At COP29 in Baku, countries reached a major milestone by finalizing the frameworks needed to make carbon markets under the Paris Agreement fully operational, concluding nearly a decade of negotiations. Building on this, the UNFCCC secretariat and its Regional Collaboration Centres in Asia and the Pacific, and MENA and South Asia will host a deep-dive session on the Paris Agreement Crediting Mechanism (PACM).

This session will offer participants a comprehensive introduction to PACM, with a particular focus on how the private sector can get involved. It will also draw on lessons from the Clean Development Mechanism (CDM), especially regarding the transition of CDM projects to the new Article 6.4 mechanism. UNFCCC experts will provide detailed guidance on the main implementation milestones and participation requirements for Article 6.4. It will explore how Article 6 mechanisms can work alongside voluntary and domestic compliance markets to support greater climate ambition.

Key objectives of the event

1. Provide a structured overview of Article 6 of the Paris Agreement, including  key provisions of Article 6.4, particularly focusing on the transition of CDM projects into the new framework.
2. Deliver a walkthrough of the key implementation milestones and participation requirements under the Paris Agreement Crediting Mechanism. 
3. Explore how Article 6 mechanisms, alongside voluntary and domestic compliance markets, can work in synergy to support climate ambition. This session will highlight practical strategies for developing carbon market projects on the ground, leveraging CDM experience and aligning with PACM’s emerging architecture.

Target groups

1. Government Representatives – Designated National Authorities (DNAs) and ministries engaged in climate action and NDC implementation
2. Private Sector Stakeholders – Project owners and companies developing carbon mitigation activities
3. Project Developers – Entities involved in designing, advising, implementing carbon market and mitigation activities
4. Researchers and Academics – Experts and institutions contributing to policy, technical analysis, and innovation
5. International and Regional Organizations – Institutions supporting climate action, carbon markets, and capacity building
6. Civil Society and NGO Representatives – Organizations advocating for inclusive, transparent, and impactful climate action