Sharon Seah, Associate Director at the Centre for International Law, National University of Singapore (NUS), addresses the UN Climate Action Summit as she unravels her analysis of the Article 6 of the Paris Agreement.
Seah states that Article 6 is referred to as the "market article". According to Seah, Article 6 is the most important piece of the Paris Agreement because it provides a framework for international cooperation that allows businesses and the private sector to play a key part, alongside governments, in helping countries meet their NDCs.
Article 6 outlines three types of cooperative mechanisms that States can utilise to meet their NDC targets: Article 6.2 covers “voluntary and authorised” cooperative approaches, Article 6.4, referred to as 'The Mechanism', covers market-based approaches, and Article 6.8 builds a voluntary framework for non-market based approaches.
Seah divulges that the most challenging and critical part of sewing Article 6 together is ensuring that all three approaches develop and progress in a balanced and coherent manner.
Seah expresses that recommendations are to be presented at the upcoming Climate Action Summit in New York, where world leaders, climate activists, and youth leaders are urged by Secretary-General Antonio Guterres to come up with 'a plan, not a speech'. Read the Entire Article
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The United Nations Framework Convention on Climate Change is setting up its new Green Climate Fund to “provide support to developing countries to limit or reduce greenhouse gas emissions.”