Sweden and Zambia strengthen cooperation to include emissions trading under the Paris Agreement
The Swedish Energy Agency and Zambia’s Ministry of Green Economy and Environment have signed a Bilateral Cooperation Agreement on emissions trading under Article 6 of the Paris Agreement. The signing ceremony took place at the side-lines of COP29 in Baku.
Mattias Frumerie, Climate Ambassador and Head of Delegation to UNFCCC, Swedish Ministry of Climate and Enterprise, Caroline Asserup, Acting Director General at the Swedish Energy Agency, Dr. Douty Chibamba, Permanent Secretary, Ministry of Green Economy and Environment, Hon. Mike E.Mposha, Minister of Green Economy and Environment Zambia.
Photo: Magnus Carnwall
Sweden and Zambia are now ready to advance concrete climate projects that can contribute to greenhouse gas emission reductions and promote sustainable development.
Accelerating project finance through emission trading
Many have referred to COP29 in Baku as the “finance COP” since it provides an opportunity for parties to align climate finance contributions with global needs. While climate finance serves as a crucial foundation to reach the Paris Agreement objectives, it is clear that climate finance alone will not be enough to close the financing gap. In this context, carbon markets and Article 6 of the Paris Agreement have an important role to play in accelerating project finance for increased climate ambition.
– This bilateral cooperation agreement is an important step towards establishing concrete climate projects that reduce greenhouse gas emissions, contribute to sustainable development and help raise climate ambition in both Sweden and Zambia. We are pleased to further strengthen the cooperation between our two countries, says Caroline Asserup, Acting Director General at the Swedish Energy Agency.
Sweden has a long-standing engagement in Zambia and is one of the largest bilateral aid donors to the country. Sweden’s efforts in Zambia are focused on human rights, democracy and equality as well as promoting entrepreneurship and green economic growth. This engagement is now being ramped up to include cooperation on emissions trading under Article 6 of the Paris Agreement.
– The signing of this Bilateral Agreement with the Kingdom of Sweden through the Swedish Energy Agency today, is an opportunity to accelerate finance in energy efficiency and renewable energy initiatives and technologies. I look forward to the next steps which will enable Zambia and Sweden to enhance our ambition and enable mitigation action, says Honourable Mike E. Mposha, Minister of Green Economy and Environment, Zambia.
The Bilateral Cooperation Agreement has been negotiated between the Swedish Energy Agency and Zambia's Ministry of Green Economy and Environment. The Global Green Growth Institute has provided important readiness support to Zambia in relation to engagement in Article 6 cooperation.
