Overview

Description

The Indo-Pacific Carbon Offsets Scheme (IPCOS) is a 10-year program that was launched in November 2021 and will run until 2031 with a funding of $104 million. The scheme enables partnerships between Australian Government and Indo-Pacific economies, civil society and industry and aims to help partner countries create and trade credible and robust carbon offsets under the rules of the Paris Agreement. The first partners in IPCOS, announced at COP26, were Fiji and Papua New Guinea.

Recent Developments

In 2023, Papua New Guinea and Australia signed the Indo-Pacific Carbon Offsets Scheme (IPCOS) Joint Action Plan as a key outcome of the 2023 PNG-Australia Climate Change Dialogue. The focus of the partnership is on capacity building and institutional strengthening. Furthermore, 5 key areas for cooperation and high-level activities for 2023-24 have been agreed. Currently, IPCOS is focused on general capacity building around markets for Small Island Developing States.

Relation to Compliance Carbon Pricing Instruments or other Voluntary Schemes in the country

Not Specified

Eligible Activities