Day 4: 10 November 2022
UN Secretary-General Antonio Guterres shakes hands with Al Gore at the launch of the latter's Climate TRACE intiiative on Wednesay. Photo via UNFCCC Photo Desk/Flickr
Greetings from Sharm El-Sheikh;
Day 4 at the COP was a relatively quiet one, after the rush of announcements of the previous two days. Activity at the IETA #COP27BizHub was hectic, however, with a full schedule of events from 0800 hrs through to 1830 hrs, while negotiators continued work to bring the draft Article 6 texts to a state ready to hand up to the CMA next week.
Market matters
There was not much concrete progress in the negotiations today, our observers report.
An updated Article 6.4 text was published early this morning, “most likely” after a night of intense negotiation, according to our sources. The new draft contains significant changes compared to the previous version tabled by the SBSTA chair.
A contact group on Article 6.4 convened soon afterwards, during which delegates discussed general progress and expectations.
The main concerns today appeared to be related to the deliverables of the Article 6.4 Supervisory Body. As we’ve reported before, the work on guidelines on removals was agreed late last week, while the guidelines on methodologies are not yet agreed.
A further “informal informal” meeting on Article 6.4 will take place tonight.
Co-facilitators are starting to feel the pressure, as they have to submit texts for adoption to the SBSTA plenary on Saturday before discussion can continue in the CMA next week.
For those of you tracking the progress of the talks on the Clean Development Mechanism, the Subsidiary Body for Implementation published yesterday a draft negotiating text on guidance to the CDM, which includes decisions on the transfer of eligible CERs into the new Article 6.4 mechanism.
Two key elements of this text, referring to which CERs are eligible for transfer and the process to authorise the transfer, are in brackets and will require further talks.
Meanwhile the discussions on Article 6.2 focused on infrastructure – registries, platforms and databases. Views remain far apart on the overall architecture, and a new text on 6.2 is expected overnight.
Coming up tomorrow, don’t miss our official UNFCCC side event at 1130 hrs, in conjunction with the Project Developer Forum, SouthPole, and CEBDS. Our session will focus on how Article 6 and the VCM can interact, and how credits with and without corresponding adjustments can help countries increase their ambition, get on a path to net-zero, and deliver investment in mitigation, adaptation and sustainable development. This event takes place in the Amon Side Event Room in the Blue Zone.
Kind regards,
Alessandro
IETA COP27 Business Hub news
IETA’s Business Hub is located in Area C, Zone 5, Pavilion 123 – our neighbouring pavilions at this year’s event are the International Chamber of Commerce, the GEF, the Coalition of Rainforest Nations and the Republic of Guinea.
As you may know some of the events presented at the Business Hub are offered in hybrid format. While we are making every effort to ensure those events are available to virtual participants, the wifi connection in the halls has been unreliable in the past days, and we apologise in advance if proceedings are interrupted.
Friday at the #COP27BizHub begins at 0800 hrs with a session hosted by the US Chamber of Commerce on how to tackle the decarbonisation of transportation. Representatives from the US Department of Transport, UPS, United Airlines, Google and PepsiCo will be on the panel.
At 0930 hrs Carbon Finance Labs will present a session on digital product level reporting, and how it can generate carbon assets.
At 1015 hrs, IETA’s CEO Dirk Forrister will host an armchair chat with Vicki Hollub, President & CEO of Occidental Petroleum, one of the top events of the IETA programme this year!
1PointFive and Carbon Finance Labs will present two panel discussions at 1100 hrs, looking into carbon monitoring, reporting and verification, examining efforts to make MRV more robust and show how improvements can build investment security.
At 1230 hrs, IETA members Vertis will host an event highlighting how proper carbon offsetting as well as solid communication is essential to avoid accusations of greenwashing and its negative effects.
Canada’s Clean Resource Innovation Network joins us at 1400 hrs to showcase its collaboration model that helps accelerate clean energy technology commercialisation and adoption.
The American Carbon Registry will lead a panel discussion at 1530 hrs on recent trends in the US forest carbon markets and expectations for carbon credit quality.
At 1630 hrs, we will welcome Patrick Pouyanné, CEO of TotalEnergies and Chairman of Entreprises pour l’Environnement, for the launch of a new report by the French association examining what it means for companies to implement carbon neutrality, both in terms of strategy and organisation as well as in terms of stakeholder relationships.
The final event of the day at 1800 hrs is hosted by Bain & Co and will focus on how companies can embed the energy transformation into their strategies to their recession recovery efforts.
We’d like to thank all our main partners, supporting partners and sponsors who are making IETA’s programme at COP27 possible. Your help and participation is appreciated!
