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Another Major Development! 🆕 India and Japan planned to establish a Joint Crediting Mechanism (#JCM) under Article 6.2 of the Paris Agreement. The two nations planned to sign a Memorandum of Cooperation (#MOC), committing to implement mechanisms in accordance with their respective domestic regulations. A joint committee will be created to develop the rules and guidelines for project implementation. Join my upcoming workshop, organized by Sustainability 101 , to learn more about such developments in India's Environmental Credits and the associated opportunities. Register now: https://lnkd.in/gCMWhNBX Japan Alliance for High Quality Carbon Credit | Carbon Registry India | VCMI | The Integrity Council for the Voluntary Carbon Market (ICVCM) | Indian Energy Exchange (IEX) To read in detail refer to the link: https://lnkd.in/gJzCVwg9 #sustainability #carbonfinance #carbonmarket #carboncredit #credit #carbon #joint #cooperation

The intricacies of Article 6.2 of the Paris Agreement, a cornerstone topic at the COP28 UAE, have recently materialized in a tangible transaction. The KliK Foundation, based in Switzerland, executed the inaugural procurement of International Transferable Mitigation Outcomes (#ITMOs), sourced from the environmentally-conscious initiatives in Thailand. This transaction, underpinned by the stipulations of Article 6.2, entailed the acquisition of precisely 1,916 ITMOs. These were procured from the Thailand-based Energy Absolute Public Co. Ltd., for the innovative Bangkok E-Bus Program. The transfer not only symbolizes a significant stride in international climate collaboration but also delineates a nuanced approach to environmental stewardship. Going further, Article 6.2 shows a sophisticated, collaborative approach. It is designed to better account for greenhouse gas emissions. This system cleverly facilitates the exchange of cross-border debt, taking advantage of the ITMO framework. Such an approach is crucial in fostering a spirit of solidarity among countries to promote cooperation against climate change. Subsequently, Switzerland will integrate these ITMOs into its environmental policy to meet ambitious climate targets. At the same time, Thailand is set to cautiously reassess its greenhouse gas emissions. This reanalysis is necessary to prevent the pitfalls of double counting, and to ensure transparent and accountable estimates of climate action. https://lnkd.in/eaMwn6Je

Following the ratification of the Paris Agreement in 2021, Türkiye faces the dual task of addressing rising greenhouse gas emissions and aligning with global regulations like the EU Emissions Trading System. The journey towards #sustainability could transform Türkiye's economy, reducing its trade deficit and dependence on energy imports by harnessing the full potential of renewable energy sources. A recent McKinsey & Company article discusses potential #decarbonization pathways and how the country can capitalize on green business models and technologies, fostering sustainable economic growth: https://lnkd.in/gtsakSnp via Bengi Korkmaz, Eren Cetinkaya, Ece Ertürk

In case you missed out, the Carbon Market Institute (CMI) recently published a policy brief that outlines a proposed National Carbon Market Strategy for Australia highlighting the importance of carbon markets in accelerating Net Zero. These include strengthening market-based frameworks, expediting policy reforms for transparency and integrity, clarifying government roles in carbon and nature markets, and ensuring complementary policy frameworks for deep structural transitions. Emphasis is also placed on increasing investment in carbon removal projects, supporting mutual complementarity between carbon and nature markets, and guiding international engagement for high-integrity outcomes. Together, these steps aim to boost ambition, drive investments, and facilitate a robust transition to a net zero economy by 2050. As someone deeply involved in the Australian carbon market I see this strategy as a vital step forward. It not only sets a clear path for achieving our net zero goals but also provides the necessary framework to enhance project viability and attract investment. The focus on transparency, integrity, and international cooperation is exactly what we need to scale up our efforts and make a real impact. #CarbonMarkets #NetZero #ClimateAction #AustralianCarbon

Switzerland and Thailand have just completed the first-ever transaction of carbon credits under the Article 6.2 Paris Agreement. The Swiss-based KliK Foundation purchased 1,916 ITMOs "Internationally Transferable Mitigation Outcomes" from Thailand's Energy Absolute Public Co. Ltd. for their Bangkok E-Bus Program. These credits, representing verified emission reductions, will be used by Switzerland to meet its own climate goals. This deal is more than just a financial transaction; it demonstrates the potential of Article 6.2 to open doors for countries to collaborate across borders in tackling climate change. Through ITMOs, nations can now support each other's green initiatives, maximizing the impact of their efforts. However, this path hasn't been smooth. Technical, jurisdictional hurdles have slowed Article 6.2 activity, with only around 69 bilateral deals signed so far, “according to data compiled by S&P Global Commodity Insights and the UN Environment Programme”. The lack of global carbon market infrastructure, particularly registries, has also been a bottleneck. #ParisAgreement #CarbonTrading #Collaboration #ITMO

𝐈𝐧𝐬𝐢𝐠𝐡𝐭 𝐀𝐥𝐞𝐫𝐭 2024 has seen significant climate progress in the GCC, with businesses and leaders committed to tackling the climate crisis and adopting renewable energy solutions. PwC Middle East’s survey highlights the growing role of boardrooms in driving sustainability, with companies increasingly accessing green finance and prioritising responsible investments. Don't miss the thought-provoking article by Dr. Yahya Anouti, PwC Middle East's Sustainability Leader. Read more https://lnkd.in/d_Dn2Ssz #Sustainability #GreenFinance #RenewableEnergy #ClimateAction #GCC #climatecrisis #sustainability

EU's #GreenDeal - A Race Against Time: Progress & Pitfalls Revealed! Breaking down the EU's ambitious 2030 green objectives: the latest European Environment Agency report (attached ⬇️ ) reveals a mixed bag of progress & challenges. Here's a snapshot: 🎯 Missed Marks: The EU is poised to overshoot primary energy consumption targets and undershoot #renewable energy goals. Doubling recycled material? Unlikely. 🌟 Bright Spots: A projected 55% reduction in #greenhouse gas emissions by 2030, compared to 1990 levels. But we're still 4 points shy of the 55% target. ⛏️ #Coal Conundrum: #Germany, #Romania, and #Croatia plan to stick with coal past 2030. As Gecić | Law dives deep into these findings, especially against the backdrop of the crucial Carbon Border Adjustment Mechanism (#CBAM), we're decoding what this means for the future of EU's green commitments, its trading partners, and 🌍. #GreenDeal #EU #Sustainability #Insights #GecicLaw #ESG | Legal ESG | ESG Today | Green News | Balkan Green Energy News

Milestone achieved! The small South American country of Suriname is set to become the first to sovereignly sell carbon credits under Article 6.2 of the Paris Agreement developed using the UNFCCC REDD+ framework. This development, facilitated by a partnership between ITMO Ltd and BancTrust Investment Bank, marks a significant step forward in implementing international carbon trading mechanisms. The entry of sovereign carbon credits can substantially increase the volume and liquidity of the carbon market, potentially leading to more efficient trading and pricing mechanisms. This project will likely play an important role in establishing benchmark prices for high-quality, nation-backed carbon credits. By leveraging its position as a carbon-negative country, Suriname is launching a model that could be replicated in other forest-rich nations, potentially leading to an increase in high-quality carbon credits. Read the full article here: https://lnkd.in/gh9hjW3n Stay in the know with a subscription to Vantage, ClearBlue's carbon intelligence platform. cc.: Menaka B.

Excited to see how our work slots into the initiatives launched by Mark Carney to scale the carbon markets. It's almost like it was on purpose... Our standard-setting platform and registry, the open carbon protocol supports the supply-side initiative of the The Integrity Council for the Voluntary Carbon Market (ICVCM) Our work on rightsizing with Calyx Global and our work on the environmental ledger supports the demand-side efforts of VCMI and Global Carbon Market Utility with Filipe Blackwood Oliveira and Chris Canavan. This ledger work is an industry-wide collaborative effort with Ben Rattenbury from Sylvera, Sebastien Cross from BeZero Carbon, Donna Lee from Calyx Global, Alicia Seiger from Stanford University, Harvard University's Ely Sandler and Massachusetts Institute of Technology's Tod Hynes, Andrew Watson of Rethinking Capital, and now International Accounting Standards Board (IASB) and Financial Accounting Standards Board . And so many others! It takes a village! One tonne of CO2e tackled today is more important than one tonne of CO2e tackled tomorrow.

Although there were setbacks at #COP28, the #carbon markets' evolution under Article 6 of the Paris Agreement is still encouraging innovation and investment. Recent pilot schemes are paving the way for private investors to participate in sustainable projects worldwide. From renewable energy infrastructure to agricultural sustainability initiatives, there are vast opportunities. According to Lina Barrera, Senior Vice President of International Policy at Conservation International, a "co-evolution" is starting to occur between projects established by governments within the Paris Agreement framework and those developed in the private sector. #parisagreement #climatechange #climateaction