IETA COP24 Report
KATOWICE, 4 December - Negotiations shifted into higher gear today, as the various workstreams moved into informal contact groups to develop the draft decisions into more workable text. The goal is to deliver semi-final text by Saturday, with only key elements to be finalised, that will be passed on to the higher level.
In the Article 6 discussions, Parties primarily acknowledged that now is the time to compromise, though many continued to stress their priorities for inclusion in a package of decisions.
A compromise submission on emissions-based accounting was tabled by Costa Rica and Colombia with many other signatories including Australia, Canada, New Zealand, Japan, Mexico, Switzerland and the European Union. These included virtually all the items contained within the Chairs’ Reflection notes for Co-operative Approaches - a new version was due to be published today but has not yet appeared on the UN website (the October version is here).
Parties placed particular emphasis on environmental integrity, avoiding double-counting (corresponding adjustments and robust reporting), whether co-operative actions may be carried out only inside or also outside the scope of NDCs, and how it should be accounted for, governance/integrity of the system (including the role of a potential Supervisory Body), share of proceeds (for Article 6.4 and/or Article 6.2), the transition of the CDM and the transfer (or not) of existing credits. Many stressed that Article 6 exists to assist Parties in meeting their NDCs.
A new Chairs’ text will be released tomorrow and in the meantime, Parties were asked to hold bilateral discussions to enable compromises to be reached.
Side-event on Implementation of Article 6 at IETA's Business Hub
The IETA Business Hub hosted three successful side-events today, with a packed room listening to presentations on CORSIA, on implementing Article 6 and on the impact of response measures (Article 4.15).
We have another busy day tomorrow at the IETA Business Hub, starting with an 1100 CET event on carbon capture led by Chevron, followed by a 1230 CET session on unleashing the potential market mechanisms. This side-event is being sponsored by the German environment ministry.
There are also two important events taking place tomorrow elsewhere in the COP village: at 1000 CET at the the EU Pavilion, IETA's Simon Henry will be participating in a round-table discussion on carbon pricing, and its potential in driving the transition to a low-carbon economy.
The main event tomorrow, however, is the launch of the Katowice Declaration on Sound Carbon Accounting. IETA, together with our friends at Environmental Defense Fund and several other business groups and NGOs, will launch a call for robust carbon accounting, to ensure environmental integrity, business certainty and public confidence in market mechanisms.
This event will feature speakers from NGOs, companies and government delegations as well as our own Dirk Forrister.
This event will take place at the UK pavilion in Area E from 1330 CET. If you're already in Katowice, join us to show your support! We'll be issuing a press release and publishing the Declaration in full at that time.
And lastly, a quick advance notice that at 1800 CET on Friday December 7, IETA and CMIA will present the first of two Carbon Pricing Champion Awards, recognising success and leadership in developing carbon markets. Join us at the IETA Business Lounge for the ceremony and reception!