Six years after the initial adoption of the Paris Agreement, the 26th Conference of the Parties (COP26) finally agreed to rules for the implementation of Article 6, including cross-border co-operation via international carbon markets. Key aspects of the negotiations included the carryover of carbon credits issued under the Kyoto Protocol, including Certified Emissions Reductions (CERs), and rules for double counting, including requirements for “corresponding adjustments” between countries.
The voluntary carbon market co-exists with the globally regulated compliance market. Agreement on Article 6 will therefore help to shape the operation of the voluntary market, but does not directly regulate it. Instead,
Unlock our award-winning research insights
Request access to learn more about our research services, or click here to register for free access to our articles and price information.