With negotiations heating up behind closed doors, Le Bourget has felt like one giant waiting room today (complete with germs).
Negotiations lasted all night once again on Thursday, and intense consultations and bilaterals continued throughout the day on Friday. The promised final text has been delayed until at least 9am CET on Saturday, along with the sixth meeting of the Comité de Paris.
On the market language (article 3, paragraph 20 on cooperative approaches and the mechanism to support sustainable development, article 3 ter), tension increased overnight. There are concerns that the language is now getting messy, after disagreements overnight. However, by Friday afternoon, word is that only one country is digging in their heels and refusing to allow these to pass: Venezuela. One country, which has not even submitted an INDC.
At the time of writing (6pm CET), a closed door meeting between the co-facilitators, COP President, UNFCCC and Venezuela was ongoing. We are closely monitoring the situation to see if a compromise has been reached.
Talk in the corridors has focused on this, and how we can pursue efforts to keep the global average temperature increase to only 1.5°C (as newly agreed in last night’s text, article 2, paragraph 1) if there is no market mechanism or any scope for cooperation in the text. Yes, countries can still form partnerships outside of the UNFCCC – such as a reported declaration on market cooperation that is in the pipeline – but it gets messier and more complicated. A global framework ensures comparability and helps reduce costs – which is especially important for developing countries wanting to use markets.
Today IETA and some of its member companies met with a cross-party delegation of more than 13 Members of the European Parliament present in Paris, to discuss the ongoing negotiations at COP21. The meeting was a great opportunity for IETA to present its priorities are for the Paris Agreement and the importance of recognising the role of carbon markets in the text – a view shared by MEPs!
Discussions also touched upon linking ETS with one another, ensuring environmental integrity of crediting mechanisms, and developing a well-functioning EU ETS for the period post-2020, which the European Parliament and European Member States are currently working on.
We will continue to update you as events unfold over the weekend. A full report on the outcomes will be distributed to members early next week, followed by debriefs on Tuesday (via telephone) and Wednesday (in person, in London). Please contact your local IETA representative for more information on all of these.
Thank you to all our members and partners for your support these last two weeks. The IETA/WBCSD hub was definitely the place to be at Le Bourget! Your energy and contributions helped make our programme a real success.