Home / Environment / UN Approves First Carbon Credits Under Paris Accord
UN Approves First Carbon Credits Under Paris Accord
26 Feb
Summary
- The UN has issued the first carbon credits under the Paris climate accord's market.
- A clean cooking project in Myanmar is the first to generate credits for South Korea.
- The new mechanism aims to reduce emissions while facing greenwashing concerns.
The United Nations has authorized the initial issuance of carbon credits through a market established by the Paris climate accord, a mechanism intended to curb emissions but also subject to greenwashing criticisms. This UN-operated market enables companies and nations to offset excess emissions by funding greenhouse gas reduction projects internationally.
On Thursday, UN Climate Change announced that the inaugural initiative involves a clean cooking project in Myanmar. This project distributes efficient cookstoves, thereby lessening the strain on local forests. Collaborating with a South Korean firm, the project will yield credits applicable to South Korea's and Myanmar's climate objectives.
Despite the positive intentions, some critics express apprehension that poorly structured schemes could allow for greenwashing, potentially undermining global efforts to combat climate change. The UN climate agency asserts that the credited emissions reductions are 40 percent lower than under a previous system, due to more conservative calculations under the new Paris Agreement Crediting Mechanism (PACM).
This new mechanism is intended to support solutions that significantly improve daily life for many. The efficient cookstoves in the Myanmar project reduce fuel consumption and indoor smoke. The Paris Agreement itself, adopted in 2015, envisioned international trade in carbon reductions to limit global warming.
