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The European Commission is considering new rules that would bar European airlines from using virtually all currently available…
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A jurisdictional REDD+ project in Guyana, which has issued around 25 million of the total 33 million credits in the scheme, was an HFLD initiative and would therefore be disqualified.The document justifies the HFLD exclusion by stating that “crediting the mere existence of stocks does not contribute to addressing climate change, for which real additional anthropogenic impact on stocks are needed.” The fNRB restriction is aimed at curtailing over-crediting and aligning with Article 6.4 of the Paris Agreement.Under the new proposal, clean cookstove projects could cancel a portion of their credits to bring volumes into line with appropriate fNRB values and become eligible retrospectively—making roughly 10% of existing credits compliant.Relevant: First Major CORSIA Credit Retirement Signals Market Shift, Gold Standard SaysAccording to Argus, the draft is described by one market source as a “sub-optimal outcome.” European airlines had already been holding off procuring CORSIA-eligible credits in anticipation of stricter EU requirements, while demand from Asian end users has also been dampened by budget pressures and uncertainty over Europe’s direction.For Phase 2, covering 2027 to 2035, the Commission may go further still, potentially limiting eligibility to credits issued under Article 6.4’s Paris Agreement Crediting Mechanism (PACM).Read more: Looming CORSIA Deadline Exposes Gaps In Carbon Credit Supply, BeZero Says 0 0 0 Article 6.4CORSIAdecarbonizing aviationEuropean CommisionSubscribe to Our Weekly Newsletter Get the Latest News About the Carbon Industry Subscribe By checking this box, you confirm that you have read and are agreeing to our terms of use regarding the storage of the data submitted through this form. 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