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padding: 0;" class="searchbox"> <div class="input-group input-group-sm"> <input type="text" class="form-control zoekinvoer" placeholder="Suche ..."> <span class="input-group-btn"> <button class="btn btn-default" type="submit"><i class="far fa-search"></i></button> </span> </div> </form> </li> </ul> </li> </ul> </div> </div> </nav> <div class="page-header" data-swiftype-index="false"> <div class="container"> <h1 class="page-title pull-left">Voluntary Carbon Markets Project</h1> <ul class="breadcrumb pull-right hidden-print" id="crumbs"> <li><a href="/de/home">Home</a></li> <li> <a href="/de/projects">Projekte</a> </li> <li> <a href="/de/projects/legislative-projects">Legislative Projects</a> </li> </ul> </div> </div> <div class="page-content"> <div class="container"> <div class="row"> <div class="col-md-9" id="maincontent"> <div class="textblock" id="block7188"> <div class="block-content"> <div class="well" align="center"><strong>About the Voluntary Carbon Markets Project</strong></div> <p align="justify">The 1997 Kyoto Protocol to the United Nations Framework Convention on Climate Change (UNFCCC) introduced the concept of carbon credit, with the objective of creating a mechanism by which the emission of greenhouse gases into the atmosphere could be reduced. The Paris Agreement included carbon trading as a crucial component in the initiative to reduce carbon emissions in international and domestic supply chains. <br /><br />From a private international law (PIL) perspective, the variety of participants and actors involved in a single carbon market transaction, as well as the origins and nature of the relevant carbon projects, may challenge the application of traditional connecting factors, as there may be a number of connecting factors to a number of jurisdictions. For example, where a unit is created as the result of a carbon project in one jurisdiction, it must be certified by a carbon standard, according to their particular methodology and pursuant to the contractual arrangement between the standard and the project developer.</p> <p align="justify">Throughout the life cycle of carbon credits, private international law questions may arise, for example, in the creation, verification, registration, intermediation, trading and retirement or cancelling of the unit. Further complexities in the carbon markets that may give rise to private international law concerns include the digital or online certification of units, the tokenisation of units (incl. the interplay with decentralised or distributed storage mechanisms such as those based on distributed ledger technology), the revocation of the units, including the matter of authorisation under Article 6 of the Paris Agreement, and the extent to which the credits are potentially subject to insolvency proceedings.</p> <div class="well" align="center"><strong>Mandate</strong></div> <p align="justify">In March 2024, the Council on General Affairs and Policy of the HCCH (CGAP) adopted Conclusion and Decisions (C&D) No 18 and No 19:</p> <blockquote>18. CGAP mandated the PB, in partnership with relevant subject-matter experts, and subject to available resources, to monitor developments of the PIL aspects of voluntary carbon markets. The PB will report to CGAP 2025, including proposals for next steps.<br /><br />19. CGAP mandated the PB to cooperate and coordinate with the Secretariats of UNCITRAL, UNIDROIT, the United Nations Framework Convention on Climate Change (UNFCCC) and other relevant international organisations on their projects in relation to voluntary carbon credits, subject to available resources. CGAP welcomed the cooperation and coordination between the PB, and the Secretariats of UNCITRAL, UNFCCC, and UNIDROIT on this topic [...].</blockquote> <p align="justify"><br />Following on these mandates, the PB currently participates as an institutional Observer on the UNIDROIT Working Group on the Legal Nature of Verified Carbon Credits. The PB also provided input to the section on “Issues of Applicable Law” of the draft report of the <a href="http://undocs.org/en/A/CN.9/1191"><strong>UNCITRAL/UNIDROIT Study on the Legal Nature of Verified Carbon Credits Issued by Independent Carbon Standard Setters</strong></a>.</p> <div class="well" align="center"><strong>Key documents of the Voluntary Carbon Markets Project</strong></div> <ul> <li><a href="https://assets.hcch.net/docs/155fc289-90a8-4a1c-8245-8202fd8f97f1.pdf"><strong>Prel. Doc. No 7 REV REV of January 2024</strong></a> - Proposal for Exploratory Work: Private International Law Issues related to Carbon Markets</li> </ul> </div> </div> </div> <div class="col-md-3 hidden-print" id="sidebar"> <ul id="sidebar-nav" class="sidebar-nav margin-bottom-30px"> <li class="list-group-item active hassubs"><a href="/de/projects/legislative-projects">Legislative Projects</a> <ul class="nav nav-list"> <li><a href="/de/projects/legislative-projects/cbdcs">Central Bank Digital Currencies Project (CBDCs Project)</a> </li> <li><a href="/de/projects/legislative-projects/digital-economy">Digital Economy Project</a> </li> <li><a href="/de/projects/legislative-projects/digital-tokens1">Digital Tokens Project</a> </li> <li><a href="/de/projects/legislative-projects/intellectual-property1">Intellectual Property Project</a> </li> <li><a href="/de/projects/legislative-projects/jurisdiction">Jurisdiction Project </a> </li> <li><a href="/de/projects/legislative-projects/parentage-surrogacy">Parentage / Surrogacy Project</a> </li> <li><a href="/de/projects/legislative-projects/restructuring-insolvency">Restructuring and Insolvency Project</a> </li> <li class="active"><a href="/de/projects/legislative-projects/voluntary-carbon-markets">Voluntary Carbon Markets Project</a> </li> </ul> </li> <li class="list-group-item"><a href="/de/projects/post-convention-projects">Post-Convention Projects</a> </li> <li class="list-group-item"><a href="/de/projects/upcoming-meetings1">Kalender</a> </li> </ul> </div> </div> </div> </div> <footer class="hidden-print" data-swiftype-index="false"> <h2 class="hidden">HCCH</h2> <div class="container"> <div class="row"> <div class="col-md-6"> <h3 class="footer-heading">USEFUL LINKS</h3> <div class="row margin-bottom-30px"> <div class="col-xs-4"> <ul class="list-unstyled footer-nav"> <li><a href="/de/contact">Kontakt</a></li> <li><a href="/de/about">脺ber die HCCH</a></li> <li><a href="/de/faq">FAQ</a></li> </ul> </div> <div class="col-xs-4"> <ul class="list-unstyled footer-nav"> <li><a href="/de/news-archive">Neuigkeiten (Archiv)</a></li> <li><a href="/de/latest-updates">Letzte Aktualisierungen</a></li> <li><a href="/de/recruitment">Vakanzen</a></li> </ul> </div> <div class="col-xs-4"> <ul class="list-unstyled footer-nav"> <li><a href="/de/calls-for-tender">Calls for Tender</a></li> <li><a href="/de/sitemap">Sitemap</a></li> <li><a href="/de/disclaimer">Disclaimer</a></li> </ul> </div> </div> </div> <div class="col-md-6"> <div class="social-connect pull-right"> <h3 class="footer-heading">GET CONNECTED</h3> <ul class="list-inline social-icons"> <li><a href="https://www.facebook.com/pages/Hague-Conference-on-Private-International-Law/148050175263437?fref=ts" class="facebook-bg" target="_blank"><i class="fab fa-facebook"></i></a></li> <li><a href="https://twitter.com/HCCH_TheHague" class="twitter-bg" target="_blank"><i class="fab fa-x-twitter"></i></a></li> <li><a href="https://www.youtube.com/user/HagueConference" class="youtube-bg" target="_blank"><i class="fab fa-youtube"></i></a></li> <li><a href="http://www.linkedin.com/company/hague-conference-on-private-international-law?trk=hb_tab_compy_id_1710377" class="linkedin-bg" target="_blank"><i class="fab fa-linkedin"></i></a></li> <li><a href="/de/news-archive/rss" class="rss-bg" target="_blank"><i class="far fa-rss"></i></a></li> </ul> </div> </div> </div> </div> <div class="text-center copyright"> <p class="footer-text">Hague Conference on Private International Law - Conférence de La Haye de droit international privé - Conferencia de La Haya de Derecho Internacional Privado</p> <p>© HCCH 1951-2025. 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