Right this moment is Tuesday, 28 Might 2024.
From 22 to 24 April 2024, the second session of the Working Group on the Authorized Nature of Voluntary Carbon Credit was held by UNIDROIT, Rome. The Working Group was performed in cooperation with the World Financial institution and was attended by 50 contributors, together with authorized specialists and observers from worldwide, regional and intergovernmental organisations, in addition to the non-public sector and academia.
On condition that an increasing number of tasks that generate voluntary carbon credit, specifically nature-based options, are positioned in creating nations carbon credit score markets signify a possibility to extend investments and funding to local weather mitigation tasks.
The authorized nature of voluntary carbon credit determines points such because the registration, issuance, switch, and retirement of the credit and impacts broader issues comparable to collateralisation and insolvency. Specifically in cross border buying and selling.
Throughout this second session, the Working Group thought-about the issues raised in a revised Points Paper. Click on under to obtain this 93-pages paper.
Research-LXXXVI-W.G.2-Doc.-2-Revised-Points-Paper-2
Obtain PDF • 1.16MB
According to the press release, main focus of the discussions was in the contents of the future instrument to be developed.
The Working Group agreed in principle to develop a soft law instrument that may take the form of principles plus commentary.
Through a property law perspective, the main steps in the life cycle of verified carbon credits was also analysed. The objective was to ascertain the proprietary nature of verified carbon credits and the effect of transfers and dispositions in verified carbon credits on a holder’s proprietary rights.
Besides that, of particular relevance is the role played by carbon crediting programmes and registries. Representatives from Verra and Puro Earth already delivered presentations to the Working Group.
Click at the image below for UNIDROIT’s press release after this latest Working Group meeting. A report will be published in the coming weeks and Carbon Credit Markets will bring it to you when released.
