More than three-quarters of over 1,500 legacy carbon projects seeking to transition from the Clean Development Mechanism (CDM) to the Paris Agreement Crediting Mechanism (PACM) failed to secure host government approval by the June 30 deadline. China and India, hosts of two-thirds of the applicants, approved none of their projects, preventing over 900 million potentially outdated credits from entering the new market. Brazil, however, approved nearly all 92 of its projects, primarily hydropower, landfill gas, and wind farms. This outcome is seen by researchers as a positive development for the maturing carbon market, reducing 'hot air' from the previous system. Projects still require further documentation and final approval from the Article 6.4 Supervisory Body to issue credits.
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