The Supervisory Body of the Paris Agreement, part of a United Nations Body, has established a new crediting mechanism for carbon credits.
Maria AlJishi, newly elected Chair of the Supervisory Body, said two panels were established to advance the new system.
They are the accreditation panel, which will start to verify and validate projects, as from April 2024. The other panel, is called the methodologies panel, which will provide technical expertise for the development of standards, guidelines, and tools for crediting activities under the mechanism.
AlJishi also said Least Developed Countries (LDCs), will be included and plans are already in place to alleviate financial barriers, by waiving the adaptation share of proceeds for activities within LDCs.
Recognizing the need to support regional capacity, the Body will also lead a global dialogue aimed at facilitating knowledge exchange and addressing shared challenges among designated national authorities.
Martin Hession, the new Vice-Chair of the Supervisory Body, emphasized the importance of the Body’s work this year: “There is a clear demand out there for a credible carbon crediting mechanism that we intend to fill. We need to respect the interests of host countries, investors and other stakeholders. I am hopeful we can deliver something that is both fair and effective, which works for people and planet.”
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