Carbon market and nature-based solutions will be part of the COP26 agenda
From November 1 to 12, the 2021 United Nations Climate Change Conference takes place in Glasgow, Scotland. BIOFIX and EcoRegistry are present on this stage to talk about the importance of boosting the carbon market and thus achieving the commitments acquired at the Paris Summit.
There are high expectations in the 26th edition of the United Nations Conference. Countries that committed themselves in 2015 to the implementation of actions and policies that contribute to the global goal of not exceeding the limit of global warming to 2 ° C, will report in this space on the progress and results obtained.
A key aspect of this event is in the making of binding and substantial decisions around Art.6 by all nations and thus materialize vital aspects for the implementation of carbon markets, instruments that play an important role in increasing ambition. climatic. Among others, the accounting frameworks for the transfer of mitigation results between countries will be regulated, which would allow greater reliability and transparency to the markets under clear rules of additionality and reliability.
Colombia is one of the countries in the region most committed to this global mission, which is why it will have representation from the public and private sectors to make visible its mitigation commitments, in addition to emphasizing its goal of being carbon-neutral by 2050 and achieve a 51% reduction in Greenhouse Gas (GHG) emissions by 2030.
BIOFIX, an expert company in the development of nature-based solutions, together with EcoRegistry, a registry platform for the carbon market based on blockchain technology, are participants in this meeting in Glasgow to highlight the advances of the Colombian carbon market and its important contribution to the national goal, as well as the enormous potential of this market within the international voluntary markets.
“In South America we have all the potential to offer nature-based solutions and reduce CO2 emissions, through the protection of forests. I have great expectations at COP26, because it is ideal that we achieve the climate financing we need if we want to reach 2030 by meeting the goal of reducing emissions", says Ana Milena Plata, manager of BIOFIX.
Today, BIOFIX has 9 REDD projects that contemplate, in total, the protection of more than 1,300,000 hectares of humid and tropical forests, located in strategic areas with extensive biodiversity. These projects, carried out in conjunction with ethnically differentiated communities, have managed to positively impact the lives of nearly 40,000 people, through the commercialization of carbon credits.
For its part, EcoRegistry, a platform created in 2019 thanks to the alliance between XM, a company that operates systems and markets and develops innovative energy solutions and services, and Latin Checkout, has registered more than 25 million tons of CO2 captured, through through emission reduction projects such as those developed by BIOFIX.
“Our work has allowed us to be the national platform with the largest number of projects registered in the Colombian market; 64 public projects and 25'732,381 tons of GHG reduced / removed registered ”, says Ana Mercedes Restrepo, director of Strategy and Innovation at XM.
Today, projects registered through EcoRegistry can directly access the European market to trade their carbon certificates on the international voluntary market, thanks to interoperability with ClimateTrade and Carbon Footprint Italy.
Both EcoRegistry and BIOFIX are part of the International Emissions Trading Association (IETA), the global association of carbon market players, and are associated with Asocarbono, the union that brings together carbon market players in Colombia. Likewise, EcoRegistry is linked to the Climate Chain Coalition, a global initiative on blockchain and digital solutions for the adaptation and mitigation of climate change. It is expected that the participation of these two companies in COP26 will make visible the climate financing alternatives that have been implemented in Colombia and that are being scalable worldwide; His intervention will take place in the Colombia pavilion, on November 5 at the panel: “Sharing the Colombian carbon market experience”, together with the Ministry of Environment and Sustainable Development and Ecopetrol.
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