Carbon Market Watch inputs to the Article 6.4 Supervisory Body’s consultation on removals (July 2023)

Carbon Market Watch argues that current carbon market mechanisms, such as buffer pools and insurance, are insufficient to guarantee the multi-century permanence required for carbon removals to credibly offset ongoing emissions. The organization recommends extending project proponent monitoring responsibilities to at least 100 years, implementing strict reversal notification timelines (within 30 days), and requiring the automatic cancellation of unused buffer credits. To address equity concerns, it suggests that liability for reversals should shift to acquiring Parties or be funded via top-off fees and a Secretariat-managed satellite monitoring system, rather than falling on host Parties, many of which are developing nations.

• Carbon Market Watch asserts that existing mechanisms like buffer pools, insurance, and direct credit replacement are not robust enough to guarantee the permanence of carbon removals, which must be maintained for 2-3 centuries to credibly offset ongoing emissions.
• The organization recommends that project proponents be held responsible for monitoring removals for at least 100 years after final issuance to mitigate moral hazard and move closer to 'true permanence'.
• To manage reversal risks, Carbon Market Watch proposes a strict reporting regime: monitoring plans updated every 5 years, monitoring reports every 2-3 years (depending on risk), and reversal notifications submitted within 30 days of discovery.
• The document suggests that the UNFCCC secretariat should temporarily freeze a project developer's registry account upon notification of a reversal to prevent the trading of credits that may be needed for compensation.
• Carbon Market Watch argues against passing the long-term liability for carbon storage to host Parties, particularly developing countries, suggesting instead that liability should shift to the acquiring Party or be funded through a 'top-off fee' at issuance.
• If a buffer pool is implemented, the organization recommends a hybrid risk rating combining a standard baseline rate with activity-specific assessments, and insists that any unused buffer credits be automatically cancelled rather than returned to proponents.
• The organization proposes that the UNFCCC Secretariat establish a long-term monitoring system using satellite imagery, funded by a share of proceeds from the issuance of carbon storage credits.

APA

Carbon Market Watch (2023). Carbon Market Watch inputs to the Article 6.4 Supervisory Body’s consultation on removals (July 2023). https://carbonmarketwatch.org/wp-content/uploads/2023/08/CMW-inputs-to-A6.4SB-structured-consultation-on-removals-July-2023.pdf

Chicago

Carbon Market Watch. Carbon Market Watch inputs to the Article 6.4 Supervisory Body’s consultation on removals (July 2023). 2023. https://carbonmarketwatch.org/wp-content/uploads/2023/08/CMW-inputs-to-A6.4SB-structured-consultation-on-removals-July-2023.pdf.

Wikipedia

{{cite press release |author=Carbon Market Watch |title=Carbon Market Watch inputs to the Article 6.4 Supervisory Body’s consultation on removals (July 2023) |date=1 August 2023 |url=https://carbonmarketwatch.org/wp-content/uploads/2023/08/CMW-inputs-to-A6.4SB-structured-consultation-on-removals-July-2023.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{carbonmarketwatch2023carbon, author = {{Carbon Market Watch}}, title = {{Carbon Market Watch inputs to the Article 6.4 Supervisory Body’s consultation on removals (July 2023)}}, publisher = {Carbon Market Watch}, year = {2023}, month = aug, url = {https://carbonmarketwatch.org/wp-content/uploads/2023/08/CMW-inputs-to-A6.4SB-structured-consultation-on-removals-July-2023.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }