The Paris Agreement’s Own Carbon Market: What Article 6.4’s First Rules Inherit from the Voluntary Market’s Failures

In February 2025, the Article 6.4 Supervisory Body met in Thimphu, Bhutan, and did three things that will shape how carbon credits are produced for years: it agreed to launch an interim mechanism registry, adopted a standard for demonstrating additionality, and approved the first transition of a Clean Development Mechanism activity into the new Paris