Delegates lining up to hear about IETA's new Markets for Natural Climate Solutions initiative at the Business Hub.
Thursday saw IETA’s schedule hit top gear as well hosted two launch events and saw a packed side event room for all our events. Thanks to everyone for making it such a busy and successful day!
We’d like to remind you that Friday is also Business and Industry NGO (BINGO) Day, and that there is a full slate of events starting at 1315 at Room 2 in Hall 4. Full details can be found here.
Things were just as busy, if not quite as successful, in the negotiating rooms. After talks on Articles 6.2 and 6.4 were left incomplete last night, delegates met again this morning in closed groups to work on the more technical issues.
There were few opportunities for our observers to get into the rooms today, as much of the discussion was held in closed session to allow Parties to speak more freely.
The talks moved into “informal informals” in the afternoon to go through the text line by line. We’re not clear just how far Parties managed to get through Article 6.2, since they went back into session this evening.
The goal is to produce a new iteration of the texts either tomorrow or early Saturday, giving time for more talks and amendments. The SBSTA chair has left time for a further iteration to be produced after the weekend and before SBSTA is scheduled to close on Monday. At that point the text will be sent up to heads of delegations and to ministers for political discussion.
At the IETA Business Hub today
Thursday saw the highest attendances at the IETA Business Hub so far, with two launch events filling the room and leaving many attendees peering in through the doors.
Our first event was a well-supported session on the potential of carbon markets in the Southern Europe and Mediterranean regions, in which speakers laid out the options and requirements for market development in the region.
ICROA’s session on how to scale up private sector voluntary action saw a packed room – and lounge area – gather to hear the readout from this year’s State of the Voluntary Market Report. EcoSystem Marketplace reported that demand for offsets from natural carbon solutions drove demand for forestry and land use credits up by 264% between 2016 and 2018. You can read their new report here.
It was no coincidence therefore that the biggest event of the day was the launch of IETA’s new initiative, Markets for Natural Climate Solutions. Dirk Forrister and Simon Henry, our director of new carbon markets, hosted a wide ranging discussion with key stakeholders – and some observers from the NGO community. Make sure to visit the Markets for NCS webpage atwww.ncs.ieta.org, and follow on Twitter at @MarketsNcs.
We also held sessions on how changes to processes are poised to bring time and cost savings to monitoring, reporting and verification procedures, and on how pricing carbon impacts competitiveness.
We closed the day with a reception, kindly hosted by the Boilermakers Union and the International CCS Knowledge Centre.
Friday at the IETA Business Hub
Tomorrow IETA hosts six events at the Business Hub, and we’re also participating in Business and Industry Day events throughout the day. Make sure you check out the BINGO Day schedule which is here, as well as IETA's own side event schedule here.
Please note that we have added one event at 1700 which has not been updated in our online guide.
We kick off at 0900 with an examination of how nature-based solutions can help reduce emissions and boost climate resilience. IETA board member Abyd Karmali will lead the discussion with representatives of AXA, Oceans Unite and the Global Resilience Partnership.
At 1030 we’ll host an event entitled “Sustainable Development Impacts Under Article 6”, which will highlight how market mechanisms can help meet the Sustainable Development Goals. We’ll hear from the Gold Standard, NewClimate Institute and the Center for International Environmental Law.
Nitrous oxide is the topic at 1200, with the Nitric Acid Climate Action Group: representatives from GIZ, the World Bank, the Government of Pakistan and Germany’s BMU will investigate innovative ways to finance emission reductions from nitric acid production.
We’ll provide an update on the CORSIA international aviation carbon market at 1330. IATA, Germany’s BMU, Airlines for America and the Oeko Institute will examine where ICAO is with the implementation of CORSIA, focusing on the technical rules.
At 1500, as part of BINGO Day in Room 2 of Hall 4, IETA will present findings from its groundbreaking modelling project carried out with the University of Maryland, that shows how an efficient and robust Article 6 can lead to billions in savings, and in additional abatement opportunities to reach the Paris goal.
At the same time in the IETA Business Hub, Shell will moderate an event examining how nature and technology can be utilised to enhance ambition - both in terms of accelerating GHG reductions but also to bring co-benefits through improved environmental and social performance.
At 1700 we have added a new event: the Nigerian state of Kaduna will present a session on how to build resilience through adaptation measures, and GHG reduction by establishing climate-smart livestock production and agroforestry programmes.
That’s all for today. Remember you can find all the information you need on BINGO Day and on IETA’s schedule of events, as well as our COP priority papers and a quick Guide to Article 6 and why it matters, at the IETA COP25 webpage.