Carbon Markets Rules for the Kingdom of Bhutan 2023.

These Rules operationalize, at the national level, the provisions of Article 6.2, 6.4, and 6.8 of the Paris Agreement and its applicable guidance. They set out the elements of how Bhutan will, inter alia, facilitate participation in cooperative approaches under Article 6.2 of the Paris Agreement with other Paris Agreement Parties, in order to allow for higher ambition in mitigation and adaptation actions. The Rules apply to all activities in Bhutan seeking participation in compliance or voluntary carbon markets for the issuance of a Letter of Authorization for the purpose of undertaking Corresponding Adjustment consistent with Article 6 of the Paris Agreement. The Rules describe the institutional arrangements, which includes the National Climate Change Committee, Climate Change Coordination Committee (C4) and Department of Environment and Climate Change (DECC). They lay down the process to be followed by participants in compliance or voluntary carbon markets and require DECC to designate and maintain a registry for facilitation of transfer of unit ownership/holding.