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West African Climate Alliance > News & Events > West African Alliance engages with Ivorian Article 6 Task Force on Voluntary Carbon Markets and Article 6
October 1, 2023

West African Alliance engages with Ivorian Article 6 Task Force on Voluntary Carbon Markets and Article 6

In the ever-evolving landscape of climate change mitigation, Voluntary Carbon Markets (VCM) can be a powerful tool to leverage climate action and raise mitigation ambition alongside compliance markets. On September 29th, the West African Alliance through its technical partner Perspectives Climate Group had the privilege of hosting an insightful workshop that delved into the interlinkages between Article 6 and the VCM. Axel Michaelowa set the scene with a detailed presentation on the developments in the VCM, highlighting the red-hot questions around integrity on voluntary markets and the role of authorization as a key interface between VCM and Article 6. The  workshop participants discussed how host countries can guide VCM developers and investors towards NDC implementation and how to incentivize investment in the country. The key take-aways from the enriching discussion are:

  • The importance of establishing a robust regulatory framework cannot be overstated. It not only provides clarity to stakeholders but also ensures the integrity of carbon markets. Discussion centered around the need for appropriate taxation structures to incentivize participation and the possibility of using revenue streams to finance the NDC.
  • Defining quality standards is crucial for the long-term viability of carbon markets. While immediate action may rely on private standards, long-term strategies should consider the development of comprehensive quality criteria.
  • To create consistency and coherence, integrating national standards is essential. Standardizing information through segmented registries can help stakeholders easily track activities and ensure transparency.
  • A platform for communication, coupled with robust awareness and education programs, can bridge the knowledge gap related to carbon markets. Effective communication is vital to engage a wide range of participants in carbon markets.

In the second part of the session, George Hodgetts (VCMI), Kavya Bajaj (Gold Standard) and Ben Djeukoua (West African Alliance) provided insights into the work of their organizations with host countries and opportunities to foster national capacity building and engage with VCM actors.