English <> French interpretation will be available.
This session will introduce the Carbon Transaction Facility (CTF), GGGI’s solution for scaling up international carbon trading under Article 6 of the Paris Agreement. Following an overview of the facility and a panel discussion featuring CTF participants, GGGI’s Chair & President, Ban Ki-moon, will launch the CTF.
CONTEXT
After more than five years of implementing carbon market readiness support projects in more than 12 countries, GGGI is launching a new mechanism to scale up its readiness support and catalyze carbon trading under Article 6 of the Paris Agreement: the Carbon Transaction Facility (CTF).
The CTF is composed of a collection of single and multi-donor funds aimed at increasing host country readiness and facilitating transactions of Internationally Transferred Mitigation Outcomes (ITMOs). The multi-donor Article 6 Readiness Facility will allow GGGI to more than double the scale of its support for capacity building, technical assistance, and international knowledge exchange activities in member and partner counties, while at the same time building a pipeline of potential mitigation activities. Under the umbrella of the CTF, GGGI will also act as trustee for a number of carbon trust funds which will enable sovereign parties to purchase ITMOs from mitigation activities originated in the Readiness Facility as they work to meet or exceed their climate ambitions.
Launched alongside GGGI’s flagship Global Green Growth Week in 2024, key representatives from the CTF’s first participating countries (New Zealand, Norway and Sweden) will meet with GGGI Member representatives from Sri Lanka and Senegal to celebrate the launch of the CTF.
