Date: 27 October 2023
Time: 10:30 – 11:30 EST
Location: Sala Darien, Mariott Hotel, Panama City
This is an official side-event to the Latin America and the Caribbean Climate Week 2023.
International collaboration through Article 6 of the Paris Agreement can support countries to meet their NDC targets and raise mitigation ambition through market-based cooperative approaches under Article 6.2, a new international crediting mechanism established under Article 6.4 and a framework for non-market approaches, defined in Article 6.8.
In contrast to the Clean Development Mechanism (CDM) under the Kyoto Protocol, participation in markets under the Paris Agreement requires governments to develop and implement accounting and reporting procedures. Countries wishing to host Article 6 activities need to set up domestic processes for authorizing such activities and the international transfer of the mitigation outcomes (ITMOs). In all cases, governments will have a role in governing and monitoring carbon market transactions in the context of their NDCs to ensure environmental integrity and avoidance of double counting, as well as to safeguard NDC achievement.
In addition, Article 6 Readiness is interlinked with a thorough understanding of NDC targets, NDC implementation, and future NDC updates, and NDCs and targets vary in form and scope. Parties may have different levels of experience with formulation and accounting for international commitments and how to relate carbon market activities and accounting to these international commitments.
This space seeks to promote cooperation among Latin American countries, to facilitate a good understanding of and to be able to comply with formal requirements to participate in Article 6 collaboration.
