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UN Launches First Carbon Credits Mechanism

Why in the News ?

The United Nations has approved the first carbon credits under the Paris Agreement Crediting Mechanism (PACM), marking operationalisation of a global carbon market aligned with international standards. However, critics have raised concerns about potential greenwashing and weak implementation undermining climate goals.

UN Carbon Market: Key Features & First Project:

  • The new mechanism operates under the Paris Agreement, enabling countries and companies to offset excess emissions by funding emission-reduction projects abroad, ensuring equal treatment of all participating nations.

  • The first approved credits are linked to a cookstove distribution project in Myanmar, implemented with a South Korean company.

  • The project promotes efficient wood-burning stoves, reducing household air pollution and deforestation pressure while supporting women’s health care by minimizing respiratory illnesses.

  • According to the World Health Organization (WHO), over 2 billion people rely on polluting fuels like biomass, coal, and kerosene for cooking, disproportionately affecting about women and children who spend more time near cooking areas.

  • The credited emissions reductions under PACM are reportedly 40% lower than earlier schemes, reflecting more conservative calculations and upholding principles of non-discrimination.

Concerns Over Greenwashing & Accountability

  • Critics warn that poorly designed carbon markets may enable greenwashing, allowing countries or corporations to overstate emissions reductions.

  • There are fears that offsets could delay actual domestic decarbonisation efforts in developed economies.

  • Weak monitoring, reporting, and verification (MRV) systems may undermine transparency and environmental integrity.

  • Past carbon trading mechanisms faced criticism for inflated baselines and questionable additionality claims.

  • The UN climate agency maintains that PACM includes stricter safeguards compared to previous frameworks, ensuring access to justice for affected communities.

About Carbon Markets & Paris Agreement :

●  The Paris Agreement (2015) under UNFCCC aims to limit global temperature rise to well below 2°C, preferably 1.5°C, respecting human dignity and environmental sustainability.

●  Article 6 of the Agreement provides for international carbon markets and cooperative approaches.

●  Carbon credits represent one tonne of CO₂ equivalent reduced or removed.

●  The PACM replaces the earlier Clean Development Mechanism (CDM) under the Kyoto Protocol.

●  Effective carbon markets require strong transparency, accountability, and additionality criteria to ensure real climate benefits and promote gender equality in climate action.