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ITMOs pipeline established: CACE and GEP Forge Comprehensive Strategic Alliance to Catalyze Global Climate Action

Friday, 24 May 2024 | 00:00

In a significant move for global climate action, the Climate Action Center of Excellence (CACE) and the Green Economy Partnership (GEP) have formalized a comprehensive strategic partnership. This initiative, backed by the Gulf Organisation for Research and Development (GORD) in its capacity as the parent entity of CACE, heralds a new era of integrated efforts across policy frameworks, technological platforms, and investment in climate-resilient projects.

The partnership will concentrate on several pivotal areas: enhancing host countries’ readiness for Internationally Transferred Mitigation Outcomes (ITMO) projects, increasing transparency in ITMO transfers, and ensuring alignment with the sustainable development goals of all involved parties. Importantly, this collaboration aims to leverage climate finance and foster a large pipeline of high-integrity ITMOs. This strategic alliance is designed to meet 2030 Nationally Determined Contribution (NDC) targets, focusing on regional players and industries that are hard to abate. By activating Article 6, CACE and GEP are opening new avenues for both public and private entities to partake in significant and effective climate action.

Through CACE’s innovative platforms, including policy frameworks, carbon registries, and carbon layer inclusion, coupled with GEP’s robust investment in building a substantial project pipeline, this alliance is set to enhance market fungibility and drive significant environmental impact.

Dr. Yousef Alhorr, Founding Chairman of GORD, said the agreement embodies GORD’s mission to foster innovative solutions that address critical environmental challenges. “The partnership between CACE and the Green Economy Partnership exemplifies our dedication to enhancing international cooperation and supporting nations in their journey towards a greener future,” he said.

Alexandra Soezer, Director of CACE said the strategic agreement is not just a commitment to meet existing climate goals but a bold step towards creating a sustainable future through dynamic and scalable climate solutions. “This agreement harnesses both organizations’ strengths to accelerate the adoption of Article 6 of the Paris Agreement,” she said.

“By enhancing the capacity of host countries to deliver correspondingly adjusted ITMOs, we are paving the way for substantial environmental and economic benefits globally.

Arthur Chirkinian, CEO of Green Economy Partnership, said he is enthusiastic about this new partnership because of its strategic importance for global climate initiatives. “This is a transformative alliance that underscores our dedication to pivotal climate action on a global scale,” he said. “By aligning our resources and expertise, we aim to create a ripple effect of sustainable impact, demonstrating that economic development and environmental stewardship can go hand in hand.
Source: Climate Action Center of Excellence (CACE)

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