- Introduction to Article 6:
- Objective: Article 6 aims to facilitate international cooperation in achieving emission reduction goals by establishing mechanisms for the transfer of mitigation outcomes between countries.
- Mechanisms under Article 6:
- Article 6.2 (Internationally Transferred Mitigation Outcomes – ITMOs):
- Definition: ITMOs allow countries to transfer portions of their achieved emission reductions to other nations.
- Trading System: Countries can engage in the buying and selling of emission reductions, fostering a global marketplace for carbon credits.
- Article 6.4 (The Sustainable Development Mechanism – SDM):
- Purpose: SDM promotes sustainable development by enabling countries to create emission reduction projects.
- Project Flexibility: Allows a country to use emissions reductions from projects in another nation to meet its own mitigation targets.
- Environmental Integrity and Avoidance of Double Counting:
- Emphasis on Integrity: Article 6 underscores the importance of maintaining the environmental integrity of transferred mitigation outcomes.
- Double Counting Prevention: Strict rules are established to prevent the same emission reduction from being counted by both the selling and buying countries.
- Accounting Principles:
- Transparency: Robust accounting rules are in place to ensure transparent, accurate, and accountable tracking of emission reductions and transfers.
- Verification: Establishes a verification process to validate the accuracy of reported emissions reductions.
- Safeguards for Biodiversity and Human Rights:
- Ecosystem Protection: Includes safeguards to prevent harm to the integrity of ecosystems and biodiversity.
- Human Rights Considerations: Ensures respect for human rights and the rights of indigenous peoples in the implementation of Article 6 mechanisms.
- Cooperative Approaches:
- Flexibility: Encourages the development of cooperative approaches involving multiple parties.
- Facilitating Broader Participation: Allows for a flexible and inclusive approach to achieving emission reduction targets.
- Market Mechanisms and Cost-Effectiveness:
- Market-Based Instruments: Provides a framework for the use of market mechanisms to drive emission reductions.
- Cost-Effectiveness: Aims to achieve emission reduction goals in a cost-effective manner while promoting sustainable development.
- Guidance and Supervision:
- Supervisory Body: Calls for the establishment of a supervisory body to provide guidance and ensure the proper functioning of Article 6 mechanisms.
- Oversight: This body plays a crucial role in overseeing the implementation of cooperative approaches and market mechanisms.
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