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  • 16 Nov 2021 8:00 AM | Anonymous member (Administrator)

    GENEVA, 15 November - At its Annual General Meeting on November 9, the International Emissions Trading Association elected a slate of Council members, with Lisa DeMarco as the new Chair of its governing Council, and Enric Arderiu and Mary Grady as Vice Chairs.

    Lisa DeMarco is the first woman to serve as IETA Council Chair. She is a senior partner at Resilient LLP, based in Toronto, Canada, and has more than two decades of experience in law, regulation, policy and advocacy relating to energy and climate change.

    “I am delighted to lead the IETA Council in this critically important time, when national and corporate net zero plans are enhancing integrity and ambition,” said Ms. DeMarco. “With a potential breakthrough on Article 6, IETA’s work in scaling up ambition through markets will become critical in attracting private sector finance to fully implement the Paris Agreement.”

    Mary Grady is CEO of the American Carbon Registry, and Enric Arderiu is global head of environmental products at Mercuria.

    IETA also honoured Jos Delbeke and Mary Nichols as IETA Fellows for their leadership in market-based climate policies. This appointment is IETA’s highest honour for leaders who have made an outstanding contribution to carbon

    Jos led the development and operation of the EU ETS during his time as Director General of the European Commission’s Directorate General of Climate.

    Mary was the longstanding Chair of the California Air Resources Board, where she led the development and implementation of California’s climate law and emissions trading programme, including its market linkage with Quebec.

    The AGM elected 4 new Council members:

    Leslie Durschinger, Terra Global Capital

    Leslie founded Terra Global Capital in 2006 to promote results-based approaches to sustainable landscape management through climate smart agricultural and reducing deforestation. She is Chair of IETA’s Natural Climate Solutions Working Group. Based in San Francisco, she brings deep experience in climate and finance.

    Enric Arderiu, Mercuria

    Enric is the Global Head of Environmental Products at Mercuria in Geneva, Switzerland. He leads a global team covering a range of environmental products both in compliance and voluntary markets. Previously, he served on the IETA Board in his capacity as BP’s carbon trading head.

    Belinda Ellington, Citigroup

    Belinda is Managing Director and General Counsel at Citi, based in London, where she leads the Global Commodities legal team and ESG in Global Markets legal support. Belinda has been involved in the carbon markets since pre-launch of the EUETS in 2005, the original World Bank Prototype fund, the CDM and JI mechanisms and the secondary markets in all types of emissions and renewables certificates globally.

    Ingrid Parramon, BP

    Ingrid is the Vice President for Low Carbon Trading at bp in London. She heads up a team looking at compliance and voluntary carbon markets. Ingrid joined BP in 2004 and traded physical and financial oil products in Europe and Africa. Prior to her current job, Ingrid managed the origination team focusing on cross-commodity deals.

    The following 7 Council members were re-elected to a two-year term, reflecting IETA’s global reach:

    Daniele Agostini, Enel Group (Italy)

    Federico DiCredico, ACT Financial Solutions (The Netherlands)

    Jonathan Grant, Rio Tinto (United Kingdom)

    Arthur Lee, Chevron (US)

    Takashi Hongo, Mitsui (Japan)

    Liv Rathe, Norsk Hydro (Norway)

    Hendrik Rosenthal, CLP (Hong Kong)


  • 13 Nov 2021 9:10 PM | Anonymous member (Administrator)

    GLASGOW, 13 November - World leaders today adopted the Glasgow Climate Pact, a package of decisions at COP26 in Glasgow that includes completion of the carbon market elements of the Paris Rulebook. The guidance for Article 6 sets up a new structure for carbon markets to work in the service of the Paris Agreement goals.

    The decisions provide clear accounting guidance for emissions trades between countries, and launch a new crediting mechanism that will give market access to all countries interested in attracting green investment through the global carbon market. Other forms of non-market approaches are also encouraged, with the creation of a new Glasgow Committee on Non-Market Approaches to begin work in 2022.

    “This is a solid and ambitious outcome, because it establishes an integrity framework to support the expansion of carbon markets to help governments and businesses deliver higher climate ambitions,” says Dirk Forrister, IETA CEO.

    “It will now be up to the private sector to channel green investment using these new market structures and accelerate the race to net zero.”

    On the key political issues on Article 6, negotiators made a series of compromises:

    • Corresponding adjustments will ensure no double-counting of units in both Article 6.2 and Article 6.4 mechanisms. IETA supports this decision because it assures integrity in the accounting system for the markets and mechanisms advanced in Article 6. 
    • Certified Emission Reductions produced between 2013–20 may be used against countries’ first Nationally Determined Contributions. While this may not be the most ambitious outcome, it allows the carryover of a limited supply of pre-2020 units. IETA believes this will maintain the flow of finance to developing nations until the new mechanism is up and running.
    • To assure an overall mitigation in global emissions from the Article 6.4 mechanism, a 2% discount will be cancelled from issuances from that mechanism. However, this factor was not applied to Article 6.2 market linkages.
    • On the Share of Proceeds (SoP) for adaptation, negotiators agreed on a rate of 5% to be taken from issuances in the new Article 6.4 emissions crediting programme, but no fixed rate will apply to Article 6.2 transactions. Instead, countries using Article 6.2 are encouraged to contribute voluntarily to the Adaptation Fund.

    IETA congratulates the UK Presidency and the Article 6 negotiators for such a significant success in Glasgow. In the lead-up to COP26, carbon markets surged in many jurisdictions, as businesses contemplated the enhanced ambitions of many countries. This included growth in every carbon market in 2021, with a near doubling of voluntary market transactions and the launch of China’s national ETS. Markets in Europe, California, Quebec, New Zealand, Australia and RGGI have seen record prices in the past month.

    “Now we’re committed to build on the success of Glasgow,” says Andrea Bonzanni, IETA’s International Policy Director. “We look forward to working with countries to develop national strategies and policy frameworks for how to use Article 6 to further their climate ambitions – and to make new carbon market systems grow even stronger in pursuit of the Paris goals.”


  • 03 Nov 2021 10:23 PM | Anonymous member (Administrator)

    GLASGOW (3 November) – Reducing carbon emissions is one of the biggest challenges of our age. The drive to achieve net zero emissions by the middle of the century requires political action, investment and market-based climate solutions, and emissions trading will play a vital role in global climate change strategy. IETA has partnered with ITN Productions to make Blue-Sky Thinking, a programme exploring different methods of reducing greenhouse gas emissions, including the economic incentives of emissions trading.

    Anchored by ITN Productions presenter Claire Nasir from the ITN Productions London studio, Blue-Sky Thinking hears from experts within the sector and features informative interviews, news items and sponsored editorial profiles from leading organisations filmed in studio and remotely on location. President and CEO of IETA Dirk Forrister joins Claire Nasir to discuss the reality of climate change, the importance of high-level environmental events and initiatives like COP26 in Glasgow and the role of carbon markets in driving net zero emissions.

    The programme features two films commissioned by IETA, looking at the magnitude of the challenge ahead to reach net zero by 2050 and the latest innovative technology and work connecting governments, academia and business in strengthening action. The films feature interviews with leading experts, including Angela Churie Kallhauge, Senior Climate Change Specialist from the World Bank; James Cameron, Advisor Specialising in the Climate Crisis; Joan MacNaughton CB, Chair of The Climate Group; James Edmonds and Sha Yu from the Pacific Northwest National Laboratory; and Maria Carvalho, Senior Consultant at South Pole.

    C-Capture, developed by some of the UK’s leading scientists, is an example of technology that can be applied to most processes requiring CO2 separation. Lucy Bedborough, Carbon Capture Chemist, Fatima Bilal, Project Engineer, and Dr Helen Atkinson, Business Development Manager, discuss the potential of the technology to mitigate the impacts of climate change. 

    Tackling climate change involves a real international effort. Alena Morris, Senior Operations and Health Specialist for Africa, highlights C-Quest Capital’s ambition to use carbon finance to achieve a long-term transition to cleaner and more sustainable cooking practices across Africa. 

    Navigating the path through the energy transition presents both challenges and opportunities for multinational companies. In an interview, Peter Zaman and Jo Garland, Partners at law firm HFW, discuss the complexities of transitional risk and the importance of understanding future regulatory and policy frameworks. 

    In another programme, Gordon Bennett, Managing Director, Utility Markets at ICE and Professor Michael Pollitt, Professor of Business Economics at the Judge Business School at Cambridge University discuss economic policy solutions for getting to net zero, reducing greenhouse gas emissions cost-effectively and hedging carbon price risk. 

    Healthcare company Novartis aims to be net zero in its operations by 2025. Montse Montaner, Chief Sustainability Officer, explains how human health and planetary health are intrinsically linked and Joachim Sell, Head of Natural Climate Solutions at First Climate highlights how the company is investing in decarbonising the energy it needs.

    David Antonioli, CEO of Verra and Amy Schmid, Natural Climate Solutions Management at Verra explain the importance of setting standards for a sustainable future. Maria Claudia Diazgranados, Blue Carbon Director of Conservation International, highlights how carbon credits benefit blue carbon projects like conserving coastal wetlands in Colombia.

    Conservation company Wildlife Works is working hard in the global south to bring climate finance to forest communities. From Sausalito, California, Wildlife Work’s Founder and CEO Mike Korchinsky discusses what makes the business unique, how to measure results effectively and the importance of REDD+.

    Dirk Forrister, CEO and President of IETA said: “Achieving net zero is the challenge of our lifetime – decisions taken now will have a significant impact on whether we meet our shared climate goals in 2050. IETA welcomes this opportunity to partner with ITN Productions Industry News to shine a light on some of the key business innovations already underway as we chart a course for the future we want, using the power of carbon markets to get us there faster and more efficiently than heavy handed regulation.”

    Nina Harrison-Bell, Head of ITN Productions Industry News said: “We are delighted to be working with IETA to make a programme that raises awareness of the need to strengthen our actions globally to find solutions to tackle climate change and achieve net zero. The programme demonstrates the incredible innovations and solution by leading organisations leading the charge and the pivotal role carbon markets play in accelerating progress.” 

    The programme launched at COP26 on 3 November 2021 and will form part of an extensive communications campaign featuring IETA members and professional partners. The full programme can be viewed at Blue-Sky Thinking: The Race to Achieve Net Zero Emissions.

  • 27 Oct 2021 2:33 PM | Anonymous member (Administrator)

    GENEVA, 27 October - Nations will gather next week in Glasgow to increase climate ambition, to fulfil financial pledges to the Green Climate Fund and to reach agreement on rules to operationalise the Paris Agreement. 

    For many in the business community, one of the crucial goals at this year’s summit is to conclude nearly five years of talks over details of implementing the market integrity provisions of the Agreement, found in Article 6, according to IETA’s CEO Dirk Forrister. 

    “Article 6 is vital to the success of the Paris Agreement because it enables ambition,” Forrister said. “The temperature goals set out in the agreement will only be realised if countries cooperate across borders and sectors, leveraging the innovation, ingenuity and investment of the private sector.”

    “Since the Paris Agreement was adopted in 2015, the business community has urged nations to complete the accounting and integrity guidelines for international market cooperation,” Forrister added. “In order to reach the Paris goals, we need to scale up private investment through carbon markets as soon as possible.”

    IETA has published its priorities for the Article 6 negotiations, as well as a briefing guide to the Glasgow COP.

    New research has shown that when aimed at net zero goals for holding temperatures to 1.5 degrees, cooperation through Article 6 would  stimulate market growth from $300 billion/year in 2030 to about $1 trillion/year by 2050. An efficient global market could deliver countries’ emissions reduction potential, ensuring sustainable development and driving down the cost of climate action. 

    Article 6 deals with the international transfer of emissions reductions among countries, allowing them to achieve targets at lowest cost. Within the Article are two main market tools: Article 6.2, which sets down a robust accounting and reporting system for internationally transferred emissions reductions; and Article 6.4 which sets out a crediting mechanism for emissions reduction and sustainable development.

    “Over 85% of the new set of Nationally Determined Contributions have stated their interest in using Article 6 to deliver their targets, and most industries need Article 6 to deliver net zero commitments,” said Andrea Bonzanni, IETA’s Director of International Policy. 

    “COP26 needs to give business a clear investment signal by completing the guidelines that will bring Article 6 to life and allow it to reach its full potential.”

    IETA staff will be attending COP26; join us at the IETA COP26 Business Hub in Hall 5 at the Scottish Event Campus.


  • 26 Oct 2021 6:59 PM | Anonymous member (Administrator)

    GENEVA (October 26) – Robust international emissions markets developed by Parties to the UNFCCC could stimulate up to $1 trillion of new capital investment toward developing countries, improve local sustainability results, and provide incentives for further technological innovation, according to a new report by the International Emissions Trading Association and the University of Maryland.

    The Potential Role of Article 6 Compatible Carbon Markets in Reaching Net-Zero studies how a strong global network of linked carbon markets can drive down the cost of cutting emissions and generate savings that can be reinvested into abatement that will help nations achieve the main goal of the Paris Agreement – keeping global temperature increases to well below 2 degrees Celsius.

    “This new round of modelling work re-emphasises the immense value of cooperative mechanisms and explores pathways to achieve global net-zero in a more fair and equitable manner,” said Dirk Forrister, CEO of IETA.

    “In addition to lowering mitigation costs, Article 6 could stimulate new investment in selling regions, improve local sustainability results, and present incentives for further technological innovation.”

    Among the chief findings of the study is that the market value of financial flows between countries could exceed $1 trillion per year by 2050. Much of this flow would go to developing economies in the form of clean technology investment, assisting them to reach sustainable development goals.

    IETA and University of Maryland first carried out modelling on the potential impact of Article 6 in 2019, and the new report highlights updated findings based on adjusted research.

    University of Maryland researchers studied a variety of scenarios for countries’ implementation of net zero policies, including a “staggered net-zero” option in which countries reached net zero at different times.

    This scenario brought the deadline for net zero emissions forward by five years for countries that already have a target and pushed back the target date to after 2050 for some developing regions, according to their economic development. The modelling showed that countries responsible for 97% of 2020 emissions would reach net-zero by 2060.

    While this delay in achieving global net-zero emissions would lead to higher short-term temperature increases, the study found, it is still consistent with the Paris goal of limiting climate change to “well below” 2°C because of the increase in ambition by capable Parties, the report says. 

    “The urgency of the climate change challenge calls for a truly cooperative global response, but it has to be fair. We can generate real benefits and development investment through cooperation in global carbon markets under Article 6,” said Ieva Steponaviciute, Policy Research Analyst at IETA and co-author of the working paper. 

    “Exploring staggered net-zero timelines for developed and developing regions in our research showed us that we can address equity concerns and still achieve mitigation objectives compatible with the Paris Agreement temperature goals if capable countries increase ambition.”

    With Article 6 rules in place and an operational global marketplace, the staggered net-zero scenario would see financial flows rise to $1 trillion a year by 2050 from $300 billion per year in 2030. 

    The delayed net-zero target dates under the staggered net-zero scenarios also substantially change the buyer and seller dynamics in the lead-up to 2050, the study found. 

    For example, China and India shift from being buyers to sellers, while the US becomes a large buyer to achieve its increased ambition. Latin America and the Caribbean become sellers along with most of Africa. On the other hand, Canadian, Russian, and Brazilian sales are greatly diminished before 2050.

    Moreover, cooperative implementation of staggered net-zero targets could yield significant financial savings, reducing mitigation costs by $21 trillion between 2020 and 2050.

    The full report can be found on the IETA website here, together with an executive brief here.


  • 22 Sep 2021 11:17 AM | Anonymous member (Administrator)

    GENEVA, 22 September - IETA and its International Carbon Reduction and Offset Alliance (ICROA) are pleased to announce the appointment of Andrea Abrahams as ICROA’s first Managing Director, and Lukasz Biernacki as its Communications Director.

    Interest in the voluntary carbon markets grew significantly in the last two years, according to EcoSystem Marketplace’s latest report. An increasing number of commercial entities are committing to achieve net zero emissions by the middle of the century, as laid down in the Paris Agreement. 

    Yesterday, the Taskforce on Scaling Voluntary Carbon Markets released its new governance structure, where IETA will play a valuable role as part of the Executive Secretariat team.

    “It is an exciting time of growth, and we are committed to enabling the market to scale up with high environmental integrity and good business practices,” said Dirk Forrister, IETA CEO.

    "We are proud to expand ICROA’s work in assisting members committed to this market.” 

    IETA’s membership has grown to over 170 members in 2021, reflecting the rising business interest in both voluntary and compliance markets. Abrahams and Biernacki bring a wealth of market and communications expertise to IETA”s expanding work in voluntary markets. 

    Andrea Abrahams is a former Director for Energy Transition at BP and head of bp Target Neutral.

    As head of BP Target Neutral, Andrea led a world-class carbon management programme developing carbon reduction and offsetting programmes for BP and its customers. Andrea helped BP develop many industry firsts, including the offsetting programmes for the London 2012 Olympics & Paralympics and the FIFA Brazil World Cup in 2014.

    Previously Andrea was instrumental in setting up BP’s Strategic Partnering business, establishing 20 global strategic collaborations with many of the world’s largest corporations. As Director for the Energy Transition she helped BP develop their net zero strategy mainly focussed on the Downstream business.  Andrea left BP in 2020 to work independently to support companies’ journey to net zero.

    As managing director of ICROA, Andrea will guide, represent and showcase ICROA’s work on policy and strategic insight for the VCM, develop positions on key market issues and coordinate research projects.  

    Lukasz Biernacki is a Strategic Communications expert with over a decade of experience in helping businesses and organisations communicate their vision through storytelling and compelling engagement strategies. Previously, he worked with international brands, multilateral organisations including the UN and EU, environmental NGOs as well as climate-related entities such as ecosecurities, and the Institute for Climate Leadership. 

    Lukasz will take responsibility for strategic and content-driven communications to advance ICROA’s mission and goals. 


  • 21 Sep 2021 5:19 PM | Anonymous member (Administrator)

    IETA welcomes today’s announcement from the Task Force on Scaling the Voluntary Carbon Markets (TSVCM) on the formation of a new independent governing body for the voluntary carbon market.

    The TSVCM has today established a Governance body, led by a Board of Directors and guided by a Senior Advisory Council. These will be supported by an Executive Secretariat in which IETA will participate.

    “This is an impressive leadership group, and IETA is dedicated to helping it to succeed,” said Dirk Forrister, IETA’s CEO. 

    “IETA is honoured to be involved in the work of the Secretariat, with three such well-regarded partners in the Green Finance Institute, the British Standards Institute and the Center for Climate and Energy Solutions.”

    For more than 20 years IETA has worked at the nexus of climate, finance and policy to advocate for robust, transparent and ambitious market mechanisms to help combat the challenge of climate change. The organisation has participated in many “firsts”, including the launch of emissions markets in the EU and California as well as in the voluntary market.

    Through its International Carbon Reduction and Offset Alliance initiative, IETA has also been closely involved in the voluntary markets for more than two decades.

    “There is a lot of work to do to get this new entity up and running,” Forrister added. “We’re committed to environmental and market integrity – and we’re bringing our wealth of experience to help it succeed.”

    About the TSVCM

    The Taskforce on Scaling Voluntary Carbon Markets (TSVCM) is a private sector-led initiative working to scale effective and efficient voluntary carbon markets to help meet the goals of the Paris Agreement. 

    Over 250 TSVCM member institutions represent buyers and sellers of carbon credits, standard setters, the financial sector, market infrastructure providers, civil society, international organizations and academics.

    The Taskforce has been working to establish the infrastructure for scaled and high-integrity voluntary markets for the trading and exchange of carbon credits since September 2020.

  • 16 Jul 2021 8:26 PM | Anonymous member (Administrator)

    GENEVA (16 July) –– IETA welcomes the successful launch of trading operations in China’s nation-wide emissions trading system, with the news on Friday that the first deal was closed at the price of 52.78 RMB/t (US$8.24/t) for a volume of 160,000 tonnes. The deal was worth some 7.9 million RMB (US$1.23 million).

    Chinese Emission Allowance prices rose by the maximum daily limit of 10% before ending their first day of trading at 51.23 RMB, with 4.1 million allowances changing hands, according to media reports.

    “The start of trading in China’s emissions market is a major step in the global drive for climate ambition,” said Dirk Forrister, CEO of IETA. 

    “It is now the largest carbon market in the world – and it aspires to rise to the challenge of delivering China’s ambition for the covered sectors over time. It will need to grow wider to reach other sectors to enable China to meet its share of global net zero emissions, so we hope that this humble beginning is a sign of great things to come.”

    China’s ETS covers only the power sector in its first phase, and sets carbon intensity targets for more than 2,000 power plants across the country. Plants are given free allowances matching their benchmark, and any installations that cannot meet that benchmark must buy allowances to cover any shortfall.

    China relies on coal-fired power for more than 60% of its electricity, but aims to reach peak greenhouse gas emissions before 2030 and net zero emissions by 2060.

    With an estimated coverage of emissions totalling over 4,000 MtCO2 in 2021, China is now operating the largest Emissions Trading System in the world.


  • 14 Jul 2021 6:28 PM | Anonymous member (Administrator)

    BRUSSELS, 14 July - The European Commission on Wednesday published legislative proposals to strengthen its climate policies in line with the bloc’s new 2030 emissions target.

    The “Fit for 55” package contains draft legislation to reform the EU Emissions Trading System as well as 11 other decisions and directives, including measures covering non-ETS sectors, energy efficiency, renewable energy, land-use, methane emissions, emissions standards for transport and energy taxation.

    The package also proposes to set up a new emissions market covering fuel supply to the transport and buildings sectors, and a Carbon Border Adjustment Mechanism that would levy a tariff on the carbon content of imported raw materials.

    The full package of legislation can be found here.

    Under the EU ETS reform proposals, the overall cap on emissions would undergo a one-off “rebasing” in 2023, while a new linear reduction factor of 4.2% would be applied each year, in order to bring emissions into line with the bloc’s 2030 economy-wide reduction target of 55% below 1990 levels.

    The Commission also proposes to bring the maritime sector within the scope of the EU ETS. Emissions from all intra-EU voyages would be covered, as well as 50% of emissions from voyages to or from ports outside the EU port that begin or end at an EU port, and any emissions created while berthed at EU ports.

    The reforms represent an overall EU ETS reduction target of 61% by 2030. 

    “The fact that the European Commission has once again tasked the EU ETS to go beyond the basic EU target (61% compared to an EU-wide 55% target for 2030) shows that the ETS is truly the cornerstone for achieving its climate neutrality goal, thanks to the economic efficiency it delivers,” said Dirk Forrister, CEO at IETA.

    A new, separate Emissions Trading System would be created to cover emissions from fuel supplies to the transportation and buildings sectors from 2025. This new market would be based on full auctioning of allowances, and would have its own Market Stability Reserve and cost containment measures.

    “The expansion of Emissions Trading to new sectors is a positive development and ensures that a carbon price signal will be felt across a much broader section of Europe’s economy” said Adam Berman, European Policy Director at IETA.

    The proposals also include the introduction of a Carbon Border Adjustment Mechanism (CBAM), which would require importers of certain raw materials to buy virtual certificates at the prevailing EU Allowance price.

    “We see the CBAM as a tool to galvanise global climate ambition by encouraging the expansion of carbon pricing systems around the world,” Berman said. “But if the EU wants the CBAM to be effective as a tool of diplomacy, the objective must be to stop carbon leakage and encourage market linkages, and not simply to accrue revenues.”

    The introduction of the CBAM would be accompanied by the gradual phasing out of free EU Allowances to European industrial installations.

    Berman added that "the gradual phaseout of free EUAs for CBAM covered sectors would provide continuity and stability for industry and ensure that the European Green Deal can be a strategy for green growth, provided it can be implemented in line with World Trade Organisation rules.”


  • 17 Jun 2021 3:16 PM | Anonymous member (Administrator)

    GENEVA (17 June) - Climate negotiators have completed three weeks of informal talks aimed at progressing work ahead of the Conference of Parties (COP26) in Glasgow in November.

    These virtual meetings, held under the aegis of the Subsidiary Body for Implementation (SBI) and the Subsidiary Body for Scientific and Technical Advice (SBSTA), were not set up as formal negotiating sessions, but instead as a means of informally addressing outstanding issues in the implementation of the Paris Agreement. Formal negotiations are expected to occur when in-person meetings are possible. 

    Seven technical discussions took place, followed by a Head of Delegation-level stock take in the final days. The informal negotiations covered some of the key topics in the Article 6 negotiations, namely:

     

    • Enabling ambition in Article 6 instruments;


    • Clean Development Mechanism (CDM) activity transition to Article 6.4 mechanism;

    • Implementing overall mitigation in global emissions in the Article 6.4 mechanism;

    • Use of Kyoto Protocol units towards Nationally Determined Contributions;

    • Implementation of Article 6.8; and

    • Reporting and accounting for GHGs and non-GHGs under Article 6.2.

    “While we did not expect formal decisions, the sessions did little to advance the substantive work, because many Parties simply restated old positions and reopened issues that were near closure at the last COP in Madrid,” said Dirk Forrister, CEO of IETA.

    Economic studies have shown that Article 6 can help deliver the level of climate ambition sought in the Paris Agreement, because it brings down the costs. Parties are free to cooperate in meeting these ambitious goals, even if guidelines are not agreed. 

    A number of Article 6 pilots are already underway. But the private sector prefers that governments form a common set of guidelines to assure environmental and market integrity now so that a truly global market can form promptly to support action at scale around the world.

    In the absence of decisions on Article 6, the risk is that the UN process could be sidelined by national, regional and sectoral initiatives.

    “IETA hopes that in the wake of this session, Parties will continue bilateral discussions to prepare the ground for a positive outcome in Glasgow,” Forrister added. “The prospect of Ministerial consultations on Article 6 in the coming month is a very welcome development.”

    IETA is grateful for the hard work of the SBSTA Chair, Tosi Mpanu-Mpanu, the Co-facilitators, Peer Stiansen (Norway), Hugh Sealy (Barbados), Anshari Rahman (Singapore) and Kim Solberg (the Netherlands) as well as the Secretariat, in steering the discussion, trying to make progress, and for condensing the areas of alignment in the informal summary notes.

    “We look forward now to COP26, and urge Parties to make use of the remaining time to focus on the outstanding issues that require consensus and pave the way for a successful outcome in Glasgow,” said Stefano DeClara, IETA’s head of international policy.


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