ADB Law and Policy Reform Program
Asian Development Bank

ADB meets with international standard setters to discuss legal innovations to scale up climate action at United Nations Vienna

UNCITRAL'S Climate Change Colloquium and VCCs Workshop

On 12 July, General Counsel Thomas Clark addressed UN member states, representatives from international organizations and international legal community at the UNCITRAL Colloquium on Climate Change and the Law of International Trade which explored the private international law aspects of climate change. He highlighted the need to strengthen legal and regulatory frameworks to catalyze private sector financing to scale up climate investments. In particular, he noted the lack of legal certainty in the voluntary carbon market (VCM) inhibiting its growth potential. On 11 July, OGC’s Christina U. Pak and Daniele Quaggiotto participated in a workshop on the legal nature of verified carbon credits (VCCs) organized by UNIDROIT and the World Bank alongside the UNCITRAL Colloquium. The workshop discussed the urgency for international legal standards setters to define the legal nature of VCCs to achieve certainty around their ownership and transferability thus scaling up VCM.


In this photo: Ms. Anna Joubin-Bret, Secretary of UNCITRAL; Ms. Annette L. Nazareth, Chair, Integrity Council for the Voluntary Carbon Market; Thomas M. Clark, General Counsel, ADB; Phillip Eyre, Mitigation Division, United Nations Framework Convention on Climate Change; Mr. Søren Lütken, Senior Economist, Copenhagen Climate Centre, United Nations Environment Programme

Contact Person

Christina Pak
Principal Counsel
Asian Development Bank (ADB)