Countries represented by the CVF-V20 are the most exposed to the impact of climate change and face an estimated U$490 billion a year finance gap in their development needs. Carbon markets, including those implemented under the Article 6 route, present an opportunity to unlock an estimated additional US$20 billion a year for CVF-V20 countries by 2030. 

However, climate-vulnerable countries have so far remained underrepresented in global carbon markets participation, with 45 least developed countries accounting for only 1.5 percent of projects registered in the first-generation carbon market – under the Kyoto Protocol’s Clean Development Mechanism. Small Island Developing States hosted fewer still, as participation was concentrated in a handful of larger economies, while most V20 members saw little activity. 

Initial engagements with CVF-V20 member states emphasized the need for specialized capacity, knowledge, and institutional materials on leveraging high-integrity carbon markets. 

This handbook, developed in partnership with the Voluntary Carbon Markets Integrity Initiative (VCMI),  has been prepared to support senior government officials engaging with decisions concerning carbon market participation to navigate the complexities of Article 6 of the Paris Agreement. The target audience therefore spans leading officials across environment, finance, and other sector-specific line ministries for whom carbon markets can support national agendas, policy priorities, and Nationally Determined Contribution’s implementation.