Carbon Asset Development Process
The Paris Agreement provides a framework for all countries - both developed and developing - to voluntarily adopt individual targets, elaborated in their nationally determined contributions (NDCs). This effectively introduces commitments on the cou...
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| Format: | Working Paper |
| Language: | English |
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World Bank, Washington, DC
2021
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| Online Access: | http://documents.worldbank.org/curated/undefined/612331629961823664/Carbon-Asset-Development-Process http://hdl.handle.net/10986/36246 |
| Summary: | The Paris Agreement provides a framework
for all countries - both developed and developing - to
voluntarily adopt individual targets, elaborated in their
nationally determined contributions (NDCs). This effectively
introduces commitments on the country in the sectors covered
by their NDCs. Consequently, there is a need for countries
to ensure that mitigation outcomes (MOs) and their
international transfer are accompanied by robust accounting.
Beyond international climate markets under Article 6, the
International Civil Aviation Organization (ICAO) decided to
establish a global market-based mechanism, in the form of
the carbon offsetting and reduction scheme for international
aviation (CORSIA), to help achieve ICAO’s global goal of
carbon-neutral growth. This note seeks to identify processes
for the generation and transfer of carbon assets in
post-2020 international climate markets and to suggest
standard terminology in the carbon asset development cycle
across key independent standards. The note builds on
existing practices among different independent standards to
streamline and harmonize process flows and ensure that
country governments have greater clarity on the process for
engaging in climate markets. This note reflects inputs from
the informal working group on carbon assets, pilot
transactions under different initiatives, as well as
knowledge produced in relevant platforms. |
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