The Global Carbon Council (GCC) – MENA region’s first voluntary carbon offsetting program – has concluded its participation at the 27th session of the Conference of the Parties (COP 27) to the UNFCCC on 18th November 2022 in Sharm El Sheikh, Egypt. Dubbed as “the largest annual gathering on climate action”, the two-week event brings together climate experts from governments, businesses, community groups, academic institutions and nonprofit organizations. At the official pavilion of the Global Carbon Council, senior leadership of the organization hosted multistakeholder engagement activities that included formalization of strategic partnerships and high-level meetings with policy makers and leaders representing government entities.
Sharing his thoughts on the outcomes of GCC’s participation, Founding Chairman, Dr. Yousef Alhorr said, “We are extremely pleased with our participation at the 27th session of the Conference of the Parties (COP 27) to the UNFCCC. The multilateralism of this forum has offered the Global Carbon Council with unique opportunities to widen the impact and reach of our work. Through our engagements at COP27, we have been able to strengthen our existing climate alliances all the while initiating new strategic partnerships to work towards the objectives of the Paris Agreement.”
A significant outcome of GCC’s participation at COP27 was the signing of a memorandum of understanding between GCC and the Regional Center for Renewable Energy and Energy Efficiency (RCREEE) – an independent intergovernmental and not-for-profit organization that aims to enable and increase the adoption of renewable energy and energy efficiency practices in the Arab region. Signing the MoU on GCC’s behalf was Founding Chairman, Dr. Yousef Alhorr, who was joined by Dr. Jauad El Kharraz, Executive Director of RCREEE. Through this MoU, the two entities will join efforts on the deployment of renewable energy and foster applied research projects and curriculum development that are driven by challenges faced in the energy sector. A key aspect of the latest agreement encompasses collaboration on encouraging RECEEE member countries to use GCC program for meeting their climate mitigation and adaptation initiatives.
Seminars and presentations offered by GCC members and third parties joining the GCC Pavilion featured topics related to role of carbon markets in issuing Internationally Transferred Mitigation Outcomes (ITMOs), carbon finance in renewable energy sector, GCC’s upcoming regulatory frameworks on carbon capture and storage and nature based solutions, upcoming methodologies in emission reductions due to water savings, green hydrogen and refrigerant switch. The topics presented also covered the operational performance of GCC from the perspectives of external stakeholders including verifiers, buyers and owners. Guest contributors presenting at the GCC Pavilion included representatives from the United Nations Development Programme, World Bank Climate Warehouse, International Emissions Trading Association (IETA), International Renewable Energy Agency (IRENA), Ernst & Young, German Emission Trading Authority, UAE Ministry of Energy and Infrastructure, and Turkish Ministry of Environment, Urbanization and Climate Change.
GCC started engagements with several governments and multilateral organizations during COP27 on supporting domestic climate action efforts. This is in addition to the program’s recognition by the Singapore’s National Environment Agency (NEA). As an outcome of GCC’s recent MoU with NEA signed on November 14 electronically, GCC’s high-integrity carbon credits are now eligible to be used in Singapore by companies looking to offset up to five percent of their taxable emissions from 2024 under the country’s Carbon Pricing Act.
Following insightful discussions and strategic engagements, GCC’s participation in COP27 resulted in a fruitful exchange of ideas between the representatives of GCC operations, stakeholders engagement teams and interested parties that included governments and leading international entities.
