GLASGOW, November 14. /TASS/. Approval of rules for implementation of Article 6 of the Paris Agreement concluded in 2015 will result in greater investments in green projects, experts questioned by TASS say.
"The progress made in Glasgow is a crucial step toward keeping global average temperature rise below 1.5 Degrees C. After six years of negotiations, the rules allowing countries to trade carbon credits with each other, known as Article 6.2, have been agreed with the exception of some operational elements," said James Roth, Senior Vice-President Global Policy and Government Affairs, Conservation International.
"That means countries now have all the tools they need to ensure high-quality, consistent and transparent climate action through carbon markets. This level of certainty will drive new investments to scale the climate actions we desperately need across all sectors, including halting deforestation and promoting other natural climate solutions. With clear rules, we expect to see carbon markets that will reward communities and countries that are doing their part to halt climate change," Roth noted.
"If Paris established the scaffolding, Glasgow has progressed the foundations: countries now have a clear mandate to work together to reduce and sequester emissions via carbon markets," said John Verdieck, Director of International Climate Policy, The Nature Conservancy.
"The agreed Article 6 rules, while not perfect, give countries the tools they need for environmental integrity, to avoid double counting and ultimately to clear a path to get private capital flowing to developing countries," Vice President of Global Climate with the Environmental Defense Fund said. "The carbon market rules allow countries to focus their efforts on ambitious implementation of their emission-cutting targets," she added.
Participants in the 26th UN Climate Change Conference (COP26) agreed rules for implementation of Article 6 of the Paris Agreement made in 2015, COP26 President and member of the UK Cabinet Alok Sharma said earlier.
Article 6 of the Paris Agreement stipulates introduction of specific mechanisms for regulation of greenhouse gas emissions and carbon units trading. Heat discussions on rules of its implementation took place during several years.