COP28: A Missed Opportunity for Article 6, but Article 6.2 Bilateral Agreements Offer a Path Forward in Carbon Markets
As COP28 wraps up, the advancement of Article 6.2 remains a beacon of hope despite the broader challenges faced in carbon market negotiations. The failure to adopt key texts under Article 6 may limit market growth, but the agreements between nations like Switzerland, Chile, and Tunisia illustrate a resilient commitment to bilateral cooperation on emissions reductions.
While Article 6.4 discussions have been deferred, Article 6.2 stands firm, with countries continuing cross-border collaborations based on existing guidelines. Despite setbacks, the voluntary carbon market persists as a crucial component, with the industry navigating credibility challenges and embracing the essential role of integrity for success.
COP28 also brought a historic decision to transition away from fossil fuels, setting an ambitious target for net zero by 2050, and establishing a fund to support climate finance from wealthy to low-income countries.
These developments underscore the importance of our work as Carbon Consultants, and we invite you to engage with us to explore the implications for your projects and how we can navigate the evolving landscape together.
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