The Carbon Market Institute (CMI) welcomes today’s release by the Fijian government of their National Carbon Market Strategy Roadmap. The Roadmap was launched by the Fijian Attorney Hon. Graham Leung at an event also attended by Australia’s Climate Ambassador Kristin Tilley at the Moana Blue Pacific Pavilion at the COP29 meeting in Baku, Azerbaijan.
The Roadmap was developed under the leadership of the Fiji Government, with funding support from the Australian Government and technical assistance provided by CMI.
“This Carbon Market Roadmap is another testament to Fiji’s leadership in global climate action and builds on the foundations of its Climate Change Act to ensure transparent, equitable carbon market design and engagement with international carbon markets,” said John Connor, CMI CEO.
“Progress in those markets has been one of the brighter spots at COP29 and CMI hopes its support for the Fijian Government’s Climate Change Division in developing the Roadmap can boost investments in energy, transport and the protection or regeneration of natural ecosystems.”
CMI facilitated stakeholder consultation workshops in Suva which involved stakeholders gaining an understanding and exchanging views on carbon markets as a way to mobilise additional investment into emissions reduction projects that could also enhance climate resilience and promote sustainable development goals.
CMI also facilitated the sharing of Australian and PNG Indigenous carbon expertise which has led to separate partnerships between Australian and Fijian Indigenous organisations.
The Roadmap outlines key carbon market options, evaluates associated risks and opportunities, and identifies priority actions to guide future policy development, capacity building, and stakeholder engagement initiatives.
Importantly, it defines Fiji’s national priorities and principles to align carbon market activities with its NDC commitment achieving net zero emissions by 2050 and operating a nationally led and context-specific strategic approach to carbon market engagement.
The Roadmap also aligns with broader global efforts to enable developing nations, particularly Least Developed Countries and Small Island Developing States, to leverage carbon markets effectively to support their development goals, as highlighted in a recent report by UN Trade and Development (UNCTAD).
The recent progress made at COP29 in adopting methodological standards for the Paris Agreement Crediting Mechanism further underscores the potential of international carbon markets to generate revenues for the Adaptation Fund through the levies of Share of Proceeds (SOP) on carbon credits issued under Article 6.4 mechanism.
“CMI acknowledge the support of the Australian Government through DFAT international engagement funding. Despite the recent repurposing of funds under the previous Government’s Indo Pacific Carbon Offsetting Scheme into support for renewable energy and the Pacific Regional NDC Hub, CMI looks forward to Australia supporting IPCOS partners Fiji and the PNG as well as other Pacific countries as they build capacity, institutional frameworks and pilot projects funded by carbon market investors,” said Connor.
