Navigating Article 6: Opportunities for the Middle East and North Africa
This report is designed to help public and private entities in MENA better operationalize mechanisms in Article 6 of the Paris Agreement.
This report is designed to help public and private entities in MENA better operationalize mechanisms in Article 6 of the Paris Agreement.
Article 6 provides a framework for an international carbon market that can help the Middle East and North Africa (MENA) region to channel capital into carbon reduction projects cost-effectively.
With MENA hosting back-to-back UN climate conferences (COP27 and COP28), decarbonization is rapidly coming to the fore in the regional discourse. However, while many MENA governments have introduced aggressive emissions reduction targets, only 12% of companies in the region have committed to net zero.
Against this backdrop, it is imperative to accelerate collaboration between public and private sectors to promote the implementation of a regional MENA carbon market to support a pragmatic and cost-effective transition to a low-carbon economy.
To date, MENA has been somewhat under-represented in Article 6 engagement activities. This report is aimed at helping public and private entities in MENA understand what needs to be done to operationalize the Article 6 market mechanism.