UN issues first carbon credits under Paris Agreement for Myanmar clean-cooking project

Key facts

• The United Nations (UN) has approved the first credits under the Paris Agreement Crediting Mechanism (PACM).
• The credited project is a clean cooking initiative in Myanmar that distributes efficient biomass cookstoves, implemented with a South Korean company.
• Generated credits will count towards the climate targets of South Korea and Myanmar.
• UN Climate Change states the credited emissions reductions are 40 percent lower than under the previous scheme due to more conservative calculations.
• The World Health Organization (WHO) estimates over two billion people globally use open fires or inefficient stoves fuelled by kerosene, coal, or biomass.
• Only 78 percent of the global population is expected to have access to clean cooking by 2030 at current rates.