With carbon-offset markets facing a crisis of credibility, both governments and market actors are now looking to the UN-led carbon market to restore trust in market mechanisms. As countries engage with the UN-led carbon market under Article 6 of the Paris Agreement, bilateral trading under Article 6.2 is a key focus.

This report offers a grounded and critical look at the evolving landscape of these cooperative approaches, unpacking the rules, risks and realities of carbon trading under Article 6.2.