Global Carbon Council Takes Part in COP27 Conference

Sharm El-Sheikh, November 16 (QNA) - The Doha-based Global Carbon Council (GCC) participated in the 27th session of the Conference of the Parties to the UNFCCC (COP27) currently convened in the Egyptian city Sharm El-Sheikh. During the participation, the council which is considered the first voluntary program globally recognized in offsetting the carbon footprints in the global south countries, intensified its efforts through offering technical performances, in addition to laying out policies and convening seminars and panel discussions in pursuit of stimulating the climate measures and funding the carbon which are among the other topics that address climate change. Commenting on the subject matter, Chairman of Global Carbon Council Dr. Yousef Alhorr said that the State of Qatar participates in COP27 conference to inform the world about the progress made in the council's program and its close links with the institutions and governments, as Qatar offers the plans for the development of new regulating frameworks in the areas of mitigating the carbon emissions through expanding the voluntary carbon markets and funding the measures of climate change, adding that the conference represents the optimal platform to demonstrate GCC's vision and climate programs through building alliance with international sectors and parties that are interested in exploring low carbon tracks in pursuit of achieving the sustainable development. During COP27 conference, GCC hosted a myriad of activities in the blue and green zones at the conference, where GCC's team within the blue zone staged sideline events in the pavilion of International Emissions Trading Association (IETA). Likewise, GCC organized an event in cooperation with the United Nations Development Program (UNDP) in the first week of the conference that featured the speeches of the attendees that highlighted the structure related to the article 6.2 of the internationally transferred mitigation outcomes (ITMOs) through voluntary carbon market program, while the other issues that were discussed during the events highlighted the future regulatory framework developed by GCC for carbon sequestration and storage, including the nature-based solutions, the legislative status, the time schedule and the updates being made by the council, based on the comments of the stakeholders and concerned entities in GCC states, including projects owners, auditors and purchasers. In addition, GCC's pavilion staged at the green zone hosted the activities of those who are interested in climate issues, where the experts conferred on the current progress made in the development of new methodological frameworks on the priority areas of mitigation and the imperative of finding an immediate funding to offset the carbon and tap into the fields of renewable energy through discussing the new regulatory frameworks of GCC with respect to carbon storage and sequestration, share carbon credits, and "blockchain" platforms to scale up carbon markets, and the future of carbon markets in developing countries, in terms of challenges and opportunities. The participation of GCC in COP27 conference resulted in promoting the interest of numerous stakeholders to better understand the role of carbon markets, especially with regard to the council's program, where over 1450 projects to reduce Greenhouse gas emissions have been offered from 40 countries to GCC, and if approved, they will lead to issue 2 billion carbon credits (1 carbon credit equals 1 ton to reduce, avoid or remove carbon dioxide) over a ten-year credit period, where the credits of GCC states will be utilized in offsetting the emissions of the host country associated with FIFA World Cup Qatar 2022. For countries and regions located in the Global South, GCC is the only international program accredited by CORSIA, and has also been accredited by ICROA. (QNA)