agreement is at addressing the fragmented regulation of global Voluntary Carbon Markets.

May 4, 20260 citationsOpen Access

Analysis of the efficacy of Article 6.4 of the Paris Agreement in resolving the fragmented public and private regulation of the global Voluntary Carbon Markets (VCMs) mechanisms

ANAnne Mumbi NjorogeUniversity of Dundee

Key Points

This analysis examines how effective Article 6.4 of the Paris Agreement is at addressing the fragmented regulation of global Voluntary Carbon Markets.
Reviewed the operationalization of the Paris Agreement Crediting Mechanism at COP 29.
Assessed historical context with the Clean Development Mechanism and private carbon standards.
Evaluated the implications of fragmentation in accounting and environmental safeguards.
Article 6.4 does not resolve issues of fragmented governance in global Voluntary Carbon Markets.
Fragmentation has resulted in inconsistent rules impacting market stability.
Integration through horizontal and vertical linkages among private standards and the Paris Agreement is needed.

Abstract

The Paris Agreement Crediting Mechanism was operationalized at COP 29, and it was preceded by the Clean Development Mechanism (CDM). The CDM mechanism existed alongside private voluntary carbon standard bodies that formulate standards for non-state actors to meet their net-zero targets. Global Voluntary Carbon Markets (VCMs) fragmentation has led to inconsistent accounting and environmental and social safeguards rules. This has affected market stability and integrity.This paper seeks to analyze the efficacy of the Paris Agreement Crediting Mechanism in resolving the fragmented public and private regulation of the global VCMs. It concludes that Article 6.4 of the Paris Agreement does not resolve the fragmented public and private governance of the VCMs. As such, this paper recommends integration through horizontal and vertical linkages within the private standard bodies themselves and between the private standard bodies and the Paris Agreement Crediting Mechanism.

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