We recently shared a simple guide to Article 6, and now, here’s a look at Article 6 in action and how it's making a real-world impact. If you missed it, we've dropped the link to our handy guide in the comments below 👇
Article 6 in Action: 86 Bilateral Agreements Transforming Climate Policy As we hit August 2024, the landscape of international climate efforts are picking up pace: 86 bilateral agreements have been formed under Article 6, covering 55 countries. An MoU was signed just this week between Sweden and Zambia. 🔗 Notable agreements include: 🔸 Ghana and Switzerland: Working together on sustainable rice cultivation and integrated waste recycling. 🔸 Thailand and Switzerland: Pioneering the Bangkok E-Bus Program, which achieved the first recognized transfer of carbon credits. 🔸 Japan and Vietnam: Collaborating on renewable energy initiatives through the Joint Crediting Mechanism (JCM). 🔸 Peru and Switzerland: Advancing reforestation and forest management for both biodiversity and carbon capture. These agreements are a promising start, but there's still a long way to go. The legislation isn’t complete, and we’re still only seeing a handful of developed nations actually buying. Check out the S&P flow diagram below showing Article 6.2 agreements, MoUs and letters of intent. You’ll notice it’s really just a handful of developed countries buying from a range of primarily developing nations. So, where are the rest of the developed countries? Broader participation is crucial. We need more engagement to scale these efforts and unlock the full potential of the global carbon market. The clock's ticking, and more action is needed. Eyes are on this November’s COP in Baku for further progress on implementing legislation. Terra Natural Capital provides the financial bridge for high-quality carbon projects, reducing risks for corporate buyers and empowering developers. See how Terra can support your sustainability goals. Get in touch when you're ready to explore. #carbonmarkets #carbonoffsetting #carboncredits #voluntarycarbonmarkets