The High-Level Policy Dialogue (HLPD) will explore the role carbon markets can play to realize the removal potential. Looking back, 2024 was a milestone for multiple reasons: the EU Certification Framework on carbon removals (and reductions) was adopted, the long- awaited standards for Art. 6.4 were endorsed at COP 29 and new carbon crediting programs were recognised under CORSIA Phase 1. Additionally, a growing number of countries such as Brazil and Turkey are in the process of establishing domestic ETSs in which carbon removals credits may play a role. Looking ahead, the success of these market-based mechanisms to realize the potential of carbon removals will hinge on a strong demand for high-quality credits. Good governance, solid MRV and accounting practices, as well as provisions related to liability and compliance are key elements that can stimulate demand and strengthen the confidence of the public.
The HLPD will explore the challenges and opportunities currently characterising the uptake of carbon removal activities and their potential for deployment at scale. Such a debate is particularly relevant as the EU still needs to define its policy on how to implement Art 6.4 of the Paris Agreement as well as on how it will incentivise carbon removal units once these have been certified.
Attendance at this event is by invitation only and all deliberations will take place under the Chatham House rule (no views or positions may be attributed publicly to any participant). Following the recommendations that come out of the discussion, the organisers will publish a policy brief as part of their public mission.