Analysis of the efficacy of Article 6.4 of the Paris Agreement in resolving the fragmented public and private regulation of the global Voluntary Carbon Markets (VCMs) mechanisms

TY - JOUR

T1 - Analysis of the efficacy of Article 6.4 of the Paris Agreement in resolving the fragmented public and private regulation of the global Voluntary Carbon Markets (VCMs) mechanisms

AU - Mumbi Njoroge, Anne

PY - 2026/4/30

Y1 - 2026/4/30

N2 - The Paris Agreement Crediting Mechanism was operationalized at COP 29, and it was preceded by the Clean Development Mechanism (CDM). The CDM mechanism existed alongside private voluntary carbon standard bodies that formulate standards for non-state actors to meet their net-zero targets. Global Voluntary Carbon Markets (VCMs) fragmentation has led to inconsistent accounting and environmental and social safeguards rules. This has affected market stability and integrity. This paper seeks to analyze the efficacy of the Paris Agreement Crediting Mechanism in resolving the fragmented public and private regulation of the global VCMs. It concludes that Article 6.4 of the Paris Agreement does not resolve the fragmented public and private governance of the VCMs. As such, this paper recommends integration through horizontal and vertical linkages within the private standard bodies themselves and between the private standard bodies and the Paris Agreement Crediting Mechanism.

AB - The Paris Agreement Crediting Mechanism was operationalized at COP 29, and it was preceded by the Clean Development Mechanism (CDM). The CDM mechanism existed alongside private voluntary carbon standard bodies that formulate standards for non-state actors to meet their net-zero targets. Global Voluntary Carbon Markets (VCMs) fragmentation has led to inconsistent accounting and environmental and social safeguards rules. This has affected market stability and integrity. This paper seeks to analyze the efficacy of the Paris Agreement Crediting Mechanism in resolving the fragmented public and private regulation of the global VCMs. It concludes that Article 6.4 of the Paris Agreement does not resolve the fragmented public and private governance of the VCMs. As such, this paper recommends integration through horizontal and vertical linkages within the private standard bodies themselves and between the private standard bodies and the Paris Agreement Crediting Mechanism.

KW - Carbon markets

KW - Article 6 of the Paris Agreement

KW - Voluntary carbon markets

KW - Carbon markets standards

KW - Polycentric climate governance system

U2 - 10.20933/100001498

DO - 10.20933/100001498

M3 - Article

SN - 1369-8931

VL - 23

JO - CEPMLP Annual Review

JF - CEPMLP Annual Review

M1 - 3

ER -