Publication - A Guide to Navigating Carbon Markets: Exploring the Potential for Eastern Africa
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services and job creation among others.
Public and private entities have various options for engaging in carbon market cooperation and they can choose from a range of privately, nationally and/or internationally supervised schemes, which have been evolving for over two decades.
The international rulebook for carbon market cooperation has been developed under Article 6 of the Paris Agreement. One of the key outcomes of the 29 th session of the Conference of Parties to the United Nations Framework Convention on Climate Change (UNFCCC) held in Baku, Azerbaijan, was the operationalisation of both Articles 6.2 and 6.4 of the Paris Agreement, concluding negotiations that had lasted for almost a decade. The decision on the Paris Agreement Crediting Mechanism (PACM) under Article 6.4 is stringent and enables this mechanism to become a global benchmark for environmental integrity in carbon markets. Coupled with novel approaches to ensure contributions to sustainable development, and to enable robust treatment of grievances, far-reaching reporting provisions set a good basis for trust in Article 6 markets. These markets will thus play a key role to achieve progress toward the goals of the Paris Agreement
in a cost-efficient manner.
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