The UN's Paris Agreement Crediting Mechanism (PACM) has spent its first full year building rules well, but it is issuing almost nothing and is funded by a one-off transfer that runs out at the end of 2027. CMA 8 in Antalya must treat volume, not more rules, as the priority.
The annual report of the Article 6.4 Supervisory Body covers 1 November 2025 to 9 October 2026 and goes to the Parties at COP31 in November. It records real progress: the first issuance of credits in February 2026, five methodologies covering 77% of transitioning CDM activities, 130 designated national authorities and over 1,000 officials trained.
But the numbers behind the progress tell a harder story:...
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