ADB Workshop on Policy Architecture for High Integrity Carbon Markets

ADB held a deep dive carbon markets workshop on 10-11 December 2024 in Singapore with policymakers from 23 developing member countries (DMCs), as well as standard setters, market makers, and other key stakeholders following the breakthrough in the international carbon market under article 6 of the Paris Agreement, at COP29. The discussions focused on strategies to develop robust and high-integrity carbon markets at both the national and international levels. This included the development of tailored national strategies, and comprehensive, clear and transparent policy, legal, and regulatory frameworks for engaging in both voluntary and compliance carbon markets encouraging mobilization of private capital for carbon credit projects. DMC officials and market participants shared diverse experience ranging from policy development to credit monetization, good examples of benefit-sharing arrangements, and ways to ensure integrity and social and environmental safeguards. Singapore Regional Director Jackie Surtani delivered opening remarks, as well as Magsad Huseynov, First Secretary for the Ministry of Foreign Affairs of Azerbaijan, Sonja Gibbs, Head of Sustainable Finance of Institute of International Finance, and Martijn Wilder, Founder & CEO of Pollination. The workshop was a joint effort among several ADB departments including Climate Change and Sustainable Development, Office of Markets Development and Public-Private Partnership, and the Office of the General Counsel, with contributions from ADB Singapore Office, Private Sector Development Unit, and the Southeast Asia Department, which showcased ADB’s integrated carbon markets support.