The Asian Development Bank (ADB) Workshop on Carbon Pricing for Small Island Developing States (SIDS) in Asia and the Pacific was hosted virtually for key policy makers in the region from 1-2 September.
The workshop was targeted to provide participants with knowledge on the latest state and trends of carbon pricing globally as well as in Asia Pacific, and how carbon pricing could be an effective instrument to be a new source of public revenue and shape economy level climate actions as part of the broader climate policy toolbox in achieving climate targets articulated under their respective Nationally Determined Contributions (NDCs), raising ambition over time.
Fijian Government Acting Permanent Secretary for the Ministry of Economy Shiri Krishna Gounder said that reinforcing the Paris Agreement with carbon pricing, has strong potential to jump-start emission reductions when combined with climate centric policy actions at the national level.
“Carbon markets help create a strong business case for climate action. It entices private sector to see value in going green as there are returns to be made,” Gounder said.
“For countries like Fiji that have significant amounts of natural carbon sinks, carbon markets create opportunities to place value on carbon sequestration potential of natural resources. This entices resources owners to keep trees rooted to the ground, mangroves anchored to coastlines and expanding natural biosphere economically viable,” he added.
He concluded in saying that carbon markets are a prominent part of the response to climate change and have an opportunity to demonstrate that they can be a credible and central tool for future climate mitigation, which is only if we go beyond the zero summing game as in the case for offsetting schemes.
The workshop worked towards building capacity, exploring technical options, and promoting dialogue and knowledge sharing on how to utilize carbon pricing instruments to suit national circumstances with the key policymakers of SIDS in Asia and the Pacific.
The workshop organized by the Asian Development Bank in collaboration with the V20 Ministers of Finance, and the Regional Pacific NDC Hub also facilitated requisite deliberations in the lead-up to COP26 where the Rulebook on Article 6 of the Paris Agreement is likely to be finalized.
