DUBAI, UAE, Dec. 6, 2023 /PRNewswire/ -- The Gulf Organisation for Research & Development (GORD) which is the promoter of the Global Carbon Council (GCC) an international carbon credit and sustainable development program, has today launched a new Climate Action Center of Excellence (CACE) to accelerate implementation of Article 6 of the Paris Agreement. This is alongside a suite of new carbon market initiatives to support global ambitions to decarbonize.
The CACE will provide a comprehensive package of high-impact solutions to support governments and the private sector to curb emissions and advance the SDGs. It'll provide countries with technical assistance to enter carbon markets, facilitate the reduction and removal of emissions, mobilize climate finance, provide value for money for investors, and generate new projects.
It comes as an estimated US $4.4 trillion will be required for developing countries to implement their Nationally Determined Contributions, highlighting the vital role private sector finance can play.
Dr. Yousef Alhorr, Founding Chairman of GCC, said: "For the world to give itself a chance to prosper amid political and economic uncertainty, it's essential to find innovative, effective, and context-sensitive ways to stimulate and scale up finance for NDCs and national development plans. We must stimulate investments into mitigation activities, and private finance has a vital role to play. The new CACE is a powerful catalyst for public-private partnerships which will help implement Article 6 and foster an ecosystem that drives forward economic transformation and accelerates the low carbon transition."
The CACE is focused on three strategic support pillars, including Article 6 Readiness, Internationally Transferred Mitigation Outcomes (ITMOs) market development, and accelerated decarbonization. These will be supported by enabling digital technology to ensure integrity, trust and avoid double counting in the exchange of ITMOs, environmental and social safeguard checks, and global strategic communication on Article 6 Excellence to share best practice.
At COP28, GCC has also signed a deal with Global Environmental Markets to acquire a fully integrated carbon registry solution known as Global Carbon Registry®, which will provides a unique platform for countries to launch their own National Carbon Registries, leveraging GCC's robust standard framework and expertise.
GCC has shared an update on the development of its innovative methodologies, including its new regulatory framework for Carbon Capture & Storage, and the launch of its project standard for Nature-Based Solutions.
For further information, visit: www.globalcarboncouncil.com/a-new-centre-of-excellence-announced-aimed-at-catalyzing-the-implementation-of-article-6-of-the-paris-agreement/.
