Our frequent updates on the state of the Article 6 negotiations have been some of the most popular events at the IETA Business Hub.
It’s been a strange day at COP25. While ministers were exhorting negotiators to narrow the gaps between positions, civil society NGOs stepped up their activities to demand action.
An occupation of the stage in the main plenary hall this afternoon led to the expulsion of a large group of NGO delegates. Reports circulated shortly afterwards that anyone with an “Observer” badge (which includes IETA’s delegation) was not being allowed into the COP venue. Some of our members were affected.
News stories emerged later in the afternoon to confirm these reports, and as things stand right now (0200 on Thursday morning), we are not sure whether any Observers will be allowed back into the IFEMA venue tomorrow. We have been told however that business NGO leaders are in talks with the UNFCCC secretariat to try to secure entry for their delegates.
Hopefully by the time you read this the issue will have been successfully resolved. Please do keep en eye out for emails or for announcements on the UNFCCC website.
None of this affected IETA’s activities today: we had perhaps the busiest day of this COP on Wednesday, with standing room only events, including another very popular discussion on the state of the Article 6 talks.
There was also a brief interlude in the middle of the day when the European Commission launched its Green Deal, targeting net zero carbon by 2050. The Commission laid out a long list of legislative initiatives that will include ramping up the emissions reduction goal for 2030 as well as a border carbon adjustment. The Council is due to meet tomorrow to vote on the package — it will require a unanimous vote to proceed.
As to the negotiations themselves, there were few indications that talks had advanced significantly. Sources continue to identify corresponding adjustments, the CDM transition and Share of Proceeds across both Articles 6.2 and 6.4 as the main sticking points. Strenuous efforts are being made to craft a “landing zone” that may permit an outcome in Madrid that at least allows work to start on the architecture of the new mechanisms.
Lastly, I hope you also saw our press release from earlier today about the election of Jonathan Grant of Rio Tinto as IETA Council chair at Tuesday’s Annual General Meeting. The AGM also elected Lisa DeMarco of DeMarco Allan as co-vice chair, joining Christine Faure Fedigan of ENGIE.
Thursday at the IETA Business Hub
Thursday is the last day of side events at this year’s COP (though there will be a press briefing on Friday at 1330 to update on the state of affairs in the negotiations).
The day kicks off at 0930 with VNV Advisory hosting a session on Asian carbon markets. Sandeep Roy Choudhury of VNV and a panel of project developers will review several carbon reduction projects in the region that are generating credits.
At 1100, IETA and the University of Maryland present the results of their modelling project on how international cooperation could enhance abatement and save money. It will focus on how to harness the potential of Article 6 to achieve the Paris goals.
The German environment ministry will host a discussion at 1230 on how carbon markets and climate finance can combine to achieve ambitious NDC goals. Representatives from Senegal will showcase how these activities support in achieving their NDC targets as well as readiness preparations for next generation carbon markets under Article 6.
At 1400, IETA’s Katie Sullivan will moderate a discussion on carbon pricing and cross-border cooperation in the Americas. A panel of guests from a variety of jurisdictions and markets will take stock of progress in developing carbon markets and how different national and sub-national areas are collaborating towards the development of “carbon clubs.”
Our final formal side event of COP25 at 1530 will review the cancellation of voluntary and compliance market credits and allowances can enable voluntary action. Panelists will compare the results of cancelations from both types of market and look at the role for voluntary markets after 2020.
We will end the day with an IETA reception at 1700, and the award of the annual Carbon Pricing Champion Award. Make sure you’re there to toast the winner and to compare your experiences of this year’s summit with other guests!