It is a multilateral agreement within the framework of the United Nations Framework Convention on Climate Change (UNFCCC); reducing greenhouse gas emissions. Before COP 21 in Paris, countries were invited to submit national contributions (NDC). The commitments of individual countries have changed considerably. India has been included in the emerging countries group and India has lived up to its books as a responsible nation in the fight against climate change. In 2017, the US president announced his intention to withdraw from the agreement. The U.S. release date is November 2020. Under the Paris Agreement, contracting parties have the right to include emission reductions in any country other than their NDCs, in accordance with the carbon trading and accounting system. The three separate mechanisms – in accordance with Articles 6.2, 6.4 and 6.8 – were all part of the Paris Agreement, in recognition of the competing interests and priorities between the contracting parties to the agreement. These differences remain and need to be reviewed if the section 6 regulatory framework is to be adopted. One of the keys to this strengthened ambition lies in the implementation of Article 6 of the Paris Agreement.
At COP24 in Katowice, Poland, last December, the participating countries reached an agreement on the implementation of the Paris Agreement – the so-called Paris regulation – but failed to agree on the implementation of Article 6. That is why Article 6 of the Paris Agreement was at the centre of the United Nations climate change conference in Bonn, which marked the first formal meeting of governments to advance negotiations on the absence of Paris rules. Although Article 6.7 stipulates that the annual COP adopts rules, modalities and procedures for the carbon market in accordance with Article 6.4, there is disagreement over the extent of national control over its activities and the UN supervisory body signs each draft or methodology. A lack of agreement on solving this problem reflects the technical challenges it poses and not the political differences on the appropriate solution, says former co-chair Kizzier. There are strong differences of opinion on how OMGE should be guaranteed in practice. “It`s hard to imagine how countries will agree on the right options and the right accounting rules and methods, when we can`t even have an agreement to eliminate those that are clearly incompatible… I mean, it`s not even a climate atmosphere, in many cases it`s common sense. At the international climate summit in Madrid in December 2019, climate negotiators will once again attempt to finalize the “regulatory framework” of Article 6 that will govern voluntary international cooperation on climate change issues, including carbon markets. In order to truly understand the task entrusted to them and the main areas of disagreement that remain, the first point of contact is the text of Article 6 of the Paris Agreement itself, presented in annotated form in the graph below.