ICROA's Antoine Diemert found himself next to UNFCCC Executive Secretary Patricia Espinosa at a photo-call during a side event on reducing emissions from travel and tourism.
Day 3 at COP saw the first really new negotiating text of the session, though it does not appear to have bridged the deep divides that remain between Parties on key issues. There were some complaints that this text has been issued too quickly for Parties to review it sufficiently, but there was a general sense that it should still form the basis of negotiations.
At this morning's initial meeting of Heads of Delegations, various Parties reiterated their unhappiness with a familiar list of items: Share of Proceeds and OMGE under Article 6.2, CDM transition, and double counting/ corresponding adjustments. Slimming the text down may have only served to show the divisions in greater relief.
The talks moved into a contact group in the afternoon, with a packed room hearing that co-facilitators Sealy and Stiansen would organise meetings to discuss issues with interested Parties.
The contact group discussed Article 6.8 and appeared to be moving towards a decision on whether a supervisory body for non-market mechanisms is needed. Talks on Article 6.4 focused on corresponding adjustments, permanence and reversals and authorisation of activities.
The session closed before there was time to discuss Article 6.2, and this will be addressed tomorrow. The morning session will be restricted to Parties only, to focus on technical issues on Article 6.2 and some outstanding Article 6.4 items.
IETA has today published a short Guide to Article 6 that explains why we think it’s a critical component of the progress to meeting Paris Agreement goals. Please feel free to distribute it among your networks. It’s also on our COP25 webpage.
Away from the negotiations, IETA held a full day of side events, kicking off with a session with Global Environmental Markets on how new technology will boost ITMO trading under Article 6.
We then hosted a very full and successful session on the state of play in governing carbon capture and storage. IETA Board member Arthur Lee led a discussion with representatives of the IEA, Occidental, Petrobras, the Global CCS Institute and ERM.
Dirk Forrister and Lisa DeMarco flew the flag for IETA at an EU-organised event on how to meet NDCs using carbon pricing. IETA offered an update on the developments in the various operating markets.
The EU ETS finally got a look-in today with an event sponsored by our partners Vertis Environmental Finance. A second event at our own Hub featured Sam van den Plas of Carbon Market Watch and Katerina Koliacova of Vertis discussing the lessons of Phase 3 and the outlook for Phase 4 of the European market.
Our final event was IETA’s traditional Welcome Reception, at which we partnered with Natural Capital Partners to recognise the UK with a Net Zero Award. “The U.K. has a long history of innovation in market-based mechanisms and in climate ambition forged in a bipartisan spirit,” Dirk told the assembled guests. The award gained a rapid response from next year's COP President, former UK climate minister Clare Perry (see image below).
At the IETA Business Hub on Thursday
Our schedule on Thursday at the Hub starts at 1030 as the European Bank for Reconstruction and Development, together with South Pole, host a session on how markets can help support the low carbon transition in the Mediterranean region.
At 1200, ICROA will hold an event to discuss the outlook for voluntary action after 2020. This event will feature Kay Harrison, New Zealand’s climate ambassador, together with Stephen Donofrio of Ecosystem Marketplace and David Hone of Shell. This event coincides with the publication of this year’s State of the Voluntary Markets Report.
At 1330, the government of Germany and the OECD will present a discussion on the impact of carbon pricing on competitiveness, featuring Jane Ellis of the OECD an our own Stefano De Clara.
Dirk Forrister will also be participating in a high-level dialogue on forestry at 1300 in Room 25 in the North Convention Centre.
EBRD and South Pole will combine again at 1500 to present a discussion on the issue of MRV, and a new advanced approach that cuts down on the time needed to carry out the process.
Our final event of the day will be the launch of a new IETA Initiative: Markets for Natural Climate Solutions. Dirk Forrister will present the new initiative, together with representatives from EDF, Shell, BP and Arbor Day Foundation. We will be issuing a press release and launching the Markets for NCS website as well.
Remember that you can find our full schedule of events on our COP2 webpage here.