At this time is Tuesday, Could 28, 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 organizations, in addition to the personal sector and academia.
Provided that increasingly more tasks that generate voluntary carbon credit, particularly nature-based options, are situated in creating international locations, carbon credit score markets signify a possibility to extend investments and financing for local weather mitigation tasks.
The authorized nature of voluntary carbon credit determines points such because the registration, issuance, switch and withdrawal of credit and impacts broader issues reminiscent of collateral and insolvency. Particularly in worldwide operations.
Throughout this second session, the Working Group thought-about points raised in a evaluation of an Points Paper. Click on under to obtain this 93-page paper.
Examine-LXXXVI-W.G.2-Doc.-2-Revised-Points-Paper-2
Obtain PDF • 1.16MB
According to the press release, discussions focused mainly on the content of the future instrument to be developed.
The Working Group agreed, in principle, to develop a non-binding legal instrument that could take a more principled form.
Through the perspective of property rights, the main stages of the life cycle of carbon credits were also analyzed. The objective was to verify the proprietary nature of carbon credits and the effect of transfers and disposals of carbon credits on a holder’s property rights.
Furthermore, the role played by carbon credit programs and registries is of particular relevance. Representatives from Verra and Puro Earth have already made presentations to the Working Group.
Click on the image below for the UNIDROIT press release following this latest Working Group meeting. A report will be published in the coming weeks and Carbon Credit Markets will bring it to you when it becomes available.
