BONN, 10 May - Today negotiations ended at the 48th meeting of Subsidiaries Bodies to the UNFCCC (SB48) in Bonn. Parties agreed to continue talks in Bangkok later this year.
IETA closely follows the discussions on Article 6 of the Paris Agreement. This Article aims to provide guidelines and rules for cooperative approaches to implement nationally determined contributions (Art. 6.2), for a market mechanism to enable emission reductions (Art. 6.4) and for non-market mechanisms (Art. 6.8).
In Bonn, Parties produced revised versions of three informal notes on these items that will be taken up again in Bangkok. These informal notes are intended to provide the basis for a new negotiating text on Article 6 guidelines, which are due for completion this year.
“We had hoped to see more progress on this topic at SB48, which is essential if parties are to adopt Article 6 guidance at COP 24 in December” said Stefano De Clara, head of international policy at IETA. “We appreciate that Parties require some time to become comfortable with the current informal notes as a basis for negotiations. We hope that the discussion in Bangkok will capitalise on the understanding built in Bonn.”
“The good news is that all options are still on the table,” said Dirk Forrister, IETA’s president and CEO. “We are happy to see our priorities for Article 6 reflected in the documents, along with a number of options that could hinder the potential of Article 6. We’re very hopeful of a good outcome as they develop a final package.”
“It’s crucial that Parties understand the implications of the different options and define a clear ruleset that harnesses the full potential of international cooperation through markets. IETA stands ready to assist in this process,” Forrister added.
IETA welcomes the fact that an additional negotiating session was scheduled - this allows precious time to build confidence among parties, to have a meaningful outcome at COP24.
“It is vital that Parties push harder to get a negotiating text ready in time to complete their work at COP24,” De Clara said. “Given the lead times necessary for project investments, the Article 6 rules agreed this year can help send a clear investment signal to the business community to do more in advancing the Paris goals.”