With the Paris Agreement’s rulebook nearly finalized, countries and subnational actors face the challenge of not only translating climate targets and strategies into action, but also determining how to finance and scale these actions. Through the Pilot Auction Facility for Methane and Climate Change Mitigation (PAF), the World Bank successfully piloted climate auctions, an innovative financial mechanism that stimulates private investment in projects that reduce greenhouse gas emissions. Climate auctions transparently allocate public finance to the most cost-competitive mitigation projects, quickly mobilizing private investment. As a results-based finance mechanism that disburses funding to projects only upon delivery of verified emission reductions, this mechanism helps ensure delivery of climate outcomes while also supporting the longer-term development of carbon pricing policies. As noted by special report of the Intergovernmental Panel on Climate Change, climate auctions represent one of the most promising new approaches to mobilize finance in support of Nationally Determined Contributions (NDCs).
This webinar will distill the findings of two recent reports, ‘Climate Auctions: A Market-Based Approach to National Climate Action’ and ‘The Potential for Climate Auctions as a Mechanism for NDC Implementation.’ Specifically, this webinar will outline how climate auctions work and how policymakers can utilize climate auctions to accelerate the implementation of NDCs and carbon pricing policies.
Registration Ends: 24 April 2019.