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COP can be an exciting and overwhelming two weeks – both for those on the ground, and for those watching developments from afar – and we saw a number of innovative and ambitious initiatives  introduced. We therefore thought it would be useful for Gold Standard to share some of our highlights, along with some personal reflections on the COP.

Read our CEO - Margaret Kim's reflections after COP27

 ANNOUNCEMENTS DURING COP27 

SCF responds to the PREPARE Call to Action
to the Private Sector

On 11 November Special Presidential Envoy for Climate (SPEC) John Kerry and the Administrator for the U.S. Agency for International Development (USAID) Samantha Power launched a global Call to Action for businesses at COP27 to make new, significant commitments to signal the critical importance of building climate resilience in partner countries, as part of the President's Emergency Plan for Adaptation and Resilience (PREPARE). In response to this call-to action, Gold Standard’s partners in the Subnational Climate Finance Initiative (SCF), Pegasus Captial, announced more than $500 million to invest in adaptation strategies to reduce risks for communities in countries most vulnerable to climate change through the Global Subnational Climate Fund and the Global Coral Reef Fund. Both funds will be using the Gold Standard fund requirements to measure, manage and maximise the sustainable development impacts of their investments, and the Global Coral Reef fund will be applying our adaptation requirements to help design and implement their projects.

Official launch of the $1bn 
PAMEX Local Investment Finance Facility (PLIFF)

On 7 November our Head of Sustainable Finance Felicity Spors officially launched the PLIFF. This is a new financial tool which will fund adaptation and nature-based solutions in the Mediterranean. Gold Standard will work as part of the consortium, which includes R20 and the French and Spanish governments, to measure, manage and maximise its impact and to drive finance for meaningful change. The first project funded by the PLIFF will be Bardawil Lake development project in Egypt, which aims to restore the lakes ecosystem.

Launch of the “Ethereum Climate Platform”

On 17 November a group of Web3 companies including Consensys and Allinfra launched the Ethereum Climate Platform. Intended to accelerate climate finance at a scale to more than redress the historic carbon footprint of Ethereum dating back to its launch in 2015. The initiative comes two months after The Merge – the largest decarbonisation of any industry in history which eliminated 99.992% of Ethereum’s daily energy needs. Gold Standard will work with the platform to measure, manage and maximise its impact through the use of our fund requirements.

Egyptians Emission Reduction Platform Launched

During COP27, our CEO Margaret Kim, joined a number of Egyptian Ministers for the launch of EgyCOP, the Egyptian fund for investment in projects that issue carbon credits. As a partner, GOld Standard will work with EgyCOP members to ensure the delivery of high integrity credits, create SDG impact and build up local capacity.

SME Climate Smart Network Platform Launched

On 17 November, The International Trade Centre and the US Department of State launched the SME Climate Smart Network platform on which Gold Standard is featured as a partner. This new network has been developed to help support the low-carbon transition of small businesses by connecting buyers with businesses working to adapt to or mitigate climate change.

Gold Standard Community Side Event

On the side-lines of COP27 we brought together our project developers and market partners to hear the latest on Gold Standard’s strategy from the President of the Board, Yvo de Boer, and CEO, Margaret Kim. Followed by breakout sessions on how Digitisation, Article 6 and IC-VCM Alignment and Adoption, and the Certification Process can better enable project development. 

The sessions generated insightful conversations, with many constructive and thought-provoking suggestions and perspectives, including opportunities and limitations in the digitisation space, the need for continued advocacy and leadership in Article 6, through to improvements that can be made to better support the certification process. 

We thank all those who attended and look forward to ongoing engagement in all these areas moving forward. 

 REMINDERS 

Article 6 Updates

 WEBINAR PLAYBACK 

COP27 Article 6 Webinar

COP27: What happened on Article 6 and carbon markets, and (why) does it matter?

Gold Standard and a panel of market experts took a look at the outcomes of COP27 on carbon markets, and what these mean for the development of carbon markets, both voluntary and compliance. The panel discussed the final decisions adopted on Article 6, as well as other announcements made by governments, regulators and the private sector over the course of COP27.
 
Watch the recording on the Article 6 Webinar Series web page. 
 
New Impact Registry Functionality 

In October 2022, Gold Standard introduced new functionality into its Impact Registry, which will enable its carbon credits to be labelled as authorised and correspondingly adjusted under Article 6. This is an important milestone, which will enable project developers, buyers and other users to distinguish Article 6-authorised credits in the registry, as well as underpinning the transparent and robust implementation of Article 6.

A new document has been developed to provide guidance on this Article 6 functionality for account holders and viewers of the Gold Standard Impact Registry.
 
 REQUEST OF PROPOSAL 

Assessment of article 6 preparations in selected countries – informational product

We are currently seeking an implementing partner to prepare a public document (or online platform) that summarises the state of Article 6 preparations within selected countries across the world. More information, including expected outputs, timelines and the process to apply for this opportunity can be found in the Request for Proposal document.
Article 6 Early Movers Programme  

If you have not already done so, you can join the Gold Standard Article 6 Early Movers Programme which was set up in early 2022 to support stakeholders in the early stages of implementation.
 CONSULTATION REMINDER 
 

Climate Adaptation Consultation


Today, the 25th November, is the final day for submission of feedback on the Climate Adaptation Consultation.
 
Gold Standard has partnered with Resilient Cities Catalyst’s (RCC) to develop a new set of standard requirements aiming to incentivise, identify and value projects or portfolios which support communities to adapt for future climate risks and mobilise investments for such projects. Gold Standard is now inviting views from stakeholders on the new Adaptation Requirements.
 
VIEW CONSULTATION DOCUMENTS

Fund Requirements Registry Now Live

In September 2022 we launched a 2-year pilot of the new Gold Standard Fund Requirements, the aim of which is to provide a third-party verifiable investment management process to support investors to measure, manage and maximise the sustainable development impacts of their investments.
 
We have since opened the first Fund Requirements Registry - a publicly available repository of all Funds and Portfolios applying the Gold Standard Fund Requirements – with the Subnational Climate Fund (SCF) first to be listed.
 
You can find out more about the requirements and how to get involved in the pilot here.
 
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