Article 6 of the Paris Agreement – What is it and Why is it Important for Business?
The science is clear – we must halve emissions by 2030 and achieve net zero emissions by 2050 if we are to meet the goals of the Paris Agreement. To date, collective action is not sufficient to put us on track to this goal and therefore increased ambition and action to curb greenhouse gas emissions is needed. One of the keys to achieving this increased ambition lies in the effective and transparent implementation of Article 6 of the Paris Agreement – the last missing puzzle piece of the Paris Agreement Rulebook to be agreed at the next UN Climate Change Conference (COP26), which will be held in Glasgow in November 2021.
Article 6 of the Paris Agreement aims at promoting integrated, holistic and balanced approaches that will assist governments in implementing their nationally determined contributions (NDCs) – countries’ national emissions reductions targets – through voluntary international cooperation. This cooperation mechanism, if properly designed, could assist countries in raising the ambition of their NDCs and could also help to provide the policy foundation needed for the private sector to further drive investments in a sustainable and net-zero emissions economy, including through carbon pricing and emissions trading.
These two webinars – organised by the International Chamber of Commerce (ICC) and the International Emissions Trading Association (IETA) – will provide participants with an opportunity to gain a better understanding of Article 6 of the Paris Agreement and the key issues for business related to it, as well as gain insights on the progress being made on its implementation.
This first webinar will provide an introduction to Article 6 of the Paris Agreement, explaining the background, function and goals of its provisions. It will also outline the state of play in the negotiations on Article 6, analysing the main roadblocks in the process, and it will discuss the outlook and expectations for COP26. It will do so by bringing together a panel of key Article 6 experts from different backgrounds. Presentations and panel discussion will be followed by an interactive Q&A session with the audience.