Activity picked up on Tuesday as IETA’s Business shifted into high gear with a full day of events. We hosted events on response measures, Japan’s Joint Crediting Mechanism and a half-day Business Dialogue on Carbon Markets and Article 6. Part of this afternoon event included an in-depth look at markets in Latin America as well as a report on the state of the negotiations.
Article 6 negotiations
Speaking of which, talks are progressing steadily – or as steadily as they normally do in Week 1 of a COP. In the morning the chair of SBSTA, Paul Watkinson, held a closed meeting with Heads of Delegations, at which some Parties outlined their positions coming into the talks.
Later, the Article 6 contact group convened; much of the early discussion was on article 6.8 (chaired by Per Stiansen of Norway), before parties moved on to discuss Article 6.4 under the chairmanship of Hugh Sealy of Bahamas. There were numerous interventions from Parties concerned issues over overall mitigation of global emissions and Share of Proceeds, corresponding adjustments, as well as how to handle activities undertaken inside and outside of NDCs.
A new version of the Article 6 text is expected tomorrow, at which point we may learn more about Parties’ positions and the prospects for convergence. The goal is to clean up the text, remove redundancies (particularly in Article 6.8) and make clear those issues that require political direction.
Heads of delegations will meet after the new text is published.
IETA Business Hub
Wednesday’s schedule kicks off at 1030 with a session on how stakeholders can benefit from ITMO trading under Article 6. Wayne Sharp and Josh Brown of Global Environmental Markets will lead the discussion.
Chevron will host an event at 1130 looking at the state of global regulations of carbon capture and storage. IETA Board member Arthur Lee will moderate, with contributions from ERM, Occidental Petroleum, the Global CCS Institute, University of Texas and the IEA.
At 1230, IETA’s CEO Dirk Forrister will join a discussion at the EU Pavilion next door on how Parties can meet their NDCs through use of carbon pricing. Dirk will be joined by representatives of the World Bank, SinoCarbon and California’s Air Resources Board.
At 1300 we will host a session on African perspectives of Article 6. Representatives of regional groups and negotiators will report on early pilot projects and Parties’ readiness for Article 6.
Europe’s market comes to the fore at 1430, when Vertis sponsors a session on the lessons learned from Phase 3 (2013-2020) and the outlook for Phase 4 (2021-2030) of the world’s largest market.
IETA will host its first event of this year’s COP on Natural Climate Solutions at 1600 when Simon Henry our head of carbon market development, leads a discussion on how private sector finance in NCS can be scaled up to help meet the Paris objectives.
And at 1730 IETA will host its annual welcome reception at the Business Hub. We’ll also use the occasion to join with Natural Capital Partners present the Net Zero Award, recognising the best national approach to enabling private finance to meet the net zero goal. Mark your diaries!
Remember that you can find full details of our Business Hub agenda and on COP25 on our dedicated webpage at: https://www.ieta.org/page-19038