A body tasked with implementing the UN carbon market under the Paris Agreement has adopted a new standard to support underserved regions.
The Article 6.4 Supervisory Body is responsible for establishing the rules and infrastructure for the Paris Agreement Crediting Mechanism, which allows countries to co-operate in cutting greenhouse gas emissions by generating high-integrity carbon credits while also supporting sustainable development.
The new standard on “suppressed demand” is expected to open the door for more inclusive climate action in regions with limited access to basic services such as water and sanitation.
Suppressed demand refers to situations where people use very little energy or services, not because they don’t need them but because they can’t afford them or the infrastructure doesn’t exist.
The new standard allows climate projects that help meet these basic human needs to earn carbon credits even if emissions would naturally rise as a result of improved access.
This approach is expected to help ensure people in low income communities can benefit from climate finance by recognising the emissions that would occur if their basic needs were met and supporting projects that meet those needs in the cleanest way possible.
Martin Hession, Chair of the Supervisory Body said: “We’ve recognised that baselines can be established with reference to basic human needs where they aren’t being met. This approach allows the mechanism to support real development benefits, particularly in communities where access is currently limited.
“While there is significant work to do, we are committed to securing a non-permanence and reversals standard this year. We expect to adopt a standard at our next meeting in October once we receive the final recommendation from the MEP.”
UN adopts inclusive climate standard to support underserved regions appeared first on Energy Live News.