The UN-backed carbon market has expanded to the renewable power sector, allowing eligible grid-connected renewable electricity projects to generate carbon credits under the Paris Agreement’s Crediting Mechanism.
The Article 6.4 Supervisory Body adopted a new methodology setting rules for project eligibility, emissions reduction measurement and verifi cation.
The move is aimed at helping renewable energy projects overcome fi nancing barriers while ensuring credits represent real and additional emission reductions.
UN Climate Change Executive Secretary Simon Stiell said the mechanism could help unlock fi nance for cleanpower projects that might otherwise not move forward, enabling countries to accelerate renewable energy deployment and progress toward their climate targets.
The decision comes as countries seek to triple global renewable energy capacity by 2030 and increase electrifi cation across transport, buildings and industry