The Gulf Carbon Trust (GCT) is a Carbon Management and Climate Action Facilitation Program (GCT Program), an initiative by Gulf Organisation for Research and Development (GORD) that aims to assist the countries in MENA region to diversify and transform their economies to the ones whose fundamentals are based on low-carbon and high sustainability principles. GCT wants to achieve this aim by:
- supporting the stakeholders of the region in implementing climate actions (low carbon policies, technologies and measures);
- facilitating to develop a strong sectoral as well as project-based Measurement, Reporting and Verification (MRV) framework for the climate actions taken by the stakeholders in the region;
- helping to communicate regional climate actions in a positive context.
GCT envisages a cleaner, greener and safer region through introduction of a voluntary carbon market to facilitate the credible, cost effective and sustainable emission reductions in greenhouse gases. GCT’s marketplace will incentivize ambitious investment in realistic, low-carbon technologies and measures in the MENA region.
GORD’s centre of excellence, GCT, has established a regulatory framework to facilitate businesses to submit the documentation of their GHG emission reduction projects to GCT following the rules, procedures and standards of the framework. The project verifiers will independently verify the project to check its compliance with the requirements of GCT. The advisory board and steering committee will have the functions of policy and technical advice to GCT from case-to-case basis. Finally GCT will be responsible for ascertaining the approval or disapproval of the project activity through an independent, transparent and objective process of evaluation. GCT will also certify the quantity of potential emission reductions that the project will make as compared to well-established baseline over its lifetime, while fully adhering to the principles of environmental integrity of the certified projects activity. In addition, GCT will ensure that the project is operated and monitored by project owner/developer and that the project delivers emission reductions as per the approved plan. GCT will make necessary adjustments in certification of actual emission reductions, based on the reports of independent verifiers. GCT will be responsible for facilitating the transfer of financial incentives from the interested supporters/contributors of GHG reduction project to the project owners/developers. Financial incentives will vary from project to project and will be calculated based on incremental carbon abatement costs. Some part of financial incentives will be upfront. whereas others would be based on results of monitoring. GCT will issue the proportionate Approved Carbon Emission Reductions (ACRs) to the supporters in lieu of the financial support provided by them to the project.
GCT has also established multi-faceted climate policy advisory services through a consortium of knowledgeable and experienced climate policy experts to bring value-added climate services for the region. GCT will provide advisory services on various policy aspects such as: international climate negotiations, pre and post-2020 climate regime architectural aspects, technological and sectoral climate policy, development and implementation of Intended Nationally Determined Contributions (INDCs), development and implementation of Nationally Appropriate Mitigation Actions (NAMAs), climate neutrality for mega projects and events, and economic diversification policies for MENA region.
GCT believes in making MENA region self sufficient in terms of climate mitigation and climate technology capacity. GCT will develop climate capacity of the region by organizing climate practitioner's meetings, training programmes and facilitation workshops, for variety of stakeholders at all levels of governments, businesses, industries and societies.