COVID-19 pandemic jeopardizes Art. 6 negotiations while work on market development forges ahead
International carbon markets may help countries to leap onto a transformative, low greenhouse gas development pathway, a pathway that would otherwise be unaccessible
without the support of meaningful and transformative mitigation activities stimulated by international carbon markets. But this can only be achieved if the modalities and procedures are robust and ensure credibility and legitimacy. Will the modalities and procedures of the new Article 6.4 mechanism be designed in a way that avoids locking in an inappropriate level of ambition? And will they ensure that the activities implemented under the mechanism contribute to transformative change in a facilitative and constructive manner?
Carbon Mechanisms Review (CMR) is a specialist magazine on cooperative market-based climate action.
This issue of CMR is published in times of crisis. At the time of
writing, the coronavirus continues to spread across the globe,
and for now it is unclear how long the pandemic is going to last.
It will have serious impacts not only on health and wellbeing,
but also on the global economy. Some predict that the economic
downturn will dwarf the Great Depression of the 1930s. Thus,
the challenge that lies ahead is to ensure that the huge economic
stimulus packages being set up right now also take the
climate crisis into account and are designed in a way that they
support the transition to a low-carbon world.