Bogota, 22 November – IETA and the Association of Colombian Carbon Market Participants (Asocarbono) today signed a memorandum of understanding to explore ways to work together to strengthen business capacity for the expanding carbon market in Colombia.
The agreement, signed during Asocarbono’s first annual congress in Bogota, initiates a new program of cooperation between the two business groups, leveraging IETA’s extensive experience in markets around the world and Asocarbono’s deep engagement in the Colombian carbon tax and offset market.
The MoU was signed by Dirk Forrister on behalf of IETA, and by Francisco Ocampo, executive director of Asocarbono.
In Forrister’s keynote remarks to the Asocarbono Congress, he noted the growth in interest in using Article 6 of the Paris Agreement. Article 6 will support nations who choose to work together to generate emission reductions that can be transferred internationally, ensuring that investment in carbon abatement can capture lowest-cost reductions around the world.
He noted that the upcoming COP 25 negotiations in Madrid aim to complete guidelines on Article 6 – and then IETA plans to work with more countries on how to use cooperative market approaches that attract private investment at scale.
“IETA is delighted to be working with Asocarbono, which represents one of the most dynamic carbon market environments in Latin America,” said Dirk Forrister, CEO of IETA. “Colombia is driving regional ambition through its carbon tax and offset policy, and we are happy to support the government and private sector actors in achieving their goals and potentially in expanding to a broader emissions trading market in the future.”