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8th Strategic Dialogue of the CMP - Fenella Aouane, Global Green Growth Institute and Karen Holm Olsen, UNEP Copenhagen Climate Center

Session 3A presentation from the 8th Strategic Dialogue of the Carbon Market Platform, 23-24 October 2023

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Strengthening the
transformational
impact of international
carbon markets 2023 Strategic Dialogue of the
Carbon Market Platform
Fenella Aouane – Head of Carbon Pricing, GGGI
(Karen Olsen – Senior Advisor & Carbon Market
Coordinator, UNEP CCC)
24 October 2023
Supporting Preparedness for Article 6 Cooperation (SPAR6C)
Supported by:
Transformational change is required
to close action and ambition gaps
Supporting Preparedness for Article 6 Cooperation (SPAR6C)
Source: Own figure, building on UNEP’s Emissions Gap Report (2022)
Action Gap : The shortfall
between declared intention
(with and without support)
and current position.
Ambition Gap: The shortfall
between where our declared
intention needs to be to reach
net zero compared to current
NDCs
Carbon markets are a tool for
achieving transformational change
Supporting Preparedness for Article 6 Cooperation (SPAR6C)
Transformational change is:
“A fundamental, sustained change of a system that ends established high-carbon
practices and contributes to a zero-carbon society, in line with the Paris Agreement
goal to limit global warming to 1.5–2°C and the United Nations Sustainable
Development Goals” (Olsen & Singh 2020)
Article 6 provides a global governance framework that sets common
standards for international carbon markets that promote environmental
integrity, sustainable development, and allows for ambition raising
Options for raising ambition,
promoting transformational change
Supporting Preparedness for Article 6 Cooperation (SPAR6C)
• Implement robust
governance frameworks
• Prioritize trading in
scaling up newer
technologies
• Develop long-term
strategies and plans
supporting NDC
ambition cycles
• Strengthen
transparency and
accountability via MRV
• Buy ITMO’s to support
non-state climate neutral
and net zero targets
• Sharing of mitigation
outcomes to fill action
gap
• Cancel ITMOs to raise
overall mitigation of
global emissions
• Use ITMOs to increase
the ambition of NDC and
LT-LEDS targets
• Implement
transformational
activities for systemic
change at all levels
• Apply conservative
baselines/ contraction
factor
• Promote sustainable
development to
leverage mitigation
action ambition
HOST
PARTIES
ACQUIRING
PARTIES
ACTIVITY
PROPONENTS
Transformational Change Actions –
Host Countries
Supporting Preparedness for Article 6 Cooperation (SPAR6C)
Governance Frameworks
• Zambia Governance Framework (part 1: Authorization Criteria)
• Colombia Regulations and Standards – Art 6 links to national schemes
• Thailand Registry enhancement – incorporating voluntary and Art 6
• Laos – Regulations; Cambodia – Operational Manual
Prioritize Trading in new
technologies
• SPAR6C Toolbox Guides – A6 Strategy (2), Mitigation Activity Design (4)
• GGGI/Gold Standard – Policy Approach Methodology: Indonesia,
Senegal, Morocco
• GGGI NDC Tracker / WB MRV Platform / Digital 4 Climate
• Nepal – advancing technology in biogas
• SPAR6C technology needs assessments – GGGI & UNEP
Strengthening MRV and
Long-term Planning
• SPAR6C Toolbox Guides – Institutional Frameworks (3), Increasing
ambition and transformational change (1)
• LT-LEDS/ Greening National Plans – GGGI & UNEP
• Measuring impact – UNEP CCC
Implemented by:
Supporting Preparedness for Article 6 Cooperation (SPAR6C)
Thank you.
For more information, please contact:
Fenella Aouane –Director, Head of Carbon Pricing
fenella.aouane@gggi.org
Karen Olsen – Senior Advisor & Carbon Market
Coordinator
Karen.olsen@un.org

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8th Strategic Dialogue of the CMP - Fenella Aouane, Global Green Growth Institute and Karen Holm Olsen, UNEP Copenhagen Climate Center

  • 1. Strengthening the transformational impact of international carbon markets 2023 Strategic Dialogue of the Carbon Market Platform Fenella Aouane – Head of Carbon Pricing, GGGI (Karen Olsen – Senior Advisor & Carbon Market Coordinator, UNEP CCC) 24 October 2023 Supporting Preparedness for Article 6 Cooperation (SPAR6C) Supported by:
  • 2. Transformational change is required to close action and ambition gaps Supporting Preparedness for Article 6 Cooperation (SPAR6C) Source: Own figure, building on UNEP’s Emissions Gap Report (2022) Action Gap : The shortfall between declared intention (with and without support) and current position. Ambition Gap: The shortfall between where our declared intention needs to be to reach net zero compared to current NDCs
  • 3. Carbon markets are a tool for achieving transformational change Supporting Preparedness for Article 6 Cooperation (SPAR6C) Transformational change is: “A fundamental, sustained change of a system that ends established high-carbon practices and contributes to a zero-carbon society, in line with the Paris Agreement goal to limit global warming to 1.5–2°C and the United Nations Sustainable Development Goals” (Olsen & Singh 2020) Article 6 provides a global governance framework that sets common standards for international carbon markets that promote environmental integrity, sustainable development, and allows for ambition raising
  • 4. Options for raising ambition, promoting transformational change Supporting Preparedness for Article 6 Cooperation (SPAR6C) • Implement robust governance frameworks • Prioritize trading in scaling up newer technologies • Develop long-term strategies and plans supporting NDC ambition cycles • Strengthen transparency and accountability via MRV • Buy ITMO’s to support non-state climate neutral and net zero targets • Sharing of mitigation outcomes to fill action gap • Cancel ITMOs to raise overall mitigation of global emissions • Use ITMOs to increase the ambition of NDC and LT-LEDS targets • Implement transformational activities for systemic change at all levels • Apply conservative baselines/ contraction factor • Promote sustainable development to leverage mitigation action ambition HOST PARTIES ACQUIRING PARTIES ACTIVITY PROPONENTS
  • 5. Transformational Change Actions – Host Countries Supporting Preparedness for Article 6 Cooperation (SPAR6C) Governance Frameworks • Zambia Governance Framework (part 1: Authorization Criteria) • Colombia Regulations and Standards – Art 6 links to national schemes • Thailand Registry enhancement – incorporating voluntary and Art 6 • Laos – Regulations; Cambodia – Operational Manual Prioritize Trading in new technologies • SPAR6C Toolbox Guides – A6 Strategy (2), Mitigation Activity Design (4) • GGGI/Gold Standard – Policy Approach Methodology: Indonesia, Senegal, Morocco • GGGI NDC Tracker / WB MRV Platform / Digital 4 Climate • Nepal – advancing technology in biogas • SPAR6C technology needs assessments – GGGI & UNEP Strengthening MRV and Long-term Planning • SPAR6C Toolbox Guides – Institutional Frameworks (3), Increasing ambition and transformational change (1) • LT-LEDS/ Greening National Plans – GGGI & UNEP • Measuring impact – UNEP CCC
  • 6. Implemented by: Supporting Preparedness for Article 6 Cooperation (SPAR6C) Thank you. For more information, please contact: Fenella Aouane –Director, Head of Carbon Pricing fenella.aouane@gggi.org Karen Olsen – Senior Advisor & Carbon Market Coordinator Karen.olsen@un.org