Perspectives experts contribute to new Oxford guide for Article 6 carbon trading

Article 6 allows countries and corporations to engage in carbon trading to meet climate targets as part of the Paris Agreement, and provides one of the greatest opportunities to drive additional climate mitigation and resilience. However, evidence so far shows that this potential is at risk, and it could instead enable the greenwashing of climate commitments by countries and corporate entities alike.

A new set of guidelines, the Oxford Principles for Article 6, was launched today to help ensure that international carbon markets under the Paris Agreement support, rather than weaken, global climate ambition. The initiative was led by the Smith School of Enterprise and the Environment at the University of Oxford, with contributions from an international team of experts, including senior researchers from Perspectives Climate Group.

The Principles seek to realign Article 6 with its original purpose: to raise global mitigation ambition through voluntary cooperation between countries. Concerns have grown that current implementation risks undermining this goal by allowing countries to rely on international carbon credits without first taking sufficient domestic action. The Oxford Principles aim to address this by establishing a robust benchmark for environmental integrity and responsible market participation.

Axel Michaelowa, Senior Founding Partner at Perspectives  and Head of the Research Group “International Climate Policy” at the University of Zurich, noted:

“Trust is the most precious commodity to make international carbon markets work. Twice, such markets failed due to failure to ensure environmental integrity – the Clean Development Mechanism as well as the voluntary carbon market. Article 6 can escape this fate if it follows high standards from the beginning. The principles elaborated by an international team of specialists are a tool to help buyers and sellers of Article 6 credits to go for highly credible approaches.”

Hanna-Mari Ahonen, Senior Consultant at Perspectives, concluded:

“It is crucial that market-based cooperation under the Paris Agreement enables, and does not undermine, ambitious mitigation action. Robust benchmarks, such as these principles, empower actors across the world to align their carbon market cooperation efforts and contribute to driving climate ambition and meeting our global goals.”

The Principles are a collaboration between 15 co-authors representing 7 different institutions, drawing on several decades of international carbon market expertise. The full publication was presented during a webinar hosted by the Smith School of Enterprise and Environment on 12 June, and is available online.

Read the full press release.
Learn more and watch the webinar recording.