At COP25, a side event on tools for innovative finance for nitrous oxide abatement was held at the IETA Pavilion. At the event, representatives of the Ministry of Climate Change of the Islamic Republic of Pakistan (MoCC), the World Bank, the German Environment Ministry (BMU) and GIZ discussed climate auctions as a tool to facilitate the abatement of nitrous oxide emissions in the nitric acid sector.
Venkata Putti (World Bank) explained how the Nitric Acid Climate Auctions Program functions and how it can contribute to a green transformation of the fertilizer industry. Dr. Silke Karcher (BMU) highlighted the principles of the Nitric Acid Climate Action Group (NACAG) and its offer of technical and financial support for its partner countries. Irfan Tariq, Director General of the MoCC, expressed Pakistan’s support for NACAG and explained the country’s ambitious activities in the field of carbon markets.
The event concluded with a question and answer session, where all participants highlighted the need for innovative forms of climate finance to reach the goals of the Paris Agreement.