Abstract:
Article 6 of the Paris Agreement is expected to play a crucial part in global emissions reductions efforts. As rules have recently been agreed to, there are likely to soon be many Article 6 emissions reductions projects starting up. It is important that lessons are learned from some of the flaws in the Clean Development Mechanism, particularly around ensuring that projects create an impact that lasts for the long-term. In order to do so, states will need to confront the “super-wicked” nature of the climate change problem and use “sticky” policy design principles so that they can lead the transformation to a low-carbon economy. The Article 6 framework contains a number of provisions which can help to ensure states will do so. These include principles such as Sustainable Development, Environmental Integrity, Equity, and a Just Transition. They also include procedural, planning and monitoring requirements. This paper argues that such provisions are essential in supporting transformative policy, however, they must work against the fundamental nature of an emissions trading market, which can distance participants from projects and encourage sacrificing sustainability for increased financial reward.
