Ecobiz.asia — More than 165 projects approved by host countries are currently transitioning from the Clean Development Mechanism (CDM) to the carbon credit mechanism under the Paris Agreement, marking an early operational phase of the global carbon market governed by Article 6.4.
The projects span multiple sectors, including waste management, energy, industry, and agriculture.
As an initial step, the carbon market supervisory body under UN Climate Change has approved the issuance of the first carbon credits for a clean cooking project in Myanmar.
The project distributes energy-efficient cookstoves designed to reduce household air pollution and ease pressure on forests caused by the use of firewood.
Simon Stiell, Executive Secretary of UN Climate Change, said more than two billion people worldwide still lack access to clean cooking technologies.
According to him, the issuance of the first carbon credits under the Paris Agreement mechanism demonstrates how global carbon markets can help finance solutions that deliver direct benefits to communities.
“Clean cooking protects health, preserves forests, reduces emissions, and empowers women and girls who are most affected by household air pollution,” Stiell said in a statement, as quoted on Saturday (March 7, 2026).
The project is implemented with participation authorised by South Korea. Carbon credits authorised for South Korea may be transferred to entities in the country for use within its national emissions trading system.
A portion of the credits will also be used by Myanmar to support its climate commitments under its Nationally Determined Contribution (NDC).
Mkhuthazi Steleki, chair of the Article 6.4 Supervisory Body, said the initial issuance uses a new methodology that is more conservative than the previous system.
Under this approach, credited emission reductions are about 40% lower than those calculated under the CDM framework to ensure the environmental integrity of each carbon credit issued.
The clean cooking project had previously received provisional issuance under the CDM. Under the new Paris Agreement mechanism, emission reductions are recalculated using updated parameters and the latest scientific methodologies.
Jacqui Ruesga, vice chair of the Article 6.4 Supervisory Body, said the first issuance signals that the global carbon market under the Paris Agreement is moving from the design stage toward implementation.
The project approval will remain subject to a 14-day appeal period before the carbon credits are formally issued. ***
