Switzerland agrees to buy Article 6.2 carbon credits from Ukraine
Quantum Commodity Intelligence - Switzerland has agreed to buy carbon credits from Ukraine under Article 6.2 of the Paris climate change agreement, thus adding to the list of seven countries it has already signed deals with, it announced Monday.
Leaders from dozens of countries and international organisations are currently meeting in Lugano, Switzerland, to discuss a plan to rebuild Ukraine, which has been ravaged by war with Russia.
Analysts estimate the cost of the war at $1 trillion if it lasts until the end of the year.
Switzerland's Federal Councillor Simonetta Sommaruga and Ukrainian Deputy Minister of Environmental Protection and Natural Resources Ruslan Strilets signed the agreement at the event on Monday.
"The cooperation agreement with the Ukraine contributes to the environmentally sustainable reconstruction in this country and sets a sign of solidarity," said the KliK foundation.
Switzerland has already signed similar deals with Dominica, Georgia, Ghana, Peru, Senegal, Vanuatu and Thailand.
In some cases, such as Peru and Thailand, credits from specific projects have already been pledged.
In November 2021, at COP26, the UN approved rules on how a future carbon market may work, passing so-called Article 6, which establishes the rulebook for carbon trading under the Paris Agreement to ensure, among other things, there is no double-counting of credits during trade.
Article 6.2 allows countries to trade emission reductions and removals through bilateral or multilateral agreements.