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The Eastern Africa Alliance on Carbon Markets and Climate Finance (EAA) at COP 26

Photo: EAA

December 2021 - In order to reduce global greenhouse gases to net zero by 2050, a far-reaching decarbonization of all economies is required. Increased private sector involvement and the use of market-based instruments can make a significant contribution in this regard. The exchange with stakeholders plays a central role in creating a regulatory framework and accompanying the international negotiations on Article 6.

The Eastern Africa Alliance on Carbon Markets and Climate Finance (EAA) and its activities have recently experienced significant growth. During numerous events held at COP 26, EAA Coordinator Bianca Gichangi presented the Alliance's diverse activities on Article 6, the voluntary carbon markets, and capacity building. The discussions in the events below showcase that there is significant willingness to strengthen work on Article 6. Due to the positive negotiation outcome achieved at COP26, this work can be continued in the future with a focus on implementation.

The Nordic Initiative for Cooperative Approaches (NICA) organized an online event on enhancing NDC ambition through Article 6 cooperation in Africa on 3rd November 2021 at the MDB Pavilion. The event mainly focused on the ongoing initiatives in Africa, opportunities for host countries, Africa's views on Article 6 piloting, and highlighted the importance of these activities for enhancing market readiness. At the event, the Alliance, Perspectives Climate Group (PCG) and NEFCO shared their experiences. The recording may be accessed here.

The voluntary carbon market (VCM) has played a significant role in the Eastern Africa region, with the number of issued credits lying above those of the CDM. The Climate Markets and Investment Association and Gold Standard organized an event on 4th November at the NDC Partnership Pavilion on catalyzing market mechanisms to help deliver NDCs. Key issues discussed included the voluntary carbon market interaction with NDCs, increasing private sector capital, scale up of VCM as well as challenges faced, such as the capacity building required on the government side to implement Article 6. The recording of the conversation can accessed here.

Still, on voluntary carbon markets, BMU organized an event on buyer and seller perspectives held on 10th November at the IETA hub (fully virtual). The Alliance provided insights on the seller country's opportunities and challenges on the voluntary carbon market. The event fostered a rich discussion on the importance of integrity in the VCM and how companies can better integrate market mechanisms in their climate actions. Access the video here.

To highlight progress in Article 6 piloting and initiatives to ensure environmental integrity and facilitate capacity on corresponding adjustments, the Nordic Environment Finance Corporation (NEFCO) organized an event at the Nordic pavilion on 9th November 2021. The discussion centered around piloting initiatives, government institutional readiness, the scale-up opportunity for piloting, and Africa's competitive advantage under Article 6. For more on the engaging discussion, watch the recording here.

Lastly, a side event was co-organized by PCG and the Global Green Growth Institute on capacity building for Article 6 readiness at the PCCB pavilion on Tuesday, 9th November. It focused on sharing experiences on practical capacity-building initiatives and methods, innovation, and reaching out to broad audiences. Watch the session here (from 3:55:15).

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