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30th May 2017

NACAG Side Event at the Innovate4Climate Conference

From 22-25 May 2017 the Innovate4Climate Finance and Markets Week took place in Barcelona, Spain. Organized by The World Bank and Fira Barcelona, this conference and exhibition brought together more than 1500 participants from 82 countries, representing governments, multilateral organizations, business, banking and finance, in order to discuss the next generation of climate finance and carbon market instruments. In a well-attended Side Event on 23 May, BMUB, GIZ and The World Bank presented the Nitric Acid Climate Action Group as well as the Pilot Auction Facility (PAF). In her speech, Silke Karcher of BMUB highlighted the importance to tap all mitigation potentials that can be exploited with little effort and at low cost such as the potential found in the nitric acid sector. In his address, Enrico Rubertus of GIZ underlined the valuable opportunity that NACAG is offering countries by providing pre-2020 climate finance to prepare an entire industrial sector for sustainable climate action. Finally, Stephanie Rogers from The World Bank presented the PAF as a model for results-based climate finance which can also be used for N2O projects from the nitric acid sector.

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