UN Body Approves First Carbon Credits Under Paris Agreement Market

A United Nations body has approved the first carbon credits to be issued under the UN carbon market created by the Paris Agreement, marking a major step in implementing global climate cooperation mechanisms.

The approved activity is a clean-cooking project in Myanmar, which distributes efficient cookstoves to reduce household air pollution and lessen pressure on forests.

Project Details

• The project is coordinated with authorized participants from the Republic of Korea.
• Credits approved for use in Korea can be transferred to Korean entities under the Korean Emissions Trading System to help meet Korea’s Nationally Determined Contribution (NDC) targets.
• Remaining credits will be used by Myanmar toward its own NDC commitments.

The project had earlier received provisional issuance under the Clean Development Mechanism (CDM), but under the new system, updated and more conservative calculations ensure emissions reductions align with latest science.

About the Paris Agreement Crediting Mechanism (Article 6.4)

The Paris Agreement Crediting Mechanism, also known as Article 6.4, is a global carbon credit system that:

• Allows countries to cooperate voluntarily in achieving climate targets
• Enables cost-effective emissions reductions
• Supports climate finance and technology transfer

A Supervisory Body oversees the mechanism’s rules and implementation.

Source: UN