Stockholm (NordSIP) – Gold Standard, a Swiss organisation promoting international climate standards, and the Swedish Energy Agency announced a partnership to facilitate the Swedish Government’s acquisition of quality Internationally Transferred Mitigation Outcomes (ITMOs). ITMOs are units from the new mechanism for the international emissions trading between Parties to the Paris Agreement. The partnership is based on Article 6 of the Paris Agreement, which enables governments to voluntarily cooperate in the achievement of their Nationally Determined Contributions (NDCs), using market and non-market-based approaches to transfer mitigation outcomes.
“We expect this collaboration to provide valuable insight and the tools necessary to facilitate international cooperation on climate change and increased ambitions, in line with the Paris Agreement,” says Sandra Lindström, Head of International Climate Cooperation, from the Swedish Energy Agency.
According to Gold Standard, this is the first time a national government enters such partnership to procure high-integrity emission reductions to meet their national target through Article 6 of the Paris Agreement. The goal is to serve as a model for broader international cooperation in mitigating climate change.
“We’ve built a track record over nearly two decades of maximising the impact of carbon finance in both compliance and voluntary markets. It’s only logical to extend this to international agreements, positioning buyer and host countries and the climate to mutually benefit,” Gold Standard Chief Executive Officer Margaret Kim adds.
Rather than initiating new processes, Gold Standard rules, framework, and infrastructure will be adapted for use by the Swedish Energy Agency to facilitate their Article 6 activities. Through the adoption of the rules the Swedish Energy Agency hopes to reduce transaction costs, increase certainty over supply for the government, reduce risk for project developers, and give independent assurance to all stakeholders that rigorous requirements are in place to ensure integrity and quality.The partnership will also facilitate quantifiable and verifiable and tangible contributions climate efforts and other Sustainable Development Goals.
Image courtesy of Energimyndigheten