Greetings from Antalya and COP31!
Today was Energy & Transport Day at COP, and ...... I'll just leave that there.
Yes, the transport logistics are still...challenging, and have prompted some pretty un-parliamentary language from delegates and observers, but we're full of respect for those who made it on-site for Patch's 0830 breakfast meeting.
Tomorrow the High-Level segment of this COP begins, which means those challenges will get even more challenging. One alternative might be to look for a comfortable work station in your hotel lobby or research local coffee options.
The formal negotiations are well underway, and discussions among country representatives focused on the UNEP annual emissions gap report, Brazil's roadmap to help countries develop fossil fuel transition plans, the just transition mechanism, Turkey's "35 by 35" electrification pledge, and of course finance.
The Presidency is already working on bringing together elements for a decision text for the end of COP; insiders expect an "elements document" by the end of this week and draft decision text early next week. This text is expected to cover the forecast emissions overshoot, emissions reductions, the importance of atmospheric carbon removal, adaptation, loss and damage, and adaptation finance.
On the transition away from fossil fuels (often referred to as TAFF here), Brazil presented a global roadmap proposing tailored fossil fuel transition plans covering supply, demand, and finance. Germany, France, the Netherlands, and Sweden have already set their TAFF roadmaps, and Ghana and the UK will co-chair the roadmap track in the talks. Countries will meet a second time in Santa Marta, Colombia next July, where the talks will be co-hosted by Tuvalu and Ireland.
The "35 by 35" agenda has already captured commitments from Ethiopia, Australia, and Germany, while we're told that 180 companies with $1.7 trillion in revenue are all backing faster electrification, and a coalition of utilities is pledging annual investment of $156 billion.
Observers point out that the TAFF and "35 by 35" agendas are dovetailing conveniently amid the current energy cost crisis, and that there's likely to be strong uptake among countries; we should expect more national transition plans ahead of Santa Marta next summer.
In the negotiations
The portion of the formal negotiations dedicated to carbon market-related issues is considerably smaller than it has been for many years, understandably so since we're now in implementation mode.
Conversations on Articles 6.2 and 6.4 are being held under the aegis of the Subsidiary Body for Implementation.
Article 6.2 negotiators met today informally under the leadership of Pacifica F. Achieng Ogola of Kenya and Peer Stiansen of Norway to discuss issues relating to funding of the mechanism. The talks are taking as their starting point an informal note prepared by the SBI chair.
Most of the statements indicated that funding sources need to be analysed separately, according to their purpose: the Central Accounting and Reporting Platform, Technical Expert Review Teams, registry, capacity building, etc. A single option for funding is not the best solution, many said.
Most of the parties appeared to favour funding from the UNFCCC as well as voluntary contributions. This discussion will take some time to resolve, our team feels. A further informal meeting will take place on Wednesday at 1000 TST.
Article 6.4 discussions will focus on the annual report of the Supervisory Body, which can be found here.
Today at COP31
On Tuesday, IETA staff were busy at a number of locations across the Blue Zone.
Our International policy lead Andrea Bonzanni spoke at two Indonesia-focused events, alongside high-level officials. The country is very keen to attract carbon finance and values its partnerships with IETA and market participants.
We highlighted under-explored opportunities offered by CORSIA and emphasised the need to work together with buyers to be successful.
Andrea also participated at the SB COP event.
Tomorrow at COP31
All event times are listed in Antalya time (TST), which is three hours ahead of GMT and five hours behind Singapore time.
The IETA Business Pavilion is located in Delegation Pavilion Area B2, on stand C525. Our Boardroom is in the Delegation Office area C3, stand DO-17.
Wednesday at COP31 will see IETA's team and delegates in action all over the venue, including:
- Facilitating the establishment of high-quality carbon market, Accelerating the global green and low-carbon transition jointly (0900 TST, China Pavilion);
- Challenges and solutions to expand international mitigation projects and participation of private sector (1030 TST, Korea Pavilion);
- Article 6, CORSIA and carbon market interoperability (1130 TST, Brazil Pavilion);
- What would it take for non-geological removals to become compliance-grade? (1545 TST, Negative Emissions Pavilion);
- Carbon Market Infrastructure (1300 TST, Singapore Pavilion);
- Global Implementation Accelerator: Mandated information session with Parties and non-Party stakeholders (1300 TST, Meeting room 19), and
- Cross-border spillovers of climate policies, special inclusive forum on carbon mitigation Approaches (1630 TST, Special Event Room 1, Blue Zone).
And at the IETA Business Hub, we have a programme of events that narrows the focus onto market implementation:
- Carbon competitiveness and the role of harmonised carbon accounting frameworks and market solutions (1000 TST, IETA Business Hub);
- The state of Article 6 implementation (1300 TST, IETA Business Hub);
- Article 6, market instruments and climate alliances: interactions in policy design and implementation (1430 TST, IETA Business Hub);
- Accelerating the energy transition: geothermal's role in clean, reliable power (1600 TST, IETA Business Hub), and
- CORSIA market check-in: one year to go until the Phase 1 compliance deadline (1730 TST, IETA Business Hub).
Separately, the UNFCCC's Article 6 Capacity Building Unit is running a series of five side events from Wednesday through Saturday to update and inform stakeholders on the progress of the mechanisms. Details can be found here.