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Guyana Announces World’s First Credits Eligible for Use for CORSIA

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The Government of Guyana and Architecture for REDD+ Transactions (ART) have announced the world’s first carbon credits eligible for use under the International Civil Aviation Organization’s Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). ART issued 7.14 million vintage 2021 carbon credits to Guyana under The REDD+ Environmental Excellence Standard (TREES), marking the first issuance of Paris Agreement correspondingly adjusted units reported to the UNFCCC. ART indicated that the credits will be eligible for the first phase of CORSIA (2024-2026), enabling airlines to use them towards their emission reduction targets under the program. Article 6 of the Paris Agreement. ART indicated that the TREES credits were issued to Guyana for reducing emissions from forest loss and degradation and maintaining one of the world’s most intact tropical forests as part of a jurisdictional REDD+ program. In addition, the Government of Guyana authorized the credits to be used for a range of compliance and voluntary purposes pursuant Article 6 of the Paris Agreement. As such, Guyana’s authorization for the use of the credits and its reporting of a corresponding adjustment to the UNFCCC enabled ART to label the credits as “CORSIA Eligible” on its public registry. Guyana is now the first country in the world to report a corresponding adjustment to the UNFCCC as a result of its authorization for the international transfer of emission reduction credits or internationally transferred mitigation outcomes under Article 6.2 of the Paris Agreement.  CORSIA. CORSIA requires airlines from participating countries with annual emissions over 10,000 tonnes of CO2 to monitor and report their emissions. Airlines may use carbon credits to offset any remaining emissions that exceed a percentage of their 2019 baseline emissions. ART and the America Carbon Registry are currently the only crediting programs that have been approved by ICAO to supply credits for…

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UNEP Releases 2023 Emissions Gap Report

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The United Nations Environment Programme (UNEP) recently published its annual emissions gap report: Emission Gap Report 2023: Broken Record (the Report). The Report provides an assessment of the gap between pledged and actual greenhouse gas (GHG) emissions reductions and the reductions required to align with the long-term temperature goal of the Paris Agreement and is published annually in the lead-up to the UN Climate Change Conference. COP 28, set to start Thursday in Dubai, will mark the conclusion of the first Global Stocktake under the Paris Agreement, which is very likely to acknowledge that current Nationally Determined Contributions (NDCs) are insufficient to achieve the goals of the Paris Agreement. The UNEP Report highlights the need for immediate implementation of solutions to the emissions problem. Article 6 of the Paris Agreement represents a viable mechanism to channel capital at the levels required in the time available. The Public Policy Forum, together with Resilient LLP and the International Emissions Trading Association, released a report last week titled The Missing Article: How to get Canada back in the game on Article 6. This bulletin briefly summarizes the key findings of the Report. The emissions gap in 2030 remains high. The Report indicates that current unconditional NDCs result in a 14 GtCO2e gap for a 2°C goal and a 22 GtCO2e gap for the 1.5°C goal. Full implementation of unconditional and conditional NDCs would reduce these estimates by 3 GtCO2e.   Figure: GHG emissions under different scenarios and the emissions gap in 2030 and 2035 Source: UNEP, Emissions Gap Report 2023, Figure 4.2   Likelihood of limiting warming to 1.5°C remains low. The Report found that there is only a 14% likelihood of limiting warming to 1.5°C and that current policies are likely to see temperature rise by 3°C compared to pre-industrial levels. However, implementing all unconditional and conditional pledges by 2030…

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Public Policy Forum Publishes Article 6 Report

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We are pleased to announce the release of an Article 6 report published by Public Policy Forum, authored by Lisa DeMarco (Resilient LLP), Katie Sullivan (IETA), and Steve MacDonald (+SM). The report, entitled The Missing Article: How to Get Canada Back in the Game on Article 6, is available now on PPF’s website and sets out a pathway for Canada to maximize the opportunity and minimize the cost of energy transition through Article 6.

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Supervisory Body Publishes Recommendations for Methodologies and Removals Under Article 6.4 of the Paris Agreement

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The Article 6.4 Supervisory Body (SB) has published guidance on activities involving removals under the Article 6.4 mechanism of the Paris Agreement (the Removals Guidance). The SB also published recommendations on the requirements for the development and assessment of Article 6.4 mechanism methodologies (the Methodology Requirements). Both recommendations will be presented for consideration and adoption by the Parties to the Paris Agreement (CMA) at COP 28 starting later this month in Dubai, UAE. This bulletin highlights key information, guidance, and requirements provided by the SB in both the Removals Guidance and the Methodology Requirements. Removals Guidance Recommendation The Removals Guidance defines removals as the outcomes of processes to remove GHGs from the atmosphere through anthropogenic activities and destroy or durably store them. Requirements. The Removals Guidance provides the following requirements for activities involving removals under the Article 6.4 mechanism: Monitoring. Activity participants must monitor removals through appropriate application of quantification and estimation based on field measurements, remote sensing, measurement through instrumentation, and/or modelling. Post-crediting period monitoring, reporting, and remediation of reversals. Activity participants must undertake monitoring, reporting, verification, and remediation measures during the post-crediting monitoring period to confirm the continued existence of removals and to address any reversals of removals for which 6.4 carbon credits (6.4ERs) were issued during the active crediting period(s). The SB noted that 6.4ERs will not be issued for removals generated after the last active crediting period, including during the post-crediting monitoring period. Reporting. Activity participants must prepare monitoring reports after implementing monitoring operations and methods. These reports are to be prepared without a gap between two successive monitoring periods. The SB noted that methodologies will contain provisions specifying the minimum frequency of monitoring report submission, commensurate with the degree and nature of the risk of reversals. Accounting for removals. Removals eligible for crediting must exceed the applicable baseline determined in accordance with the Methodology Requirements and will be…

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ECCC Releases Inefficient Fossil Fuel Subsidies Assessment Framework and Guidelines

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The Minister of Environment and Climate Change on Monday announced the release of the Inefficient Fossil Fuel Subsidies Government of Canada Self‑Review Assessment Framework (the Assessment Framework) and the Inefficient Fossil Fuel Subsidies Government of Canada Guidelines (the Guidelines). The Assessment Framework and Guidelines were jointly developed by Environment and Climate Change Canada (ECCC) and the Department of Finance Canada and are intended to support Canada’s 2009 commitment alongside other G20 countries to phase out and rationalize inefficient fossil fuel subsidies over the medium-term while providing targeted support for the poorest. The Assessment Framework also builds on Canada’s commitment under the Statement on International Public Support for the Clean Energy Transition (the Glasgow Statement) in 2021 at COP 26 in Glasgow, to end new direct public support for international unabated fossil fuel, except in limited and clearly defined circumstances that are consistent with the 1.5°C warming limit and the goals of the Paris Agreement. This bulletin briefly summarizes key information and criteria provided in the Assessment Framework and Guidelines. Assessment Framework. ECCC noted that the Assessment Framework is the “first transparently published methodology worldwide” and that it will be used to determine which tax and non-tax measures constitute an “inefficient fossil fuel subsidy”. The Assessment Framework defines “measures” as including: (i) expenditure programs (i.e., grants, contributions, transfers); (ii) intramural research and development; (iii) tariff and duty reliefs; and (iv) tax expenditures that support fossil fuel consumption or that can be claimed by the fossil fuel sector and that represent alternatives to expenditure programs (i.e., tax credits, accelerated capital cost allowances, flow-through shares), and utilizes the World Trade Organization’s definition of “subsidy” as set out in Article 1.1 of the Agreement on Subsidies and Countervailing Measures. The international carbon markets provisions of Article 6 of the Paris Agreement will have an…

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