Increased investment in activities that reduce greenhouse gas emissions is vital for achieving the glibal objective of avoiding catastrophic climate change. Carbon markets can play an important role in promoting such investment, which is why many countries are preparing to actively participate in the carbon market created by Article 6 of the Paris Agreement.
But international cooperation under Article 6 can be complex. To address this, the SPAR6C Toolbox for Article 6 Implementation has been designed to make it easier for all parties involved, providing a comprehensive decision support system for governments and the private sector.
Making essential knowledge accessible
The Toolbox guides comprise actionable guidance on topics like how to meet the Paris Rulebook requirements for Article 6 participation, how to design institutional arrangements for Article 6 authorization, tracking and reporting, and how to weigh the risks and opportunities through the development of an Article 6 host country strategy.
Building local expertise in host/seller countries is a core objective of the SPAR6C program, including that of the private sector because local investors and developers of emissions-reducing projects are key to amplifying Article 6's transformative potential. However, many private sector stakeholders are unaware of or very new to carbon markets and Article 6. Therefore, several of the Toolbox guides, such as the guide on “Screening and developing Article 6 activities,” have been designed with this audience in mind.
At the center of the SPAR6C Toolbox initiative is a task force composed of a broad range of carbon and climate finance experts. With this consortium, SPAR6C brings to the Toolbox more than 20 international experts in climate and carbon finance, including many who worked to build the carbon markets under the Kyoto Protocol. To develop the six guides available now, this international expertise was matched with a keen understanding of local needs from SPAR6C partner countries and others globally.
The guides have also received technical review and inputs from carbon market experts at the program’s funding agency, the German Federal Ministry for Economic Affairs and Climate Action (BMWK), and the Secretariat of the UN Framework Convention on Climate Change (UNFCCC). The program seeks to integrate continuous feedback from global experts and carbon market practitioners, with a direct feedback channel at SPAR6CToolbox@gggi.org.
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