In addition, if the carbon market is to enable the desired outcomes for climate and nature, it is critical that all stakeholders and rights holders are empowered actors at each stage of the development and implementation of NCS. NCS projects and jurisdictional programmes must seek and fully respect the free prior and informed consent (FPIC) of Indigenous Peoples and local communities, and effective engagement with these groups must be adequately resourced.
COP28, and the resolution of outstanding details of Article 6 of the Paris Agreement, offers a historic opportunity to provide an improved structure for the carbon market and to finalise carbon rules and guidance in the right way. As always, high integrity is essential. Article 6, which allows countries to invest in reducing emissions in other countries to create carbon credits, needs to establish appropriate guardrails, standards and transparency measures for the market, building on lessons learned from the voluntary carbon market processes, and with Indigenous People and local communities as the core beneficiaries.