National governments sign/ratify international treaties, including those relating to climate change, in which they define their roles and responsibilities in their implementation. For example, the Paris Agreement was adopted by 196 Parties as a legally binding international treaty on climate change. Implementation of the Paris Agreement requires economic and social transformation, based on the best available science. Voluntary carbon markets may play a prominent role in in countries’ efforts to meet their Nationally Determined Contributions (NDCs).
Article 6 of the Paris Agreement establishes three approaches for parties to voluntarily cooperate in achieving their emission reduction targets and adaptation aims set out in their national climate action plans under the Paris Agreement. It recognizes that some Parties may choose to pursue voluntary cooperation in the implementation of their nationally determined contributions to allow for higher ambition in their mitigation and adaptation actions and to promote sustainable development and environmental integrity. Under Article 6.2 of the Paris Agreement parties may enter into bilateral or multilateral arrangements to facilitate the transfer of one country’s GHG emissions reductions or removals (in form of Internationally Transferred Mitigation Outcomes – ITMOs) to other countries seeking to use them for meeting their Nationally Determined Contributions.
GCC possesses all means necessary to issue Article 6-eligible credits (i.e. ITMOs) and register them in its carbon registry.
