At the Side Event dedicated to the NACAG at COP23 in Bonn on Nov 10 2017, the World Bank Group officially announced its collaboration with the NACAG initiative. Speaking at the event, the World Bank’s Director of Climate Change, James Close, declared that the World Bank would be supporting the goals of the NACAG through its Climate Auctions Program. Building on the success of the Pilot Auction Facility, the Climate Auctions Program is going to provide results-based finance for N2O abatement. In his speech Mr. Close stressed that climate auctions represented innovative and efficient instruments with great potential to de-risk green investment and leverage private sector financing.
In his address, State Secretary Jochen Flasbarth (BMUB) highlighted the two-fold approach of NACAG consisting of both climate finance for NDC implementation and the clear perspective that partner countries will take over full responsibility for the emission reduction measures from 2021 onwards. He invited other countries to join this global action group and take part in the worldwide transformation of the nitric acid sector.
Also speaking at the event, Tara Nitz from the VCI underlined the benefits of the initiative’s sectoral approach. Stating that sectoral approaches were extremely efficient in contributing to the achievement of countries’ emission reduction goals, she advocated transferring NACAG’S approach to other sectors as well.
Photo credits: DECHEMA