Country Perspectives on Carbon Registries: Lessons, Challenges, and Opportunities Post-COP29

Partners: UNDP
November 18, 2024, 10:30-11:30
UNFCCC Global Innovation Hub Pavilion 

To address the escalating impacts of climate change, cutting greenhouse gas (GHG) emissions is imperative. Carbon markets have emerged as a vital tool, enabling more efficient resource allocation, cost reductions, and a smoother transition to a low-carbon economy, driving nations toward net-zero emissions. By trading carbon credits, emissions could be further reduced by 50 percent—5 gigatons of CO2 annually by 2030—without extra costs. However, these reductions must be real, credible, and accurately tracked, requiring robust data and trade infrastructure for transparency and accountability. Digital for Climate (D4C) is a collaboration between EBRD, UNDP, UNFCCC, ESA, IETA, and the World Bank. It aims to create a modular, interoperable end-to-end digital ecosystem for carbon markets to support a transparent, high-integrity global market, channeling capital for impactful climate action and low-carbon development. The D4C Working Group is dedicated to digitalizing the generation, reporting, and transfer of carbon assets, streamlining post-2020 carbon markets under the Paris Agreement. 

The event is designed to convene country representatives for a focused discussion on key considerations in the operationalization and development of registry systems. The session will highlight both the barriers that countries face—such as technical capacity, regulatory hurdles, and financing—and the opportunities for increasing efficiency, streamlining access, and enhancing transparency. Participants will explore reflections on what potential buyers and host countries seek from these registries, including how they align expectations, particularly considering COP29 outcomes. Additionally, the session will touch upon the implications of the UNFCCC’s Article 6.4 and 6.2, examining how these frameworks for international carbon markets are shaping the architecture of registries. The goal is to foster mutual understanding of development and operationalization of registry systems while addressing the expectations and roles of buyers and sellers in a rapidly evolving carbon market landscape.