UN approves carbon market safeguards to protect environment, human rights

illuminem summarizes for you the essential news of the day. Read the full piece on Climate Home News or enjoy below:

🗞️ Driving the news: The UN has introduced mandatory safeguards for its new Article 6.4 carbon credit system, requiring project developers to conduct risk assessments to prevent human rights violations and environmental damage
• These measures address longstanding concerns over harmful impacts linked to past carbon credit projects

🔭 The context: The new rules replace the criticized voluntary safeguards of the previous Clean Development Mechanism (CDM)
• Developers must now evaluate potential risks in areas like human rights and gender equality, as well as assess their contributions to the UN’s Sustainable Development Goals (SDGs)

🌍 Why it matters for the planet: Strengthening safeguards in the carbon market is vital to ensuring that efforts to reduce emissions do not inadvertently harm local communities or ecosystems, promoting sustainable development alongside climate goals

⏭️ What's next: The new Sustainable Development Tool will be updated every 18 months, with continuous feedback to improve its implementation
• The goal is to fully operationalize the new carbon market framework by COP29

💬 One quote: “These new mandatory safeguards are a significant step towards ensuring that the UN carbon market... contributes to sustainable development without harming people or the environment,” – Maria AlJishi, Supervisory Body Chair

📈 One stat: €3.3 billion in subsidies have been sunk into CCS projects in the EU, with €16 billion more made available since 2020

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