COP26 moved into its political phase on Monday, with a stocktaking plenary convened to receive the reports and draft texts from SBSTA, which had completed its work on Saturday.
SBSTA Chair Tosi Mpanu Mpanu reported that Article 6 talks showed “a determination to find solutions and compromises”. He described the texts as “bold”, and expressed his belief that “they can be bolder still. There are areas where convergence is apparent… there are a limited number of remaining difficult issues. Parties are aware of the delicate linkages between items.”
In our Week 1 wrap, sent last night, we brought you updated texts from Saturday morning, but newer texts were produced on Saturday evening, which you can find here:
The Saturday evening versions are largely similar to their predecessors; nothing has been deleted from the latter, though new elements have been added to reflect the most recent discussions.
Our team noted that the number of brackets has increased fairly significantly in both the Article 6.2 and Article 6.4 texts, while the number of Article 6.8 text brackets have decreased.
We don’t think, however, that this means that Parties have moved even farther apart. Expert observers tell us that the atmosphere remains positive among negotiators, and that the general feeling is more upbeat than in either Madrid in 2019 or Katowice in 2018.
Our team is going through the texts to try to provide some input into the process, and we welcome any input from members who would like to share their views.
At the stocktaking plenary, COP President Alok Sharma appointed ministers to push forward work on the remaining outstanding technical issues, and encouraged Parties to use all available methods to complete the bulk of the technical work by the end of Monday. He appointed SBSTA Chair Tosi Mpanu Mpanu to lead Article 6 discussions on a “very limited number of issues on which technical progress can still be made”.
He also asked the ministers from Norway and Singapore, who also conducted ministerial consultations in the first half of the year, to deal with “specific issues that would benefit from political guidance”. He cited in particular adaptation finance in Article 6.2, accounting for units generated outside the scope of NDCs, and the use of pre-2020 (Kyoto) units to meet NDCs.
Sharma also tasked ministers with resolving issues regarding common timeframes for NDCs, the enhanced transparency framework, adaptation, mitigation, maintaining 1.5 degrees Celsius within reach, loss and damage, climate finance.
He set a deadline of Tuesday for these political consultations to be completed, after which he will hold a stocktaking meeting of ministers.
A number of negotiating blocs made interventions during the opening COP plenary today. Despite Sharma’s plea for brief statements, all the main negotiating groups made lengthy interventions. We noted that these came mainly from developing country groups: the G77 and China, the Like-Minded Developing Countries, the African Group, the Arab Group, and the BASIC group, which did not take the floor during the first week of the COP.
The various statements appeared to take a step back from the detail-oriented statements of the first week. All stressed the importance of adaptation finance, common but differentiated responsibilities and the need for developed countries to contribute to adaptation finance; it seems that we are now getting a clearer picture of the political context for the week’s work.
Interestingly, while Article 6 was mentioned, the issue of Share of Proceeds was only referenced by India on behalf of BASIC, which may be a sign that while adaptation finance may be a priority for this COP, it may not necessarily need to be included in Article 6.2.
After the plenary meeting was suspended, negotiators spent the afternoon in bilateral discussions and informal talks, though these were held in a closed format, which means observers were not admitted. We were hoping to get an update this evening, which we’ll communicate in tomorrow’s briefing.
Monday at the IETA Business Hub
Monday’s schedule of open events at the #COP26BizHub began with a panel discussion hosted by the Negative Emissions Platform on how corresponding adjustments might work in the context of a new EU carbon removal certification mechanism.
The Edison Electric Institute assembled senior power industry figures to highlight the actions their companies are taking to reach net zero emissions.
The Swedish Energy Agency and the Global Green Growth Institute hosted a discussion on what steps need to be taken to develop Article 6 ITMO transactions.
Quebec presented the Glasgow Declaration on Carbon Pricing in the Americas, with participation from ministers and officials from 12 national and sub-national jurisdictions in Chile, Panama, Mexico and Canada. The Declaration emphasises the importance of carbon pricing and international cooperation in carbon markets to achieve net zero.
The final event on Monday saw Switzerland’s KliK Foundation host an exchange of experiences and views on how to operationalise Article 6.
Tuesday at the IETA Business Hub
We open the Hub at 0900 GMT on Tuesday with a session hosted by Carbon Finance Labs, who will introduce a new tool to create, track and manage carbon declarations across supply chains for all products and services. You can tune to watch this event here.
Carbon Finance Labs will then present at 1000 GMT a new carbon credit origination platform to accelerate the global transition to e-mobility, decentralised storage and power grid flexibility. The event will be streamed immediately after the first session using the same link.
At 1030 GMT, the Global CCS Institute will present a panel discussion on the role that carbon capture and storage can play in tackling climate change.
This will be followed at 1200 GMT by a session in which the Gulf Organization for Research & Development (GORD) will present its concept for a global carbon market through a “Global Carbon Council”.
At 1330 GMT, Verra will discuss trends and changes in the voluntary carbon markets and the outlook for growth. Join this event here.
Also taking place at 1330 GMT is a virtual meeting of ICROA to discuss the latest developments from organisations that work to enhance the market’s transparency and legitimacy using new technology. You can participate in this session by registering here.
The Negative Emissions Platform will host a panel session at 1500 GMT in which leading carbon removal buyers, suppliers, and thought leaders will discuss the enabling framework needed to take public and private procurement of high-quality permanent removals to climate-relevant scale.
The final event of the day takes place at 1630 GMT, and is hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI). The event will discuss the prospects for renewables and grid-scale storage as a cost-effective replacement for fossil fuel-based power generation.