PARIS, June 23, 2023 /PRNewswire/ — The UAE COP28 Presidency and the Glasgow Financial Alliance for Net Zero (GFANZ) held a high-level roundtable on Voluntary Carbon Markets (VCMs) as an official side event of the summit co-hosted. for a new global financing agreement. His Excellency Dr. Sultan Al-Jaber, President-Designate of COP28, and Mark Carney, Co-Chair of GFANZ and UN Special Envoy for Climate Action and Finance, addressed the session, which included policy makers, market standard setters and key stakeholders in enhancing climate finance. brought together committed business and finance leaders to ,
The session reaffirmed the urgency of ensuring that high-integrity voluntary carbon markets (VCMs) are scaled up, as they can play an important role in mobilizing significant flows of cross-border financing for emerging markets and developing economies (EMDEs). Are. Participants highlighted the role of VCM in funding some of our most pressing priorities, such as nature-based solutions, the accelerated phaseout of coal assets and investments in new climate technologies.
The discussion called for addressing the remaining uncertainty of compliance and voluntary, domestic and cross-border markets coming together and providing capacity building for those countries to mobilize VCM at the speed and scale needed to preserve nature and the carbon budget. would need to be done. To take advantage of VCM. Common foundations were needed across the different types of credit, and it was important to align around the new supply- and demand-side standards being developed by ICVCM and VCMI. Significant work has been done to develop a supply of new types of credit – including loans designed to accelerate the much needed energy transition.
The session also discussed the need to enable high integrity demand pathways to net zero for corporate buyers, thereby prioritizing full emission reductions, with appropriately defined scope for recognizing residual emissions compensation Is. The discussion emphasized that in order to secure the foundation of high integrity, liquid markets in 2023, efforts to align supply, demand, legal and accounting standards must be facilitated and supported.
More specifically, participants addressed:
- Broad Objectives and Rules. The session highlighted the specific role of VCMs in generating cross-border finance for nature conservation, energy transition and new climate technologies, and an understanding of how compliance and voluntary, domestic and cross-border markets complement and interact with each. Highlighted the need to create Other. It was noted that there should be no trade-off between domestic mitigation and cross-border finance mobilization, even where the host country takes emission reductions from voluntary projects towards the calculation of its Nationally Determined Contribution (NDC). Let’s keep it.
- High-integrity supply and demand, Speakers appreciated the progress made on the important work launched at COP26 to build supply- and demand-side standards to secure credibility, integrity and transparency. Speakers noted the importance of supporting and collaborating on final standards led by the ICVCM and their Core Carbon Principles and Assessment Framework on the supply side and the VCMI and their Provisional Claims Code of Practice on the demand side.
- Building high integrity demand. Lessons learned by corporates and financial institutions seeking to finance high-integrity carbon projects were discussed. Participants noted the need for the private sector to prioritize full emissions reductions, but with an appropriately defined scope for recognizing residual emissions compensation. Participants noted that these efforts fall within the broader architecture of carbon accounting standards and the net-zero framework and recognized the need for them to come together in a coherent and efficient manner.
- Capacity Building and Risk Mitigation, Recognized the challenges associated with building and expanding high-integrity carbon projects in EMDEs, as well as the need for innovative financing mechanisms to de-risk these projects in these regions. Attendees also emphasized the need to ensure that local communities and indigenous peoples remain at the core of project design and are able to derive maximum co-benefits.
post event, COP28 President-Designate, His Excellency Dr. Sultan Al Jaber said: “Voluntary carbon markets have the potential to become a powerful enabler in financing decarbonization efforts for industries, cities and entire economies, especially in emerging and developing economies. To realize their potential, we must increase the credibility of carbon markets and It must ensure that the highest-integrity standards are firmly enforced. This can only be done through collaboration between governments, organizations and civil society to create a supportive regulatory environment, establish a level-playing field and promote universal standards. By working together, acting in unity and focusing on integrity, this important tool will add value to our collective decarbonization efforts.”
UN Special Envoy on Climate Action and Finance and Co-Chair of GFANZ, Mark Carney said: “With only seven years left to halve emissions and survive 1.5 degrees, we cannot leave key sources of climate finance unused. Voluntary carbon markets calling for nature-based solutions and hundreds of billions of dollars for accelerated coal phasing out Important work this year could support a higher ambition path to net zero to provide supply and demand side benchmarks for these markets, where companies prioritize decarbonisation and offset residual emissions along the way. Does
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Notes to editors:
COP28 UAE:
- COP28 UAE will take place from November 30 to December 12, 2023 at Expo City Dubai. The conference is expected to attract over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academicians, experts, youth. and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will provide the first Global StockTake – a comprehensive assessment of progress against climate goals.
- The UAE will lead a process for all parties to agree on a clear roadmap to accelerate progress through a “leave no one behind” approach towards a practical global energy transition and inclusive climate action.
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