Multinational - Enhancing access of the African private sector to international cooperation on climate action

The Paris Agreement allows countries to voluntarily use various market-based and non-market cooperative approaches for mitigation and adaptation to implement their Nationally Determined Contributions (NDCs). Article 6 of the Paris Agreement comprises the toolbox of such approaches for its implementation. Some market-based approaches for mitigation have already been defined in Article 6. Others, in particular non-market approaches for adaptation and mitigation are expected to be developed bottom up and brought into the Paris Agreement toolbox at a later stage. All these approaches would provide access to new sources of international finance, such as through the carbon markets or new finance sources for adaptation and mitigation. This project focuses on enabling the private sector to participate in the already defined international climate finance cooperative market based approaches for mitigation and in two new cooperative non-market approaches for adaptation with potential co-benefits for mitigation (Adaptation Benefits Mechanism and Park Bonds).