Background and Objective
Organized by RCC Caribbean and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the session provides an overview of international carbon markets, including Article 6 of the Paris Agreement and updates from COP29. Presenters will discuss the role of blue carbon in climate mitigation, with a focus on the Caribbean region. In addition, the session will examine the various types of carbon markets, showcases projects developed in the Caribbean, and the impact of blue carbon and blue bonds initiatives in advancing climate resilience and sustainability.
Agenda
| Time |
Topic |
Who |
| 11:45 |
Welcome Remarks and Introduction |
OECS Commission – Shanna Emmanuel/Crispin d’Auvergne
GIZ – Annett Fleischer
|
| 11:55 |
Setting the Scene |
Patrick Munyaneza – UNFCCC RCC Caribbean
Eduardo Piquero – CEO of MÉXICO2
Daniel Muñoz-Smith – Caribbean Representative, Global Green Growth Institute
|
| 12:30 |
Panel Discussion |
Max Russer – NDC Partnership on Article 6
Susana Fuertes – EU Delegation Barbados/DG CLIMA
Imran Williams – Director of Finance, Ministry of Finance and Economic Development, Saint Lucia
|
| 12:55 |
Closing |
Patrick Munyaneza – UNFCCC RCC Caribbean |
Key Takeaways
-
Operationalization of Article 6: Following the Baku decisions at COP 29, cooperative approaches under Article 6 of the Paris Agreement are now operational, engaging the private sector and fostering cooperation between countries. The work of the Article 6.4 Supervisory Body is ongoing, particularly in approving methodologies for specific types of carbon reduction activities and processing project registrations. The UNFCCC secretariat and other initiatives provide support, while countries shall explore these resources, collaborate, and pursue opportunities for implementation.
-
Carbon Markets as Financing Tools: Both voluntary and compulsory carbon markets play a crucial role in financing emission reduction projects, with the potential to mobilize resources for climate goals under the Paris Agreement.
-
Support for Caribbean Countries: The NDC Partnership and EU Task Force are providing technical support to Caribbean nations for developing carbon pricing strategies and participating in carbon markets, with a focus on blue carbon projects like mangrove restoration.
-
Growing Interest in Regional Cooperation: There is momentum for establishing a regional carbon market in the Caribbean, with countries potentially collaborating on joint projects to access international buyers and meet emission reduction and national climate targets.
-
Challenges and Risks: Issues like asset ownership, project resilience (e.g., vulnerability to hurricanes), and ensuring the permanence of carbon credits are key considerations in the development of carbon markets.
-
Carbon Market Innovation: Blue bonds and debt-for-climate swaps are emerging as innovative financing solutions, with Belize and other Caribbean nations exploring these tools to fund adaptation and mitigation projects.
Credit: UN Climate Change
