Abstract
BackgroundTo slow down climate warming and achieve sustainable development, the Paris Agreement establishes Cooperative Approaches (CAs) and Sustainable Development Mechanism (SDM) for carbon trading. However, deficiencies in implementation exist due to a lack of systematic execution regulations and an integrated management system. The study's primary purpose is to propose a proposal of effective implementation of CAs and SDM for alleviating global warming. Based on international regime theory in global climate change and the nine elements of the market mechanism, the article analyzes the type of mechanism, coverage of the system, operational framework, and governance framework of CAs and SDM. The paper combines the operational framework with the governance framework to form an implementation framework of CAs and SDM, developing the nine elements of the market mechanism.ResultsCAs are considered as project-based and quota-/ credit-based carbon market mechanisms. Under CAs, trading units should be authorized at the international-regional/ sub-regional level. CO2, CH4, N2O, HFCs, PFCs, SF6, and NF3 shall be covered and function as subject matters. The unit of CO2-eq shall account for them. CAs can transfer verified ITMOs through bilateral/ multilateral cooperation agreements or ITMOs information disclosure platform. The governance of CAs shall keep up with both international and regional/ sub-regional rules and regulations.SDM is an industry-based and credit-based carbon market framework. Under SDM, trading units should be authorized at the international level. CO2, CH4, N2O, and PFCs work in SDM as subject matters. The unit of gases shall be CO2-eq. SDM is designed to transfer carbon reductions via an industry-level platform. A fully-centralized scenario is suggested as the governance model of SDM.ConclusionsThis study proposes the rules and implementation framework of CAs and SDM, which can work as a guideline for the early implementation stage of CAs and SDM. The implementation framework of CAs ought to follow three stages: project preparation, project submission & auditing, and Internationally Transferred Mitigation Outcomes (ITMOs) transfer. The implementation framework of SDM ought to contain three phases: project development & review, project implementation & monitoring, and project acceptance & unit transfer.
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