IETA statement on the decision to adopt Article 6.4 Supervisory Body report at COP29

IETA issued the following statement after the opening plenary of the CMA meeting in Baku adopted the report of the Article 6.4 Supervisory Body on November 11.

“IETA applauds the CMA’s adoption today of the report of the Article 6.4 Supervisory Body, including its decisions to operationalise standards for methodologies and for carbon removals.

“This COP has a declared focus on finance, and the unlocking of billions in climate finance directed towards those countries that need it the most can only be welcomed.

“The new standards will give market participants the certainty they need to proceed to develop projects around the world that will generate millions of tonnes of mitigation outcomes that put the world on a path towards meeting its goal to keep global temperature increases to below 1.5 degrees Celsius.

“The COP president made it clear this evening that this decision does not mean that the work on Article 6.4 has finished, and that Parties should continue to develop further guidance to help the mechanism develop further. We look forward to the discussions to come in the next two weeks.”