Current Status of Article 6 of the Paris Agreement: Internationally Transferred Mitigation Outcomes (ITMOs)
Key Messages
- Although the exact rulebook to guide countries in exchanging ITMOs and pursuing mitigation projects under Article 6 is not yet known, the evolution of the international carbon markets under the Paris Agreement presents many economic and climate benefits in both developing and developed countries.
- In order for Article 6 and ITMOs to be truly beneficial, certain safeguards need to be put in place to prevent the same pitfalls that plagued previous international offset schemes such as the Clean Development Mechanism.
Internationally transferred mitigation outcomes (ITMOs) use a carbon dioxide equivalent (CO2e) metric for a new set of market provisions or other greenhouse gas mitigation outcomes that are defined under Article 6 of the Paris Agreement. Set to come into effect as of 2020, they are meant to replace other existing forms of international carbon credits such as those issued under the Kyoto-era Clean Development Mechanism and Joint Implementation. ITMOs are not specifically defined yet and could take many forms, including the linking of emission trading systems across jurisdictions, investment in emission reduction projects, technology transfers and even credits from REDD+ schemes. Article 6 could therefore be a useful way to channel technology, finance and capacity building from developed to developing countries. Some argue it could support reaching the USD 100 billion climate finance commitment per year, though some countries oppose this approach.
Additional downloads
You might also be interested in
Fossil fuel extraction must be stopped to limit global warming
New research published in the journal Environmental Research Letters emphasizes the urgency of climate change. The study shows that stopping new oil, gas and coal development isn’t enough. To avoid going over the 1.5°C temperature change limit, not only do new fossil fuel extraction projects need to be stopped, but some existing and approved projects must also be decommissioned.
Mining and drilling outside Russia is 'not a viable response' to Ukraine war, climate scientists say
It is now clear that keeping fossil fuels in the ground is the single biggest factor in whether we keep global temperatures below pre-industrial levels- or below 1.5C as it is often referred to. But a new study shows that this means more than just not mining or drilling at new sites.
Study warns developed fossil fuel reserves will need to shut to meet 1.5C limit
Stopping new oil, gas and coal developments is not enough to limit dangerous global warming – existing sites will also need to be shut down, a study warns.
No hay salida sostenible con combustible fósil a la crisis por Ucrania (in Spanish)
Dejar de desarrollar nuevos proyectos de petróleo, gas y carbón no es suficiente: las instalaciones de extracción ya construidas deben ser clausuradas prematuramente para contener el calentamiento global.