Current Status of Article 6 of the Paris Agreement: Internationally Transferred Mitigation Outcomes (ITMOs)
- 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.
You might also be interested in
Canada’s Energy Future Must Be Guided by Credible 1.5°C Scenarios
The Canada Energy Regulator has been directed to model the country's energy transition in a way that aligns with the Paris Accord goal of keeping global warming within 1.5°C. This is a first, and it's a key opportunity to help decision-makers prepare for radically different global energy markets.
Challenges, opportunities for agrivoltaics in India
A new study has evaluated the development of agrivoltaics in India, analyzing the challenges and opportunities involved in scaling up such projects, and exploring their potential for commercialization.
The Final Countdown: How Canada can end fossil fuel subsidies this year
The conversation on ending fossil fuel subsidies in Canada has been hanging like a dark cloud over the country, with years of pledges failing to lead to concrete action. But the skies may finally clear in the coming months with the release of Canada's long-awaited subsidies framework and policy.
Implementing Solar Irrigation Sustainably
This guidebook provides recommendations to state policy-makers on how they can implement solar irrigation models, particularly decentralized solar plants for irrigation under the PM-KUSUM scheme, effectively and sustainably.