Carbon markets
Paris Agreement Crediting Mechanism (PACM)
The UN-supervised carbon crediting mechanism under Article 6.4 of the Paris Agreement, successor to the Kyoto Protocol's Clean Development Mechanism.
Definition
The Paris Agreement Crediting Mechanism is the carbon crediting mechanism established by Article 6.4 of the Paris Agreement, supervised by the Article 6.4 Supervisory Body. It issues credits (A6.4ERs) for verified emission reductions and removals, with corresponding adjustments applied when credits are transferred internationally to avoid double counting toward national targets.
References
Overview
What it means
PACM succeeds the Clean Development Mechanism, with strengthened integrity provisions including mandatory contributions to adaptation finance and overall mitigation. Rules were agreed at COP26 and refined subsequently; the Supervisory Body approved its first methodology and accredited the first verification entities in 2025, with full operationalisation and credit issuance progressing through 2026.
How it is used
Countries may use PACM credits toward their NDCs; companies and other buyers may purchase them for voluntary use, subject to evolving claims guidance. Host countries authorise credits and apply corresponding adjustments.
Why it matters
PACM is the UN's answer to carbon market integrity after the CDM's troubled legacy; whether it delivers real, additional reductions will shape the credibility of international carbon trading under the Paris Agreement.
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