The Gulf Organisation for Research & Development (GORD), the driving force behind the Global Carbon Council (GCC), has unveiled the Climate Action Center of Excellence (CACE) to expedite the implementation of Article 6 of the Paris Agreement. Accompanying this launch are various carbon market initiatives designed to bolster global efforts in decarbonization.
The CACE is positioned to deliver a comprehensive suite of impactful solutions, aiding governments and the private sector in reducing emissions and advancing Sustainable Development Goals (SDGs). Its services include offering technical assistance to countries seeking entry into carbon markets, facilitating emission reduction and removal, mobilizing climate finance, ensuring value for investors, and generating new projects.
In light of the estimated $4.4 trillion required for developing countries to fulfill their Nationally Determined Contributions (NDCs), the CACE aims to play a crucial role in leveraging private sector finance.
Dr. Yousef Alhorr, Founding Chairman of GCC, emphasized the importance of finding innovative ways to stimulate finance for NDCs amid global uncertainty. The CACE is positioned as a catalyst for public-private partnerships, fostering an ecosystem that accelerates economic transformation and the low-carbon transition.
The CACE focuses on three strategic pillars: Article 6 Readiness, Internationally Transferred Mitigation Outcomes (ITMOs) market development, and accelerated decarbonization. Leveraging digital technology, it ensures integrity, trust, and avoidance of double counting in ITMO exchanges, along with environmental and social safeguard checks. Additionally, a global strategic communication initiative on Article 6 Excellence will facilitate the sharing of best practices.
At COP28, GCC sealed a deal with Global Environmental Markets to acquire the Global Carbon Registry®, a fully integrated carbon registry solution. This platform enables countries to launch their National Carbon Registries, utilizing GCC’s robust standard framework and expertise. GCC also shared updates on its innovative methodologies, introducing a new regulatory framework for Carbon Capture & Storage and unveiling a project standard for Nature-Based Solutions.
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