Climate Change

Carbon Market Strategy to tackle Climate Change

December 3, 2024 6:40 am

Prime Minister Sitiveni Rabuka says Fiji’s National Carbon Market Strategy outlines the steps needed for effective engagement in the carbon market.

Speaking in Parliament yesterday, Rabuka highlighted that the strategy supports Fiji’s Nationally Determined Contribution and promotes high-integrity carbon projects that maintain environmental standards and social safeguards.

Launched at COP29 in Baku, Azerbaijan, the roadmap is based on Article 6 of the Paris Agreement.

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Rabuka says that the roadmap emphasizes cooperation among parties and stakeholders to tackle climate change through both market and non-market approaches.

The Prime Minister adds that this will allow Fiji to use both market-based and non-market-based carbon mitigation strategies, focusing on high-integrity practices, equitable benefit-sharing, and sustainable development.

“The roadmap identifies five pillars of action which have been sequenced across short, medium and long-term categories to facilitate a staged approach to the implementation of a roadmap action plan in Fiji. They include Pillar 1, enhancing market readiness through strategic actions. Pillar 2, strengthening legal frameworks and governance structures.”

He also adds that the roadmap was co-designed over 18 months, with input from workshops and webinars involving representatives from 14 government ministries, community groups, private sector members, and international experts.

Rabuka stresses that the roadmap is not a final strategy or policy but a guide to drive further efforts and consultations.