Inside the first PACM issuance: a project-level perspective

2026 is the Paris Agreement Crediting Mechanism’s (PACM) implementation year: the first issuance of A6.4 Emission Reductions (A6.4ERs) was approved in February, with the registry expected to launch later this year. 

The first issuance was from a cookstoves Programme of Activities (PoA 10471) in Myanmar, which transitioned from the Clean Development Mechanism (CDM) to PACM with more conservative values applied to carbon accounting. 

BeZero Carbon has rated PoA 10471 across both the CDM and PACM vintages. The revisions applied had a material impact on the rating, resulting in a change from ‘B’ to ‘BB’ across vintage periods; however, project-, methodology- and country-level risks remain.