What a rollercoaster of a day – but one that ended on a massive high, especially for those of us who have worked so tirelessly to ensure a role for markets in this agreement.
We woke up to find that the first Comité de Paris meeting and the release of the proposed final text for the Paris outcome had been delayed again until 11.30am CET. Proceedings finally began just before midday, with the text finally released at 1.30pm CET.
There followed a tense afternoon as we waited for the final Comité de Paris meeting to see if Parties would adopt the text. The appointed hour – 5.30pm – came and went…then 6.30pm….then suddenly, at 7.15pm, it sprang into action.
A little over 10 minutes later, and a few minor revisions noted, it was done: the revised final text was passed to the COP, which adopted it immediately. Cue tears (and a few champagne corks).
This is a good text: for IETA, for the environment, for everyone. We’ll give a fuller analysis in our post-COP report early next week, but a few key points:
- Article 6 (formerly article 3 in the draft) deals with implementation – including through cooperative approaches (markets by another name).
- After tense negotiations over the past 48 hours, everything IETA asked for is there: accounting provisions, cooperative approaches and internationally transferrable mitigation outcomes (ie, emissions trading) and a crediting mechanism (now known as a mechanism to support the mitigation of GHG emissions and support sustainable development).
- Article 6, paragraph 5 explicitly deals with the avoidance of double-counting – key to ensuring trust and credibility of the mechanism.
- Full rules of this mechanism will be adopted at the first meeting of the COP serving as the Meeting of Parties to the Agreement (aka CMA), ie after ratification.
Overall, this is a historic moment for global climate policy – and IETA is proud to have played a part in shaping our future.