The numbers tell a story of accelerating momentum. As of early 2025, Article 6.2 has moved from a theoretical framework to an active market — and Article 6.4 is generating unprecedented developer interest even before the first methodologies are fully approved.

Japan's Joint Crediting Mechanism (JCM) dominates the current Article 6.2 landscape, accounting for over three-quarters of all active bilateral projects. Established in 2013 — before the Paris Agreement itself — the JCM has become the de facto proof of concept for bilateral carbon trading. Japan aims to accumulate 100 million tCO2 in ITMOs by 2030, with roughly 15% of its planned emission reductions achieved through overseas credits.

Switzerland, Norway, Sweden, and Singapore are also active buyers, each with signed Implementation Agreements covering specific project types and countries. South Korea is targeting 37.5 million tCO2 in credits by the end of the decade and has explicitly named Nepal as a potential future Article 6 partner.

Who Is Buying — and What Do They Want?

For Nepal's carbon developers, understanding the buyer landscape is as important as understanding the regulation. Different buyers have different requirements — and those requirements are converging around quality.

Sweden is perhaps Nepal's most immediately relevant bilateral partner. The Swedish Energy Agency has a signed Article 6.2 bilateral agreement with Nepal — meaning Nepal can already generate ITMOs authorized for sale to Sweden. This is not a future possibility; it is a present reality that the Carbon Trade Regulation 2082 is now structured to support.

Implication for developers: Projects designed to meet Article 6.2 requirements — with strong MRV, corresponding adjustment authorization, and community benefit-sharing — are eligible for Sweden's bilateral market today. This is the highest-value buyer segment Nepal currently has direct access to.