This is very disappointing and ECO is confused as to why this is still being presented as an open issue. In the interests of protecting environmental integrity, a key principle of the Paris Agreement, it is essential to start with a clean slate and make its Article 6 fit for purpose.
First and foremost, the Paris Agreement calls for more ambition. The recent UN Environment Emissions Gap report highlighted the necessity for more and faster action in all sectors. The zero-sum exercise of pure offsetting such as in the CDM – shifting emissions from one place to another – is simply passÃ©. If markets are still to play a role they have to go beyond this framework.
Furthermore, it is essential to safeguard the environmental integrity of the Paris Agreement. Plus, even if these projects really did reduce emissions, the CDM has proven incapable of avoiding double counting with Cancun Pledges let alone NDCs. We really need to have an accurate idea of total global reductions.