In a significant move towards advancing global efforts to combat climate change, the Gulf Organisation for Research & Development (GORD) has unveiled the Climate Action Centre of Excellence (CACE) alongside a suite of groundbreaking carbon market initiatives. The primary focus of CACE is to expedite the implementation of Article 6 of the Paris Agreement, reinforcing the commitment to decarbonization and sustainable development.
Article 6 of the Paris Agreement aims to create a framework for international cooperation in achieving climate goals, with a particular focus on market mechanisms. The newly established CACE will play a pivotal role in providing comprehensive solutions to governments and the private sector, offering technical assistance, mobilizing climate finance, and facilitating the reduction and removal of emissions.
Dr Yousef Alhorr, Founding Chairman of the Global Carbon Council (GCC), emphasized the urgency of stimulating and scaling up finance for Nationally Determined Contributions (NDCs) and national development plans. With an estimated $4.4 trillion needed for developing countries to implement their NDCs, Dr Alhorr highlighted the critical role that private sector finance can play in achieving these goals.
The CACE will operate under three strategic pillars: Article 6 Readiness, Internationally Transferred Mitigation Outcomes (ITMOs) market development, and accelerated decarbonization. Leveraging digital technology, the centre will ensure integrity, trust, and avoid double counting in the exchange of ITMOs. It will also conduct environmental and social safeguard checks, fostering global strategic communication on Article 6 Excellence to share best practices.
At the 28th Conference of the Parties (COP28), the GCC inked a pivotal deal with Global Environmental Markets to acquire the Global Carbon Registry, a fully integrated carbon registry solution. This platform will enable countries to launch their own National Carbon Registries, utilizing GCC’s robust standard framework and expertise.
In addition to these developments, the GCC provided updates on its innovative methodologies, introducing a new regulatory framework for Carbon Capture & Storage and launching its project standard for Nature-Based Solutions. These initiatives underscore a holistic approach to addressing climate change, emphasizing the importance of technological innovation, collaboration, and sustainability.
