The new version of #Article6 has been published this morning. Some 🔑 points:
1⃣ overall the text looks stronger and could avoid some of the worst risks of double counting

#COP26
2⃣ But it doesn't completely prevent countries/companies from gaming system, continuing to pollute while using carbon credits that may provide no real climate benefit
3⃣ The hand of some countries (Japan/US) can be seen, eg in resistance to funds going to dvng country adaptation
4⃣ But all of it is in "square brackets", meaning none of it is agreed

⚡️ Reminder: Article 6 is all about how countries collaborate on emissions cuts and potentially swap/trade those efforts with one another, or even sell the credits to companies.
Some things that have improved:
1⃣ The risk of double counting of emissions cuts looks to be ⬇️, as "Corresponding Adjustments" will apply to *all * credits
2⃣ Credits from REDD+ projects for avoided deforestation 🌳 no longer permitted (notoriously difficult to prove)
Some things that warrant concern:
1⃣ Carbon credits from old projects (2013>) allowed - ongoing pollution could be offset against old reductions that no longer benefit the climate
2⃣Cancellation of some credits to ⬇️ supply and ⬆️ overall ambition is mandatory (6.4), but only 2% of credits subject to this
3⃣This cancellation is only voluntary in 6.2
4⃣A share of credits generated going in 💰 to developing country adaptation is mandatory (6.4) but only set at 5%
5⃣ This share is voluntary in 6.2

/ENDS

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More from @mattadamw

12 Nov
New #Article 6 update (based on new text out this morning):

🔑 point: this bit of negotiations is all abt honesty + ambition: whether countries (+ companies) want tight rules on trading emissions cuts, or want to game system by counting cuts 2x & using old carbon credits
There is still language that could allow 2x counting of a single emissions cut (creating false impression of benefit to climate).
This comes from any cuts outside a country's national climate plan not being subject to "corresponding adjustments" if those cuts are traded.

Much of this text is still Option A/B or in [ ] so in question. #COP26Glasgow
Read 6 tweets
12 Nov
Building on this superb (and fast!) analysis by my colleague, important to note that these new texts also contain critical mentions of role of nature.
1/CMA.3 mentions the importance of "nature and ecosystems" to "achieve the Paris Agreement temperature goal", i.e. limiting temp rises to 1.5C
It also mentions the adverse impacts on people and nature of climate and weather extremes, thereby implicitly recognising that restoring biodiversity and stopping climate change are interconnected.
Read 10 tweets

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