Multilateral institutions and top leaders attended the COP28 High-level Roundtable, including the COP28 President and UNFCCC Executive Secretary. The World Bank Group President and GFANZ Co-Chair also attended the meeting.
Representatives of different countries joined the meeting and reaffirmed their commitment to scale carbon markets.
The COP28 Presidency hosted the Roundtable to encourage countries to fight climate change. The theme of this meeting was ‘Unlocking High-Integrity Carbon Markets’.
Topics Discussed During the COP28 High-Level Roundtable
The Roundtable focused on carbon pricing programs and voluntary carbon markets (VCMs). In addition, there were discussions on compliance markets. These efforts are connected to countries’ initiatives for a net-zero transition.
Carbon markets help in funding decarbonization programs that are of high quality. They help in getting money for decarbonization projects in developing countries. Apart from this, it helps emerging markets get finance for the programs.
What Did the Attendees at the COP28 High-Level Roundtable Say
The speakers and attendees emphasised the contributions they were making towards net-zero transition. UNFCCC Executive Secretary admitted that the Article 6.4 supervisory body has made great progress.
The World Bank Group President has revealed plans to promote global carbon markets during the High-Level Roundtable. He said that some countries are going to earn money from carbon credits. They plan to achieve this goal by preserving their forests. The President, Ajay Banga said that about 15 nations were working on this plan.
The attendees appreciated the Integrity Council for the Voluntary Carbon Market and Voluntary Carbon Markets Integrity initiative. They said in one voice that the initiative was successful. It set in place safeguards for credit supply along with credit demand.
Key Points From the COP28 High-Level Roundtable
The invitees of the Roundtable have emphasized that we should make more efforts to strengthen EMDEs. They said that EMDEs should take part in the efforts to form global carbon markets.
Top leaders and representatives have felt that key stakeholders should increase their cooperation and coordination. This will help in integrating the carbon market components seamlessly. They intend to accomplish this by 2024-2025.
The guests at the meeting accepted that nations have made very good progress for climate in the year 2023. And said that the governments still need to cooperate and coordinate to fulfill their aim.
The goal of increasing coordination between nations is to make the carbon market architecture better. The efforts for this need to be according to the climate mitigation goals.
COP28 Roundtable gathering of leaders and institution heads requested countries to increase their coordination. And be true to their commitment to climate mitigation. This initiative is intended to address the challenges posed by climate change on a global scale.