On 14 November 2023, through Resolution 385/2023 of the Ministry of Environment and Sustainable Development (“Resolution“), the National Strategy for the Use of Carbon Markets (ENUMeC) was approved.
The ENUMeC aims to promote the implementation of carbon markets and the development of projects that contribute to the mitigation and adaptation to climate change in Argentina, in line with the international climate commitments undertaken by Argentina (under the Paris Agreement, the United Nations Framework Convention on Climate Change (UNFCCC) and the Kyoto Protocol).
The Resolution is relevant given that Argentina does not have a nationwide legal framework that regulates carbon markets. There are, however, some examples at the subnational level of provincial regulations that identify the possibility of developing regulated markets in their jurisdictions and encourage the development of projects within the framework of the voluntary market for compliance with local mitigation measures and goals.
The ENUMeC establishes nine strategies (“Strategies“) and 63 actions (“Actions“) for the implementation of carbon markets in Argentina, and includes in its scope the participation and access to all new and existing carbon markets, both regulated and voluntary, subnational, national and international.
The ENUMeC’s Strategies described below will provide the basis upon which the Actions will then be implemented, involving both the public and private, as well as national and provincial sectors:
- National and subnational access to climate finance.
- Participation in carbon markets regulated under Article 6 of the Paris Agreement and other national and international compliance markets.
- Participation in voluntary markets.
- The generation of non-market approaches under Article 6.8 of the Paris Agreement.
- Subnational market schemes for compliance with their jurisdictional Climate Change Response Plans.
- Strengthening and financing for adaptation.
- The development of national and subnational capacities.
- Respect for environmental safeguards and integrity.
- Defense of national and regional interests.
ENUMeC sets forth a broad process of participation since the implementation of their principles will require consensus among different sectors (both public and private), especially for the designing of a legal regime that guarantees clear rules and the development of national technical capacities.
Click here to read the Spanish version.
