CACE Launches Groundbreaking ITMO Auctions Platform
The Climate Action Center of Excellence (CACE), an initiative of the Gulf Organisation for Research & Development (GORD), today announced the launch of its pioneering Internationally Transferred Mitigation Outcomes (ITMO) auctions platform. This innovative marketplace is set to revolutionize the international carbon market under Article 6 of the Paris Agreement.
The ITMO auctions platform, developed in collaboration with leading technology provider Emsurge, offers a transparent and efficient mechanism for carbon credit transfers between countries. By facilitating these transactions, CACE aims to support global climate goals and assist nations in meeting their Nationally Determined Contributions (NDCs).
Dr. Yousef Alhorr, Founding Chairman of the Gulf Organisation for Research and Development, said the launch of the ITMO auctions platform marks a significant milestone in the global fight against climate change. “By providing a reliable, transparent marketplace for carbon credits,” he said, “we’re not just facilitating transactions – our intention is to accelerate climate action and foster innovation in sustainable technologies.”
The platform’s key features include:
- Rigorous vetting of all participating projects to ensure compliance with Article 6 guidelines.
- Regular auctions of spot and forward ITMOs, promoting efficient price discovery.
- Optional faster settlement processes through partnerships with exchanges.
- Initial focus on developing countries projects, and plans to expand beyond.
CACE’s ITMO auctions are designed to promote transparency, facilitate compliance with international climate commitments, and stimulate market dynamics. The platform encourages both public and private entities to develop and implement innovative carbon reduction and removal technologies.
While the initial geographical focus is on Africa, the service is available to all projects with at least a legitimate Letter of No Objection and preferably a Letter of Authorization. CACE is also committed to capacity building, working to create an enabling environment for Article 6 projects in host countries.
As the carbon market evolves, CACE pledges to continue innovating to meet the changing needs of the international community in combating climate change. The organization invites interested parties to apply for participation in the auctions through a rolling application process for both buyers and sellers.
For more information about CACE’s ITMO auctions and how to participate, please visit www.cace.gord.qa/itmo-auctions.
