First UNFCCC Focal Point and Stakeholder Meeting on the Establishment of the Southern Africa Alliance on Carbon Markets and Climate Finance
18 -19 Dec, 2024
Victoria Falls, Zimbabwe
The 2023 Global Stocktake reaffirmed the need to include market-based emission reduction activities in the global effort reach the Paris Agreement 1.5-degree Celsius goal. Article 6 of the Paris Agreement encourages a market-based approach through voluntary cooperation of parties as they strive to meet their Nationally Determined Contributions, Long Term Low Emission Development Strategies and the other climate change mitigation targets. The new market mechanism seeks to ensure that the challenges encountered by the Clean Development Mechanism and Joint Implementation under the Kyoto Protocol are not repeated under the Paris Agreement implementation arrangements. Article 6 requires the active participation of host parties, requires them to set up the relevant institutions and requires new infrastructure to ensure integrity of the units produced. It also mandates measurement of sustainable development benefits of projects and programmes in the host country.
