Slow Progress on UN Carbon Market Rules for Removals and Renewable Energy Methodologies
The UN carbon market is making slow progress on draft rules for carbon removals and renewable energy methodologies, as experts convened in Bonn to discuss a new reversal assessment tool for quantifying market risks. A draft methodology for renewable electricity generation has been released, potentially becoming the second approved Pacm methodology, while six additional methodologies, including one for renewable-based ammonia production, are under review. The first approved methodology focuses on landfill gas flaring, emphasizing stricter emission reductions compared to previous standards.
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The UN carbon market under Article 6.4 of the Paris Agreement, Pacm, is advancing slowly on draft rules for carbon removals. Experts met in Bonn, Germany, to discuss the reversal assessment tool, which will quantify Pacm credits for the market's reversal risk buffer.
This tool calculates risk factors and a buffer percentage based on project choices, with a focus on forest carbon storage, geological carbon storage, and biochar. At the UN Cop 30 climate summit in Brazil, countries prioritized CDM transitions.
The panel released a draft methodology for renewable electricity generation, which could become the second approved Pacm methodology. The first methodology, on landfill gas flaring, is stricter than the CDM, with projected reductions in credited emissions ranging from 52-76% for flaring projects. Six new methodologies, including one for fertiliser production with renewables-based ammonia, are under consideration.
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