The Article 6.4 registry is a mechanism established under the Paris Agreement to track and monitor the transfer of emissions reductions between countries. This registry plays a crucial role in ensuring the integrity and transparency of carbon markets by providing a platform for recording and verifying the transfer of emission reduction units (ERUs).
How does the Article 6.4 Registry work?
The registry operates as a central database that records:
- Issuance of ERUs: When a country implements a mitigation project that generates emissions reductions, it can issue ERUs to represent these reductions.
- Transfer of ERUs: Countries can then transfer these ERUs to other countries that need them to meet their Nationally Determined Contributions (NDCs).
- Retirement of ERUs: Once an ERU is transferred and used to achieve a country's NDC, it is retired from the registry, preventing double-counting.
Benefits of the Article 6.4 Registry
The registry offers several benefits:
- Transparency: It provides a transparent and verifiable record of all ERU transactions, fostering trust and accountability.
- Integrity: By tracking the issuance, transfer, and retirement of ERUs, the registry helps prevent double-counting and ensures the integrity of carbon markets.
- Efficiency: The registry simplifies the process of transferring ERUs, promoting efficiency and streamlining carbon market operations.
Future of the Article 6.4 Registry
The Article 6.4 registry is still under development, and its implementation is expected to be a complex process. However, it is crucial for achieving the goals of the Paris Agreement by facilitating the transfer of emissions reductions between countries and promoting a global carbon market.
