Brazil, Argentina, and Chile Advance Article 6 Carbon Market Plans, Setting Authorization Limits and Standards
Brazil, Argentina, and Chile are actively developing their frameworks for participating in carbon market mechanisms under Article 6 of the Paris Agreement. Brazil's Interministerial Committee on Climate Change (CIM) has set a maximum authorization limit of 50 million tonnes of CO2 equivalent (tCO2e) for 2026-2030 and 100 million tCO2e for 2031-2035 for Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6.2. This decision expands the previously proposed ceiling for 2031-2035. Argentina, in its third Nationally Determined Contribution (NDC), declared its intention to participate in bilateral, regional, and multilateral carbon market mechanisms, emphasizing the need for domestic rules to prevent double counting and ensure socio-environmental integrity. Chile's Ministry of Environment has recognized the Verra Verified Carbon Standard (VCS), Gold Standard for the Global Goals (GS4GG), and Architecture for REDD+ Transactions (ART TREES) as certification programs for Article 6.2 cooperation, an...