The IETA Latin America Climate Summit (LACS) 2024 recently concluded in Cartagena, drawing over 600 attendees, including representatives from Asia, the United States, Europe, and local indigenous communities. The event showcased Latin America’s dedication to climate action and transitioning to a low-carbon economy.

Commitment to Climate Action

Participants reiterated their dedication to the Paris Agreement, emphasizing the necessity of carbon markets in combating climate change. Additionally, discussions focused on integrating voluntary and regulated markets under Article 6 of the Paris Agreement. This aims to establish carbon prices that promote effective and fair emission reductions.

Regulatory and Financing Hurdles

Significant challenges were also highlighted at the LACS. Ensuring market integrity and transparency through proper regulation is crucial. The importance of financing mechanisms for a fair transition to a low-carbon economy was also explored. Andrés Herkrath, ALLCOT’s CBSO, discussed Colombia’s emissions trading system (PNCTE), which incentivizes companies to reduce emissions by trading greenhouse gas allowances, similar to the European ETS.

In his latest column in NTN24, Alexis Leroy, CEO & Founder of ALLCOT, highlights the summit’s urgent call to action for stakeholders to develop robust and transparent carbon markets.