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  • 02 Nov 2021 11:55 PM | Anonymous member (Administrator)

    The pace picked up sharply on Tuesday, with a raft of major initiatives announced by Parties that saw 90 countries commit to cutting methane emissions, and 100 nations pledging to halt and reverse deforestation by 2030.

    Elsewhere, the United States and the UK announced they would supply $8.5 billion in funding to help South Africa's energy transition. And Nigeria unveiled its own net zero commitment which, according to BloombergNEF, now means that just 11% of global emissions are not covered by a net-zero goal.

    In the meeting rooms, the negotiations over Article 6 got serious as delegates got to grips with the new texts that we shared with you earlier today. Heads of delegations met at midday to discuss the new versions, with many Parties commenting on some of the editing choices made by the co-facilitators.

    A lot of options in the texts remain open, and in some cases there are more options than in the Madrid text that we started with yesterday. This proliferation raised some concerns and Parties stressed they want to see the number of options handed up to political leaders reduced as much as possible.

    In the draft text on Article 6.2, some of the more contentious issues have been shifted into a draft work programme to be dealt with by the Subsidiary Body for Scientific and Technical Advice (SBSTA) in 2022, and our team says that this proposal didn't appear to be controversial.

    The proposal to apply a Share of Proceeds to transfers of ITMOs (reductions) in both Article 6.2 and 6.4 remains a key area of disagreement, with developing nations in favour of SoP from both mechanisms, and developed Parties rejecting it in Article 6.2.

    After developing country Parties asked for a capacity building programme to be launched to help them with market development, especially for Article 6.2, the co-facilitators have inserted in the texts a technical capacity building programme that would transfer financial resources and technologies from developed to developing countries.

    There was also a stronger focus on Article 6.8 in today's talks, with the Like-Minded Developing Countries and the AILAC groups stressing the need to give equal importance to non-market mechanisms. 

    Discussions on Article 6 will resume Wednesday morning and are likely to last most of the day, we understand. 

    These draft decision texts won't be the last versions we'll see this week, and our team estimates that maybe one, possibly two, more iterations will be needed before the technical discussions under SBSTA come to an end and we move to the political phase of the talks. 

    Catch up with Tuesday's events at the Hub and elsewhere

    It was a much busier day at the IETA Business Hub, with six events taking place through the day. We'll be even busier tomorrow, as you'll see.

    Canada held a high-level event on carbon pricing that featured Prime Minister Justin Trudeau, Sweden's PM Stefan Lofven, IMF managing director Kristalina Georgieva and Ngozi Okonjo-Iweala, Director-General of the World Trade Organization. You can watch the event here.

    Later in the day, IETA hosted a session with the University of Maryland to present the findings of our latest Article 6 modelling. Our CEO Dirk Forrister spoke and moderated presentations from experts and economists. The link to the event is here; use the passcode '=r4.Ggua'.

    Wednesday at the IETA Business Hub

    IETA’s side event programme on Wednesday starts at 0900 hrs, with Norton Rose Fulbright hosting a session on how to finance the transition to net zero.

    Also at 0900 hrs there will be a virtual event hosted by GIZ, Proclima and BMU, addressing how to reduce fluorinated gases and how market mechanisms can be leveraged to help. Registration for this event is here.

    At 1030 hrs, Oxy Low Carbon Ventures will hold a discussion on how to ensure complementarity between different climate regimes (such as the VCM, Article 6 and NDCs) in the monetisation of CCS and carbon removal efforts. You'll be able to join the discussion here.

    Verra have organised at 1200 hrs a discussion on how best to design and deploy voluntary carbon markets to support more ambitious reduction pledges. This session will be available to virtual participants here.

    At 1330 hrs, IETA will host an event that looks at how to integrate carbon removals into existing markets such as the EU and UK ETS. Experts will discuss how to bring carbon removals into compliance markets without losing the incentive to decarbonise. Virtual participants can join here.

    ICROA will hold a key event at 1500 hrs on how to scale up the voluntary carbon markets. The panel discussion will focus on demand, supply and transparency in the VCM as key factors in the market growth for 2022. The event will be streamed live here.

    At 1630 hrs, IETA CEO Dirk Forrister will welcome Quebec Premier François Legault to the IETA Business Hub, for an armchair conversation.

    At 1700 hrs, IETA will present its specially-commissioned COP26 news programme entitled Blue Sky Thinking, created together with respected UK production company ITN Productions. As the programme goes live on the internet, we'll present a taster of the full show and Carbon Pulse's Ben Garside will moderate a discussion with IETA Fellow Joan MacNaughton, Verra CEO David Antonioli, South Pole founding partner Ingo Puhl and ICE managing director of utility markets Gordon Bennett. You can register to follow this event online here.

    Our final event for Wednesday will take place at 1800 hrs, when ERCST will present the results and main findings of a project to study the impacts of mitigation policies in Ghana.

    And at 1930 hours, we'll welcome all visitors to the IETA COP26 Business Hub for a welcome reception! Join us in Zone D, Hall 4, Pavilion 94.

  • 01 Nov 2021 11:09 PM | Anonymous member (Administrator)

    Political leaders took to the stage on the first formal day of COP26, with numerous statements and a couple of surprises along the way. Negotiations started in earnest in the contact groups, with Article 6 discussions covering some familiar territory but also raising a few new issues.

    The High-Level segment of the talks saw numerous calls for more widespread carbon pricing, led by the UN, Germany, Canada and even Prince Charles, who said “putting a value on carbon [would make] carbon capture solutions more economical.”

    India’s Prime Minister Narendra Modi announced a net zero target in 2070 for his country, as well as pledges to ramp up renewables, lower the country’s carbon intensity, and cut emissions by 1 billion tonnes by 2030.

    Canadian Prime Minister Justin Trudeau delivered on an election pledge from earlier this year, by announcing a commitment to cap oil and gas emissions and to bring those industries to net zero by 2050.

    UN Secretary-General Antonio Guterres sounded a word of warning, saying that there is a “deficit of credibility and a surplus of confusion over emissions reductions and net zero targets, with different meanings and different metrics.” Guterres said he is setting up a group of experts to develop ways to measure and analyse net zero commitments from non-state actors.

    Statements from political leaders will continue on Tuesday but, away from the plenary halls, technical negotiations are already underway. IETA was fortunate to be one of the very few observers admitted to the room when the Article 6 contact group got under way today. 

    Negotiators agreed that new Article 6 texts should be produced and these should be available overnight; we will share links to the new documents as soon as they're available.

    These texts will form the basis for the rest of the week’s work, with the goal of completing the discussions by Saturday. As we highlighted in yesterday's briefing, though, negotiators are also working with an informal “options paper” that was circulated by the chair of SBSTA before COP, that lays out the main areas of contention.

    Article 6 specialists opened their discussions with negotiating blocs and individual countries setting out their positions, many of which were fairly familiar to long-time observers of these talks. Our observers in the room say very few new elements were raised; some parties started to make specific proposals or made clear what they wanted to see in the text, but generally the interventions by the groups and the individual parties were statements of well-known positions. 

    As expected, the main issues are Share of Proceeds – and whether it should apply to both Articles 6.2 and 6.4 – corresponding adjustments, and the CDM transition into the Article 6.4 mechanism. There is also increasing interest in how to treat non-quantifiable emissions reductions, and an interesting discussion is developing over how to define ambition in this regard.

    There were also calls from several groups for a capacity building programme to be established immediately to help developing countries prepare for Article 6.2.

    On Article 6.4, the Arab Group called for no limitations on the eligibility of former CDM projects in the new mechanism. It did offer a compromise by suggesting a cut-off date based on the “generation date” or vintage of Certified Emission Reductions, but this was dismissed by the Environmental Integrity Group (Mexico, Liechtenstein, Monaco, the Republic of Korea, Switzerland and Georgia) as impractical.

    The Arab Group also pressed for Overall Mitigation of Global Emissions (OMGE) to apply to both Articles 6.2 and 6.4. Under the OMGE proposal, each transfer of reductions would be subject to a “haircut”, which would then be cancelled to ensure an overall reduction in emissions. 

    Brazil reiterated many of its existing positions on issues, though it is not immediately clear how rigid its “red lines” may be in the context of recent media reports. At the same time, China was conspicuously low-key at this first meeting, refraining from expressing any strongly-held positions.

    Tuesday at the IETA Business Hub

    IETA’s side event programme shifts into high gear on Tuesday, with events both in and outside the COP26 Business Hub.

    IETA's BusinessHub programme officially kicked off on Monday - events included the first of the Impact Investing Forum, organised by the Indonesia Chamber of Commerce and Industry (KADIN), Bakrie & Brothers, Indika Energy, GIPA

    We had hoped to be able to welcome world leaders including Canada's Justin Trudeau and Ursula von der Leyen to the IETA Hub at 1000 hrs tomorrow, but logistics have dictated otherwise. However, you will be able to watch this high-level event, "A Price on Carbon Pollution to Achieve Net Zero", on YouTube.

    Action at the IETA Hub starts instead at 1100 hrs with Indonesia's Chamber of Commerce and Industry presenting a new private impact fund that will invest in SDG-driven startups.

    At 1330 hrs, IETA will present the latest findings of its modelling project on the economic impact of Article 6, carried out with the University of Maryland. Researchers on the project will be joined by speakers from the IEA, EDF, MIT and the Clean Air Task Force. You can register to participate virtually here.

    Also at 1330 hrs will be a virtual-only event, led by the German government and GIZ, on "Carbon Markets and Green Hydrogen: Synergies to Reach Decarbonisation". Representatives from Germany and Chile will discuss the ways in which Article 6 can drive the development of green hydrogen. Registration for this event can be found here.

    At 1500 hrs, the Federation of Indian Chambers of Commerce and Industry hosts an event on "Carbon as an Asset Class: Influencing Markets and Finance." Speakers from industry, finance and government will participate.

    The European Roundtable on Climate Change and Sustainable Transition takes over at 1730 hrs, when Andrei Marcu and a panel of negotiators will talk about the outlook for Article 6 and how it fits into the wider picture at Glasgow. This event is in-person only.

  • 31 Oct 2021 10:43 PM | Anonymous member (Administrator)

    At the opening plenary, outgoing COP President Carolina Schmidt of Chile handed over the gavel to Alok Sharma of the United Kingdom. Photo via UNFCCC. 

    Welcome to COP26! The IETA team is on-site in Glasgow and we've hit the ground running, preparing for the start of a very busy schedule of side events at the IETA Business Hub.

    This year's UNFCCC talks face a stiff test, with social distancing regulations, daily Covid-19 tests and a packed agenda all keeping delegates very focused on the task at hand. 

    It's been a very busy run-up to the start of this year's summit as well. More than 110 Parties have so far submitted updated Nationally Determined Contributions (NDCs) to the UNFCCC, with nearly half of these specifically intending to leverage market mechanisms to help reach their reduction targets.

    To this list we can now add New Zealand, which announced its updated NDC early on Sunday. The country pledged to cut emissions by 50% gross (41% net) from 2005 levels by 2030, compared to its original NDC that targeted a 30% reduction. New Zealand also intends to participate in international markets to help reach its target, prioritising developing countries in Asia-Pacific.

    Less officially, there were also reports UK Prime Minister Boris Johnson inadvertently revealed last week that Indonesia would be announcing at COP the end of coal use by 2040, and we've also heard suggestions the country may be preparing to launch an emissions trading system.

    And while delegates were settling in for two weeks of hard work, leaders at the G20 in Rome agreed to phase out investments in offshore coal plants by the end of 2021. The group stopped short of pledging to stop domestic coal power, saying instead it would work to phase out unabated coal generation as soon as possible.

    Opening of the Session

    The formal opening of the 26th Conference of the Parties took place on Sunday afternoon, with the formal handover of the Presidency from Chile to the United Kingdom. Incoming President Alok Sharma called on the international system to deliver.

    I believe that we can resolve the outstanding issues,” he said in his opening speech. “We can move the negotiations forward, and we can launch a decade of ever-increasing ambition and action.”

    “Now is the day, now is the hour,” UNFCCC Executive Secretary Patricia Espinosa told the opening plenary. “Success at COP26 is entirely possible, [but] to fully unleash [the Paris Agreement's] potential we need full implementation,” a reference to the remaining work on Article 6.

    The physical restrictions of a Covid COP are already placing strain on the process. Espinosa pointed out that the biggest negotiating room in Glasgow has a capacity of 144: 72 persons at the table and 72 in the back. That is not enough: we have 193 parties now. And then we have also the stakeholders which we want to have included.

    Discussions are still going on over how to accommodate the numerous streams of negotiations amid the restrictions, and already some of the agenda has been pared down. At the opening session of SBSTA, delegates agreed to defer a number of items – including those dealing with methodological issues under the Convention and the Kyoto Protocol – to the next session.

    On the Article 6 track, SBSTA chair Tosi Mpanu Mpanu of the Democratic Republic of Congo proposed that a single contact group be convened to cover discussions on Articles 6.2, 6.4 and 6.8. The discussions will be facilitated by Mandy Rambharos of South Africa, Hugh Sealy of Barbados, Peer Stiansen of Norway and Kim Solberg of The Netherlands. The first meeting of this group will take place on Monday at 1000 hrs.

    (Before COP26, Mpanu Mpanu prepared an informal “options paper” outlining the remaining areas of disagreement on Article 6 and potential ways to bridge these gaps, which you may find useful.)

    Opening statements from negotiating groups and countries highlighted their priorities for Article 6. Numerous developing country groups emphasised that Share of Proceeds from transactions in all three Article 6 mechanisms must supply the Adaptation Fund, while others, both developed and developing, called for no carryover of Kyoto-era offsets into the new system.

    Monday at the IETA Business Hub

    IETA has put together a very strong programme of events at the COP26 Business Hub, featuring some very high-level speakers and engaging topics. We will also be launching our special COP26 net zero news programme, entitled #BlueSkyThinking, this coming Wednesday. We'll preview each day's schedule in our Daily COP26 Report.

    IETA’s side event programme for Monday November 1 kicks off at 1100 hrs with an event hosted by Carbon Finance Lab. This session will make the case for excluding removal-based carbon credits from NDC’s to accelerate innovation over the next decade. Virtual participation is available via Teams

    Indonesia's Indonesian Chamber of Commerce and Industry (KADIN) will hold two events on Monday afternoon. In the first, starting at 1430 hrs, KADIN will be joined by the World Economic Forum to launch a study on the opportunities and challenges facing that country's energy transition.

    And at 1615 hrs KADIN will hold a Global e-Mobility Forum, examining ways to speed up the transition to clean electrification, with special focus on electric vehicles and sustainable urban ecosystems.

    See our Business Hub Programme Guide for more information.

  • 26 Oct 2021 6:24 PM | Anonymous

    Download the document here.

  • 26 Oct 2021 6:22 PM | Anonymous

    Download the document here.

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