By Ojugbele Omotunde
In a decisive move following COP28, the United Nations body responsible for implementing a groundbreaking carbon crediting scheme under the Paris Agreement has intensified its efforts.
The Paris Agreement Crediting Mechanism’s Supervisory Body has expedited implementation by developing methodological tools and guidelines.
Gathering feedback from Parties in Dubai, it has also generated additional papers slated for discussion at COP29 in Baku.
To accredit auditors for project verification and validation, two expert panels have been established, with the accreditation panel set to commence operations in April 2024.
The methods panel will provide technical expertise in crafting policies, procedures, and instruments for activity crediting, with plans to waive the adaptation share of revenues to encourage increased participation from Least Developed Countries (LDC).
Martin Hession, the new Vice-Chair of the supervisory body, highlighted its role in leading a global dialogue for knowledge exchange and addressing shared challenges among national authorities.
Stressing the significance of their work, Hession emphasized the demand for a credible carbon crediting mechanism that respects host countries, investors, and stakeholders, aiming for fair and effective solutions.
Maria AlJishi, the newly elected Chair of the Supervisory Body, expressed confidence in moving forward with operationalization, citing the establishment of a clear roadmap for setting up a Paris-aligned mechanism as a major achievement.