News / #REDD
Article 6 of the Paris Agreement leaves a lot of flexibility for countries to trade carbon credits but a standardised playbook is needed to guide how countries can meet their climate goals while selling carbon offsets, says a city-state official, adding that bilateral deals become "flimsy" otherwise. The republic has struggled to buy eligible credits from its two partner nations.
Citing estimates, former central banker Ravi Menon says a carbon price of just US$20 per tonne could halve Southeast Asia's deforestation rate. At the Unlocking capital for sustainability 2024 summit, he cautioned that Asia cannot compromise on emissions cuts even as it pursues growth. The loss of carbon sinks has "serious implications".
The beleaguered industry has registered its sharpest annual plunge ever. Asia Pacific developers faced an especially bruising year.
The standards organisation accused of approving “worthless” credits last year got an endorsement for meeting the ICVCM's quality criteria. The carbon market outlook remains unclear, with Indonesia recently censuring a huge forest project.
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