Renewable power projects can now seek credits under the Paris Agreement’s carbon market
As per the decision taken by UN Body overseeing Paris Agreement Crediting Mechanism, Renewable power projects can now seek credits under the Paris Agreement’s carbon market. It adopted a new methodology for grid connected renewable electricity. This decision allows eligible grid-connected renewable electricity projects to generate UN-backed carbon credits, ensuring those credits reflect real, additional and verified emission reductions. The methodology, along with tools and standards, sets out eligibility for selection of projects, methods to measure emission reductions, and criteria to issue credits. Draft methodology is also considered for energy efficiency measures in household cooking and requested further work before taking a decision. Updates to the mechanism registry procedure, a key part of the infrastructure needed to issue, hold, transfer and track credits under the Paris Agreement Crediting Mechanism are alson adopted. UNFCCC New...