Climate Auctions : A Market-Based Approach to National Climate Action

With the Paris Agreement and most of its detailed rulebook now finalized, countries and subnational actors face the challenge of translating climate targets and strategies into action and determining how to finance these actions. Through the Pilot...

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Main Author:	World Bank Group
Format:	Policy Note
Language:	English
Published:	World Bank, Washington, DC 2019
Subjects:	CLIMATE CHANGE CARBON PRICING NATIONALLY DETERMINED CONTRIBUTION NDCs GREENHOUSE GAS EMISSIONS CLIMATE AUCTIONS CLIMATE CHANGE MITIGATION CLEAN DEVELOPMENT MECHANISM ABATEMENT POLICIES CARBON DIOXIDE EMISSIONS CARBON POLICY
Online Access:	http://documents.worldbank.org/curated/en/480311550853018431/Climate-Auctions-A-Market-Based-Approach-to-National-Climate-Action http://hdl.handle.net/10986/31322

id	okr-10986-31322
recordtype	oai_dc
spelling	okr-10986-313222021-05-25T09:21:52Z Climate Auctions : A Market-Based Approach to National Climate Action World Bank Group CLIMATE CHANGE CARBON PRICING NATIONALLY DETERMINED CONTRIBUTION NDCs GREENHOUSE GAS EMISSIONS CLIMATE AUCTIONS CLIMATE CHANGE MITIGATION CLEAN DEVELOPMENT MECHANISM ABATEMENT POLICIES CARBON DIOXIDE EMISSIONS CARBON POLICY With the Paris Agreement and most of its detailed rulebook now finalized, countries and subnational actors face the challenge of translating climate targets and strategies into action and determining how to finance these actions. Through the Pilot Auction Facility for Methane and Climate Change Mitigation (PAF), the World Bank developed an innovative financial mechanism – climate auctions – which stimulates private investment in projects that reduce greenhouse gas emissions. Climate auctions offer price guarantees to companies that can deliver eligible climate results in the future. These price guarantees are allocated through a transparent, efficient auctioning process, which maximizes the climate impact of scarce public funds. In the near-term, countries can utilize climate auctions to spur significant investments in low-carbon activities and mobilize finance at the scale and pace necessary to achieve their national climate targets, laying the groundwork for longer-term carbon pricing and greater climate ambition. This policy brief is intended to inform policymakers and public funders about why climate auctions are an effective tool for achieving climate outcomes, focusing on how policymakers can utilize auctions to accelerate NDC implementation and raise climate ambition. It also outlines how climate auctions work and where they are most effective. The policy brief was produced by staff of the World Bank with external contributions from the Rocky Mountain Institute. 2019-02-25T17:44:31Z 2019-02-25T17:44:31Z 2019 Policy Note http://documents.worldbank.org/curated/en/480311550853018431/Climate-Auctions-A-Market-Based-Approach-to-National-Climate-Action http://hdl.handle.net/10986/31322 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Policy Notes Economic & Sector Work
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	CLIMATE CHANGE CARBON PRICING NATIONALLY DETERMINED CONTRIBUTION NDCs GREENHOUSE GAS EMISSIONS CLIMATE AUCTIONS CLIMATE CHANGE MITIGATION CLEAN DEVELOPMENT MECHANISM ABATEMENT POLICIES CARBON DIOXIDE EMISSIONS CARBON POLICY
spellingShingle	CLIMATE CHANGE CARBON PRICING NATIONALLY DETERMINED CONTRIBUTION NDCs GREENHOUSE GAS EMISSIONS CLIMATE AUCTIONS CLIMATE CHANGE MITIGATION CLEAN DEVELOPMENT MECHANISM ABATEMENT POLICIES CARBON DIOXIDE EMISSIONS CARBON POLICY World Bank Group Climate Auctions : A Market-Based Approach to National Climate Action
description	With the Paris Agreement and most of its detailed rulebook now finalized, countries and subnational actors face the challenge of translating climate targets and strategies into action and determining how to finance these actions. Through the Pilot Auction Facility for Methane and Climate Change Mitigation (PAF), the World Bank developed an innovative financial mechanism – climate auctions – which stimulates private investment in projects that reduce greenhouse gas emissions. Climate auctions offer price guarantees to companies that can deliver eligible climate results in the future. These price guarantees are allocated through a transparent, efficient auctioning process, which maximizes the climate impact of scarce public funds. In the near-term, countries can utilize climate auctions to spur significant investments in low-carbon activities and mobilize finance at the scale and pace necessary to achieve their national climate targets, laying the groundwork for longer-term carbon pricing and greater climate ambition. This policy brief is intended to inform policymakers and public funders about why climate auctions are an effective tool for achieving climate outcomes, focusing on how policymakers can utilize auctions to accelerate NDC implementation and raise climate ambition. It also outlines how climate auctions work and where they are most effective. The policy brief was produced by staff of the World Bank with external contributions from the Rocky Mountain Institute.
format	Policy Note
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Climate Auctions : A Market-Based Approach to National Climate Action
title_short	Climate Auctions : A Market-Based Approach to National Climate Action
title_full	Climate Auctions : A Market-Based Approach to National Climate Action
title_fullStr	Climate Auctions : A Market-Based Approach to National Climate Action
title_full_unstemmed	Climate Auctions : A Market-Based Approach to National Climate Action
title_sort	climate auctions : a market-based approach to national climate action
publisher	World Bank, Washington, DC
publishDate	2019
url	http://documents.worldbank.org/curated/en/480311550853018431/Climate-Auctions-A-Market-Based-Approach-to-National-Climate-Action http://hdl.handle.net/10986/31322
_version_	1764474060783222784

Climate Auctions : A Market-Based Approach to National Climate Action

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