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Spain will contribute 2.4 million euros to a World Bank initiative for the “global promotion of the carbon market”

The Council of Ministers, at the joint proposal of the Ministry of Economy and Business and the Ministry for Ecological Transition, has approved the agreement authorizing the contribution of 2,400,000 euros to the initiative New Generation of Market Instruments of the World Bank “for the global promotion of the carbon market”.

18/02/2019

Energias-renovables.com

The promotion of the carbon market and the testing of new formulas for climate financing that allow the achievement of additional actions to reduce greenhouse gases in third countries and promote the achievement of international commitments to combat climate change are two of the objectives pursued by this initiative. According to the statement issued by the Ministry for the Ecological Transition, “the World Bank has welcomed the leadership shown by Spain.”

The Paris Agreement -explains in its note the Ministry- provides an opportunity to develop a new market, based on approaches of voluntary cooperation, that favor climate action at the global level. These approaches -continues the Ministry- encompass a wide variety of climate actions linked to the promotion of emission reduction programs that can contribute to the fulfillment of the commitments presented by the countries (Determined National Contributions).

According to the Government, the New Generation of Market Instruments initiative seeks to “explore the development of innovative methodologies and technologies that allow these climatic actions to be translated into defined and comparable assets, so that they can be exchanged internationally”. The ultimate goal would thus be “to develop a common and efficient infrastructure on which the transactions of the future carbon market are supported”.

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