It shows that countries in Europe, North America and other regions (the blue shades in the graph below) would achieve some of their climate targets under a modelled carbon market, in accordance with Article 6, by purchasing credits from developing countries in Asia, including India (orange) and Pakistan (orange). The Task Force focused on market integrity as a cornerstone of its scale. Accordingly, it recommends, first of all, the definition and maintenance of nuclear carbon principles („CCPs“) by an independent third party, which would define threshold quality criteria for assessing emission credits and their underlying methodology. The creation of CCPs would create confidence and credibility in voluntary carbon markets and allow the market to grow more successfully. In order to enable a more efficient exchange of emission credits, the Task Force recommends that an appropriate sectoral body host and establish standardised documentation to manage these trades. It is recommended to improve framework agreements on the basis of existing agreements, such as the ISDA Emissions Trading Scheme. After years of excluding international aviation from trading systems, Corsia and private companies are expected to be the largest market. This situation could be even more complicated and tense if „appropriate adjustments“ are needed after the sale of carbon reductions „within“ a country`s NDC, but not when economies come from sectors „outside“ the scope. Carbon Market Watch`s Dufrasne tells Carbon Brief that the independent third party would also define a number of additional attributes in a new taxonomy (e.g.B.
Vintage, project type (i.e. prevention/reduction or distance), additional benefits beyond emission reductions (co-benefits) and impact on the UN Sustainable Development Goals, location and integration of corresponding adaptations). Benchmark contracts can then be established on the basis of CCPs and the additional attributes would allow buyers to have another optionality under their carbon contracts. This standardization of contractual terminology is intended to increase market liquidity. From 2018 to 2019, Gold Standard, with the support of the Federal Ministry for the Environment (BMU), led a working group of civil society organisations to define the role of the voluntary carbon market after 2020. Since the publication of the working group`s position paper, we have sought the views of other civil society actors at COP25 and beyond. The other two carbon markets created under the Kyoto Protocol are known as international emissions trading and joint implementation and deal with trade between rich countries. „Some] countries and stakeholders are concerned that [the transfer of credits from Kyoto to Article 6.4] is not supplying the market under the Paris Agreement and have expressed concerns about the soundness of CDM rules with respect to the quality of RECs issued.“ They consider that it is achieved only if a fixed share of the emission credits referred to in Article 6 is set aside and is not used by any Party to achieve its climate objectives. These credits would be eliminated or set aside for the benefit of the global atmosphere as a whole and not for a state and its NDC. However, it proved difficult to figure out how this would work in practice. .