Programme

In this session, early movers in the international carbon markets will discuss the challenges and opportunities for mobilizing carbon finance to enhance climate action in Asia and the Pacific. Representatives from Asian Development Bank’s developing member countries and development partners will share insights and plans on leveraging carbon market mechanisms under Article 6 to enhance climate action, as part of their national strategies to achieve Paris Agreement goals. 

COP29 in Baku has been named the “finance COP” as it provides an opportunity for parties to align climate finance contributions with global needs. While climate finance serves as a crucial foundation to reach the Paris Agreement objectives, it is clear that climate finance alone will not be enough to close the financing gap. In this context, carbon markets and Article 6 of the Paris Agreement have an important role to play in mobilizing additional finance for increased climate ambition as well as accelerated achievement towards the sustainable development goals. This side-event will gather representatives from governments and multilateral organizations that have started implementing Article 6 carbon markets to share their views on the important role carbon finance can play in closing the finance gap.