Blog | The Next Wave: Global Trends in Sustainable Finance Taxonomies
Raising Ambition & Closing the Gap
At COP28 last year, countries agreed on a landmark decision to "transition away from fossil fuels in energy systems."
The Global Stocktake has revealed that the world is far from meeting the Paris Agreement's goals, further narrowing pathways to the 1.5°C threshold. Since 2009, developed nations have not met their pledge to mobilize $100 billion annually for climate finance to support developing countries. COP29 will primarily focus on securing climate finance for developing countries. Parties will be discussing the New Collective Quantified Goal on Climate Finance (NCQG) that addresses this massive persisting funding gap.
As climate change impacts intensify, it is increasingly vital for developed countries to fulfill their commitments and raise the ambition for enhanced access to climate finance, while also improving the efficiency of international climate funds and multilateral development banks.
Our Framework for Action
Carbon Markets
CCAP advocates for the implementation of Article 6 in Latin American countries while fostering social integrity through carbon market initiatives.
This involves:
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Taking a comprehensive approach to understanding the advancements and obstacles related to the implementation of the article in these nations.
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Raising awareness and offering support to Latin American countries in their efforts to operationalize Article 6.
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Enhancing the social integrity of carbon markets by adopting environmental and social safeguards, as well as ensuring fair and equitable benefit-sharing with indigenous peoples and local communities.
Climate Finance
CCAP is currently advancing policy solutions to accelerate transformative climate finance by mobilizing financial resources from the public and private sector. With Parties expected to launch their NDC 3.0 in 2025, countries are in the process of updating and revising their ambitions to meet their obligations to the Paris Agreement. So far, Panama is the only country with immediate advancements, spearheading the inclusion of their recently launched sustainable finance taxonomy into their NDC 3.0, becoming the first country to introduce language on aligning public and private financial flows in their NDC. With the New Collective Quantified Goal (NCQG) set to be defined at COP29, CCAP is advocating to operationalize and implement Article 2.1(c) of the Paris Agreement to:
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Enhance the transparency of public and private finance alignment to the Paris Agreement
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Accelerate finance for mitigation, adaptation and climate resilience
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Strengthen the capacities of countries to monitor, report, and verify climate finance flows under the Enhanced Transparency Framework (ETF)
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Raise the ambition of countries to integrate language on aligning public and private financial flows through sustainable finance (green) taxonomies into their NDC 3.0
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Signal financial market participants to shift from brown to green investments.
Methane Mitigation
Methane mitigation is recognized as the single most effective strategy to reduce global warming in the short term, leading over 150 countries to sign the Global Methane Pledge. CCAP is actively working with country signatories around the world with over 20+ countries and 50+ municipalities to implement policies and accelerate methane mitigation projects in the waste sector to help them achieve their pledge.
With countries working towards the launch of their NDC 3.0, CCAP is actively contributing to raising the ambition of existing waste sector targets in countries through the delivery of technical aid and high-level policy guidance.
Stop by our Exhibit Booth | #32
Nov. 20-21
Be sure to stop by and connect with us at our Exhibit Booth from Nov. 20-21, as part of the Education, Science and Technology section.