Project Goal:

The Paris Agreement permits countries to voluntarily employ various market-based and non-market cooperative approaches to fulfil their Nationally Determined Contributions (NDCs) for mitigation and adaptation and increase ambition. Article 6 of the Paris Agreement outlines these approaches, providing a framework for implementation that includes access to new sources of international finance and incentivizes participation of the private sector. By leveraging these tools, countries can accelerate and scale up their climate action, foster sustainable development, and encourage global cooperation in addressing climate change challenges.

Objectives:

This project focuses on enabling the African private sector, local governments, and non-governmental organizations to participate in:

The already defined top-down international climate finance cooperative market-based approaches for mitigation or the so called “carbon markets”, such as:

• Internationally Transferable Mitigation Outcomes (ITMOs)
• Paris Agreement Crediting Mechanism

and new defined bottom-up cooperative non-market approaches for adaptation with potential co-benefits for sustainable development, biodiversity, disaster risk reduction and/or mitigation, such as:

• Adaptation Benefits Mechanism
• Park Bonds