AirCarbon Exchange and the United Nations Framework Convention on Climate Change have teamed up to promote carbon offsetting

The UN climate change body has teamed up with the AirCarbon Exchange (ACX), the world’s first fully digital carbon exchange, to promote carbon offsetting through emission reductions, nearly two months after countries at the climate conference (COP26) in Glasgow agreed on new guidelines to boost the global carbon market. 

Clients of ACX will be able to purchase and retire emission credits known as “Certified Emission Reductions” (CERs) for carbon offsetting purposes as a result of the cooperation. Under the UN Climate Change’s Clean Development Mechanism  (CDM), CERs are emission reduction units generated by UN-vetted initiatives in developing countries, including India. 

The CDM permits developing-country emission-reduction projects to receive CER credits, which are equal to one tonne of CO2. CERs can be bought and sold, and developed countries can utilize them to achieve a portion of their carbon reduction goals. The ACX, which serves as a central marketplace for carbon credits, will be the first in Asia to list CERs held in the CDM register, which is a database that stores and tracks CERs, as well as their retirement. 

The countries agreed on guidelines for Article 6 (carbon market) of the Paris Agreement on climate change in November last year in Glasgow, which will be delivered under a framework for countries to exchange carbon credits through the UN and will provide market access to all countries that want to attract green investment through the global carbon market. 

Photo Credit : https://envirotecmagazine.com/2021/09/30/carbon-pricing-currently-too-low-for-a-just-transition-to-net-zero-says-climate-advisory-group/