Spain supports World Bank in new climate change initiative

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The Spanish Ministry of Agriculture, Fisheries, Food and Environment participated in the 2nd edition of the Innovate4Climate Congress held in Frankfurt (Germany) recently. The event brought together all the most relevant international actors in the carbon markets and all the main sectors involved in the fight against climate change.

Maria García Rodríguez, leader of the Spanish delegation, opened the Congress alongside Hartwig Schafer, Vice-president for Global Themes at the World Bank, and the Secretaries of State from the German Ministry of the Environment, Nature Conservation and Nuclear Safety, and the Ministry of Economic Cooperation and Development.

The Spanish Secretary of State announced the cooperation of Spain in the World Bank initiative for a Next Generation of Market Instruments, as part of the commitment of our country to combating climate change. “In Spain we are committed to technological innovation and the design of new business and project funding formulas. We wish to explore and be conscious of the challenges of the future from an early stage”, she pointed out.

Hartwig Schafer, Vice-president for Global Themes at the World Bank welcomed “the leadership shown by Spain with the announcement of this brave initiative. The creation of markets within the framework of the Paris Agreement urgently requires innovative ideas and actions. This is an unprecedented opportunity for Spain to play a catalysing role in climate action, hand-in-hand with the World Bank”.

García Rodríguez explained that the Spanish Government is working “with the conviction that we have opportunities to modernise our economy, improve our environment, stimulate growth and create jobs through the promotion of innovative initiatives such as those proposed at this Congress”.

NEXT GENERATION OF MARKET INSTRUMENTS

The Paris Agreement affords an opportunity to develop new markets to facilitate climate action globally. The Next Generation of Market Instruments initiative, launched on the 23rd of the month, seeks to create a link between the supply and demand of assets from large-scale greenhouse gas reduction projects.

It will also feature the creation of a register to enable trade and ensure comparability and transparency.