The UN’s Carbon Trading Resurrection: The Return of Indulgences for the Climate Industrial Complex
On Thursday, the UN Framework Convention on Climate Change (UNFCCC) Article 6.4 Supervisory Body approved the first batch of carbon credits under the Paris Agreement Crediting Mechanism. The project? A South Korean-backed clean-cooking initiative in Myanmar, issuing some 60,000 tonnes of CO₂-equivalent emission reductions from efficient cookstoves. Some in the climate commentariat celebrated a “major milestone” in the UN’s Paris Agreement.
UNFCCC Executive Secretary Simon Stiell hailed it as proof that markets can deliver “real-life benefits”:
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