UN carbon market approves first‑ever issuance of credits under the Paris Agreement

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A UN Body has approved the first credits to be issued under the UN carbon market established by the Paris Agreement. 

The approved activity is a clean‑cooking project in Myanmar, which distributes efficient cookstoves that reduce harmful household air pollution and lessen pressure on local forests.  

The project is coordinated with authorized participants from the Republic of Korea.  

Credits authorized for use in Korea can be transferred to Korean entities for use in the Korean Emissions Trading System, contributing to the Republic of Korea’s Nationally Determined Contribution (NDC). The remainder will be used by Myanmar toward its own NDC. 

Article 6.4 creates a UNFCCC-supervised crediting mechanism—referred to by the UNFCCC as the Paris Agreement Crediting Mechanism (PACM)—that registers mitigation activities and issues units (A6.4ERs), including provisions such as a share of proceeds for the Adaptation Fund and cancellation of a portion of units to deliver an overall mitigation in global emissions (OMGE).

UNFCCC News

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