Dates: 30 May 2023 - 31 May 2023
Training on International Carbon Market under Article 6 of the Paris Agreement
30 – 31 May 2023
11:00 AM – 12:30 PM (Fiji Time)
Climate change impacts are intensifying in the Pacific Island Countries and the need for effective climate change actions towards mitigating these impacts are vital. The nationally determined contributions (NDC) allow countries to limit their emissions and promote sustainable development. The concept of carbon market can be an effective mechanism to reduce greenhouse gas (GHG) emissions or store carbon. Article 6 of the Paris Agreement clarifies how international carbon markets should function, essentially to support the transfer of emission reductions between countries while also incentivizing the private sector to invest in climate-friendly solutions. It also sees countries establish a new global carbon market system to help them decarbonize their economies at a lower cost through cooperation and investment.
Carbon markets incentivize climate action by enabling parties to trade carbon credits generated by the reduction or removal of GHGs from the atmosphere. In other terms, carbon markets are trading systems where carbon credits are sold and bought. One tradable carbon credit equal one tonne of carbon dioxide (tCO2-e) or the equivalent amount of different GHG reduced. It mobilizes resources and reduces costs to give countries and companies the space to smoothly transition low-carbon and be able to achieve the goal of net zero emissions in the most effective way possible. It is estimated that trading in carbon credits could reduce the cost of implementing countries’ NDC's.
This training aims to enhance capacity regarding international carbon trading under the Paris Agreement.
The objectives of the training include:
o Understanding the carbon market mechanisms relating to country needs and priorities.
o Build capacities and knowledge sharing on how to utilize carbon pricing instruments to suit national circumstances with the key stakeholders in the PICs (Pacific Island Countries).
o Understand the challenges and ways to overcome them.
Expected Learning Outcomes
The expected learning outcomes:
o Enhancing capabilities in carbon market mechanisms.
o Developing a collective understanding of the carbon market mechanisms.
o Understanding on how carbon pricing could be an effective instrument in addressing ambition under the Paris Agreement
Kind of event: Workshop