BAKU, Azerbaijan, December 13. The agreement on Article 6 reached at COP29, alongside newly adopted standards for carbon dioxide removals (CDRs), marks a pivotal step in advancing global carbon capture and removal technologies, Trend reports citing the outlook by BMI, a Fitch Solutions company.
This year’s conference finalized the framework rules and methodologies to fully implement Articles 6.2 and 6.4 of the Paris Agreement. These developments aim to bolster global carbon markets by encouraging broader participation in carbon trading and mobilizing additional capital to support emissions reductions and removals.
Key decisions made at COP29 included the endorsement of stringent requirements for incorporating CDR activities under Article 6, focusing on three core areas:
- Accounting: Eligible removals for crediting will be calculated as the net change in greenhouse gas (GHG) storage resulting directly from human activity, adjusted for emissions, leakage effects, and crediting deficits.
- Measurement, Monitoring, Reporting, and Verification (MMRV): Monitoring processes must rely on robust and representative data, using measurements, sampling, remote sensing, and third-party sources. Post-crediting monitoring will ensure the detection of any reversals.
- Reversals: Comprehensive risk assessments and mitigation plans will address potential reversals. A portion of generated credits will be allocated to a Reversal Risk Buffer Pool Account to remediate both avoidable and unavoidable reversals.
If effectively implemented, these measures will enhance global confidence in carbon markets and reinforce the role of carbon capture and removal technologies in achieving net reductions in GHG emissions.
The adoption of these robust standards at COP29 is expected to galvanize international efforts to curb emissions growth and foster sustainable climate solutions.
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