People's inititative in ncm?
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Answer:
The Paris Agreement signals a shift towards a bottom-up approach where climate activities, as reflected in their Nationally Determined Contributions (NDCs), are driven by national reality, economic growth and political priorities. While enabling broad participation, the World Bank recognizes that far more financing is required to help countries implement their NDCs and ultimately reach the global 1.5 – 2C goal. The World Bank Group (WBG) believes that the use of markets will have an important role to play in the successful, cost-effective implementation of the Paris Agreement by reducing costs and facilitating greater resource mobilization. WBG also recognizes that the Paris Agreement gives climate markets a much needed, renewed basis for support by enabling Parties to voluntarily cooperate in achieving their NDCs through Internationally Transferred Mitigation Outcomes (ITMOs) under Article 6. However, it also notes that the definition and required architecture for post-2020 markets are largely left to future negotiations.
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