Dear IC-VCM Board members,
On behalf of the Alliance of Small Island States (AOSIS) and the Least Developed Countries (LDC) Group, we encourage the Integrity Council for the Voluntary Carbon Market (IC VCM), following the conclusion of the Paris rulebook at COP-26, to look favorably upon including elements of Article 6 guidance from the rulebook: a 5% share of proceeds for adaptation (SOP) to the Adaptation Fund, a 2% cancellation rate to contribute to an overall mitigation in global emissions, avoiding double counting, and application of methodologies reflecting conservative baselines, as recommended best practices in the voluntary carbon market (VCM).
Recognizing the enormous challenges we face from climate impacts, AOSIS, the LDC Group and other Parties advocated for the carbon markets to generate additional resources for adaptation and to help close the 2030 mitigation gap and limit warming to 1.5-degrees. We believe the VCM can play a valuable role in this regard.
Alignment with Article 6 on these elements would not only benefit our countries, but also put the VCM in the vanguard of progressive instruments to tackle the climate emergency.
Sincerely,
Ambassador Conrod Hunte
Lead Climate Negotiator
Antigua and Barbuda Chair of AOSIS
Madeline Diouf Sarr
Chair of the LDC Group Republic of Senegal