Enviro News Asia, Myanmar– The UN carbon market established under the Paris Agreement has approved its first-ever issuance of carbon credits, marking a major milestone in the implementation of Article 6.4 of the global climate accord.
The approved activity is a clean-cooking project in Myanmar that distributes efficient cookstoves to households. The project reduces harmful indoor air pollution, lowers greenhouse gas emissions, and decreases pressure on local forests.
Simon Stiell, Executive Secretary of UN Climate Change, said the initiative demonstrates how the Paris-aligned carbon market can deliver both emissions reductions and meaningful community benefits. He highlighted that more than two billion people globally lack access to clean cooking, resulting in millions of deaths annually from household air pollution.
The project is coordinated with authorized participants from the Republic of Korea. Credits authorized for use in Korea may be transferred to Korean entities under the Korean Emissions Trading System, contributing to the country’s Nationally Determined Contribution (NDC), while the remaining credits will support Myanmar’s own NDC.
Mkhuthazi Steleki, Chair of the Article 6.4 Supervisory Body, stated that the issuance reflects the careful application of rules agreed by Parties to the Paris Agreement. By applying updated methodologies and more conservative calculations, the credited emission reductions are approximately 40 percent lower than what would have been issued under older mechanisms, ensuring strong environmental integrity.
The project previously received provisional issuance under the Clean Development Mechanism (CDM). Under the new Paris Agreement Crediting Mechanism, updated values and stricter calculations have been applied to align with the latest science and safeguard credibility.
Jacqui Ruesga, Vice Chair of the Supervisory Body, emphasized that launching with a clean-cooking initiative demonstrates how the mechanism can support projects delivering clear co-benefits, including improved indoor air quality and social impacts, while reducing emissions. She added that the first issuance shows the system is functioning as designed and is building confidence among market participants.
The approval remains subject to a 14-day appeal period during which project participants, the host country, and directly affected stakeholders may submit appeals.
Looking ahead, more than 165 host country-approved projects are in the pipeline to transition from the CDM into the new Paris Agreement Crediting Mechanism. These projects span sectors including waste management, energy, industry, and agriculture, signaling that a broad range of climate mitigation activities across multiple regions are expected to follow. (*)
