UNCITRAL Net Zero Legislative Project
Published: 03/06/2021 12:46
The United Nations Commission for International Trade Law (UNCITRAL) is the UN body responsible for furthering progressive harmonization and modernization of international trade law through legislative and non-legislative commercial law instruments. NZLA is working in with member states to examine the feasibility of an UNCITRAL Net Zero Legislative Project, which goes to the members at the July 2021 Commission meeting.
The Project would explore the role of UNCITRAL and UNCITRAL conventions, model laws and rules dealing with commercial transactions in facilitating and accelerating the Race to Zero, as well as broader climate mitigation, adaptation, financing and technology sharing objectives as set out in the Paris Agreement. It will:
- Conduct a comprehensive review of existing instruments, including conventions, model laws and rules dealing with commercial transactions.
Identify the role for new or modernised instruments, including in particular model provisions and contracts, explanatory texts and guides, relating to:
- Climate change mitigation and adaption infrastructure projects;
- Voluntary carbon markets accreditation and trading; and
- Climate change technology sharing and transfer (including a framework for FRAND-type identification of essential technologies, to facilitate licensing and royalty setting)
UNCITRAL is uniquely positioned to perform an essential role in developing the tools and systems that are required to assist the global community, particularly the international commercial sector, to combat, mitigate, and adapt to climate change.
NZLA is seeking member state support and formal UNCITRAL approval for the project in early 2022.