The development of effective climate policy and finance frameworks will be crucial in decarbonizing the global economy. This thought was reiterated at last week's Carbon Expo conference by Rachel Kyte, Vice President and Special Envoy for Climate Change at the World Bank Group who was quoted saying that market mechanisms will be key to mobilizing a global response and grow without carbon.
Present at the world's largest climate finance and carbon market trade fairs, South Pole Group and the Group's Kariba REDD+ project were able to show how sustainable development benefits can add value to carbon and climate finance, besides benefiting the environment and improving local livelihoods.
"All REDD+ projects should have many co benefits as Kariba REDD+ project does" said Rebecca Ng Guerrerro, Executive Vice President of the National Council for Climate Change and Clean Development Mechanism of the Dominican Republic, at Carbon Expo. The Kariba project activities have not only helped to stop deforestation and degradation, but have also made significant improvements in health and education within the project area. It is a great example of a market-based instrument at work.
Overall, an acceleration of global carbon mitigation markets was seen to depend heavily on ambitious progress during the climate change negotiations in Paris this December. However many private sector actors including South Pole Group are not waiting on action from policymakers to find new solutions the market is set to see a significant demand in high quality renewable energy certificates and other environmental commodities and products through a stronger participation of key market players in initiatives such as the RE100 and in pledges for deforestation free supply chains for example.
"There is an increasing trend among companies in taking action for more sustainable supply chains. On the one hand, there is a growing perception of climate change as an opportunity for cost reductions and the creation of shared value within supply chains. On the other hand, there is also a stronger and more conscious perception of risks posed by the impacts of climate change or future carbon pricing policies across supply chains.," said Patrick Burgi, South Pole Group's Director Public Sector, speaking at an event focused on climate markets and sustainable supply chain management at Carbon Expo. "Progress shouldn't be set back while waiting for Paris: we at South Pole Group have a solid track record in already being able to offer companies relevant sustainability solutions to reach their targets."