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VERSION:2.0
PRODID:unctad.org
BEGIN:VEVENT
UID:6a7b0d42d8df1
DTSTART:20250620T110000Z
SEQUENCE:0
TRANSP:OPAQUE
DTEND:20250620T123000Z
LOCATION:Bonn\, Germany
SUMMARY:Side event at UNFCCC SB62: BICFIT as a catalyzer of investments\, i
 ncluding via operationalization of Article 6\, and one of the platforms co
 ntributing to the Baku–Belem roadmap to 1.3 T
CLASS:PUBLIC
DESCRIPTION:At COP29 in 2024\, the final building blocks for carbon markets
  under Article 6 of the Paris Agreement were agreed upon under Azerbaijan
 ’s presidency. By developing transactions using agreed rules\, parties a
 nd stakeholders can work together to reduce greenhouse gas emissions by ge
 nerating high-integrity carbon credits that support global efforts to figh
 t climate change.The Baku Initiative on Climate Finance and Investment for
  Trade (BICFIT) aims to support global coherence between the UNFCCC\, glob
 al trade\, and development processes\, aligning climate finance\, investme
 nt\, and trade with national development strategies strengthening support 
 for countries’ Nationally Determined Contributions (NDCs)\, National Ada
 ptation Plans (NAPs)\, and Long-term Low-Emission Development Strategies (
 LT-LEDS) while fostering alignment with sustainable development. BICFIT su
 pports the creation of “new exportable green products” in developing c
 ountries. The initiative. Led by Azerbaijan in its capacity as COP 29 Pres
 ident and co-facilitated by UN Trade and Development (UNCTAD) and the UN D
 evelopment Program (UNDP)\, in collaboration with other international orga
 nizations and stakeholders\, including the Asian Development Bank (ADB).As
  part of its contribution to the initiative\, UNCTAD offers assistance to 
 developing countries in attracting climate-aligned foreign direct investme
 nt (FDI) and in promoting knowledge sharing on policies and practices that
  enhance green industrial development\, low-carbon infrastructure\, and su
 stainable trade systems. In addition\, it aims to assist countries in deve
 loping “green free economic zones” and restoring trust in sustainable 
 finance. UNCTAD also supports developing countries in leveraging green exp
 ort opportunities to promote low-carbon economic diversification\, climate
  resilience\, and improved market access. Over the last decade\, it has he
 lped more than 30 countries develop sustainable export value chains. Its w
 ork also strengthens the trade–climate policy nexus\, supports alignment
  with national climate plans (including NDCs)\, and promotes access to cle
 an technologies and innovation through trade.International carbon markets 
 under Article 6 of the Paris Agreement are an integral element of the broa
 der climate policy architecture that enables the international trade of GH
 G emission reductions for the achievement of national climate targets and 
 can also incentivize the diffusion of low-carbon technologies and solution
 s through sending a clear price signal. In the context of enabling climate
  ambition and a pathway towards just transition\, UNDP’s High-Integrity 
 Carbon Markets Initiative (HICM) constitutes a tangible example of how car
 bon markets can generate finance and verifiable results on the ground\, pl
 acing social and environmental safeguards as guardrails for investments an
 d market access. UNDP’s HICMI supports the implementation of NDCs throug
 h high-integrity transactions through Article 6.2\, Article 6.4 and/or vol
 untary carbon markets\, unlocking ambition and access to carbon finance in
  partnership with developing country governments and high-potential jurisd
 ictions.BICFIT presents an opportunity to leverage international carbon ma
 rkets to create clear definitions of “green products” and mobilize cli
 mate finance through results-based payments. There is an opportunity to us
 e carbon market mechanisms under Article 6 to green trade and investments 
 by enabling more finance to flow to climate action. Having coherent and ha
 rmonized definitions of “green products” that leverage carbon markets 
 can form a key component of the Baku to Belém Roadmap to 1.3T\, which env
 isions scaling up financing to developing countries for climate action fro
 m all public and private sources to at least USD 1.3 trillion per year by 
 2035.In this context\, the COP 29 Presidency aims to organize a side event
  at the meeting of Subsidiary Bodies of the UNFCCC in June in Bonn that ai
 ms to share knowledge on how countries can leverage international carbon m
 arkets under Article 6 to catalyze green trade and investments\, with an o
 bjective to help countries improve synergies and efficiency between differ
 ent economic sectors. The roundtable session will be organized for Article
  6 negotiators\, climate and carbon policymakers\, as well as government\,
  non-government\, multinational\, and private sector entities.https://clim
 atepromise.undp.org/highintegritycarbonmarkets\n\nView meeting on unctad.o
 rg\nhttps://unctad.org/meeting/side-event-unfccc-sb62-bicfit-catalyzer-inv
 estments-including-operationalization-article-6
DTSTAMP:20260811T115338Z
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