The World Bank will conduct a workshop on the Nitric Acid Climate Auctions Program (NACAP) at the Innovate4Climate (I4C) conference in Singapore next month. The workshop will explore innovative mechanisms to abate GHG emissions, in particular nitrous oxide (N2O) from nitric acid production.
N2O is a byproduct of nitric acid production with a GWP of 265 times that of CO2. However, significant abatement is possible with cheap, simple, and proven technology. The Nitric Acid Climate Auctions Program (NACAP) plans to provide financing to projects abating N2O in eligible countries.
As a pay-for-performance mechanism, NACAP aims to stimulate investment in projects that reduce GHG emissions while maximizing the impact of public funds and leveraging private sector financing. As more countries require N2O abatement, NACAP will provide early financial support and help companies build capacity ahead of regulations.
NACAP builds on the success of the Pilot Auction Facility and will be implemented in collaboration with the Nitric Acid Climate Action Group (NACAG), which supports countries with respect to the installation of N2O abatement technology worldwide.
The workshop will provide the audience with an update on the status of the Nitric Acid Climate Action Group and Nitric Acid Climate Auctions Program, and with a background on N2O abatement operations. It is directed at policymakers, project developers, financial intermediaries, carbon markets practitioners and other interested individuals and organizations.
Workshop title: Climate Auctions for Nitrous Oxide Abatement
Date: Wednesday, June 5th
Time: 9.30 to 10.30 am
Location: Room Simpor Jr 4911, Marina Bay Sands Expo and Convention Centre, SINGAPORE