Clifford Chance

COP26: Article 6 Rulebook for the new Global Carbon Market Mechanism agreed

19 November 2021

Some 6 years after the Paris Agreement, COP26 has resulted in agreement on a global carbon market mechanism (GCMM) largely completing the so-called 'Paris Agreement Article 6 Rulebook'.

Key decisions (the Rules) have been made on the eligibility of projects and activities to be included in the GCMM, the approval process and issuance of credits, the making of corresponding adjustments to host state's emission accounts, and how to deal with legacy projects and credits under the Kyoto Protocol's Clean Development Mechanism (CDM). In this briefing, we discuss the key elements along with the likely impacts on the compliance markets and voluntary carbon markets.

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