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COP27 IETA update: Day 5

11 Nov 2022 10:20 PM | Anonymous member (Administrator)

Day 5: 11 November 2022


SBSTA chair Tosi Mpanu Mpanu of DRC faces a challenging weekend as Article 6.2 talks appear to be deadlocked. Photo via UNFCCC Photo Desk/Flickr

Day 5 at COP27 was dominated by a flying visit from US President Joe Biden, who addressed a special side event for 30 minutes on the country’s efforts to ramp up climate ambition before jumping back onto Air Force One to head to the G20 summit in Bali.
 
Biden highlighted new plans to tighten regulations on methane to cut emissions by 87% below 2005 levels by 2030 and announced $150 million in new support for adaptation and resilience in Africa.
 
He also announced a plan to require federal government suppliers and contractors to report on their emissions and adopt science-based targets, and doubled the US pledge to the Adaptation Fund to $100 million.
 
Biden also reiterated that the US will meet its emissions reduction target of 50-52% below 1990 levels by 2030, and recommitted the US to providing $11 billion a year in climate finance.
 
Elsewhere at COP27 today, the International Organization for Standardization (ISO) released its Net Zero Guidelines, which it calls “a common reference for collective efforts, offering a global basis for harmonising, understanding, and planning for net zero for actors at the state, regional, city and organisational level.”
 
ISO says its aim is to remove the confusion created by having competing approaches and concepts for net zero.
 
Article 6 impasse
In the meeting rooms, Article 6.2 negotiators appeared to be stuck on a large number of issues, judging from the number of brackets in the updated text that was posted at midday on Friday.
 
The cover note on the draft conclusion read: “The draft decision being forwarded for consideration at CMA 4 does not represent a consensus among Parties and further work by the CMA is necessary to finalise this decision.”
 
As we noted earlier this week, the issue of authorisation continues to hold up progress, and it has ramifications for Article 6.4 as well. Business sources have expressed concern that nations could have the ability to retroactively revoke the authorisation of ITMOs, and by extension, Article 6.4 emission reductions.
 
Today’s contact group session scheduled at 1400 hrs was very short, our observers report. Parties expressed dissatisfaction with the draft text and refused to hold the scheduled “informal informal” today.
 
Instead, they will hold consultations tomorrow morning in the hope of agreeing on a new draft text in time for the SBSTA plenary on Saturday afternoon.
 
The mood in the Article 6.4 talks in contrast was reported as “less tense”, though we are unable to bring you a more detailed appreciation of the session.
 
Other work streams appear to be equally challenging.
 
Discussions in the loss & damage track, which formally began at this COP, have begun to develop some distinct positions, according to observers.
 
Developing countries are seeking an agreed outcome that sets out what form any fund would take, with a two-year programme to bring it into operation. Developed countries on the other hand would prefer to leave the parameters of the fund open until more talks are held. Observers expect draft text no later than Monday.
 
Negotiations over the work programme for scaling up mitigation produced earlier this week a highly bracketed text which is still being worked on.
 
There will be no update on Saturday. We will resume our daily briefings on Sunday evening EET, with an update on the weekend’s scheduled subsidiary body plenary sessions and a preview of what’s ahead in week 2.
 
Kind regards,
 
Alessandro

IETA COP27 Business Hub news

While negotiators try to reach a compromise on the sticking points in the draft texts, we’ll have a pretty full schedule of events on Saturday to look forward to.
 
Norton Rose Fulbright lead off at 0900 hrs with Anne Lapierre, the company’s global head of energy, looking at how carbon markets can help hydrogen drive industrial decarbonisation.
 
At 1030 hrs, we welcome the European Bank for Reconstruction and Development to host a discussion on food security and climate change.
 
Germany’s federal climate ministry and GIZ will return to the Hub at 1130 hrs to examine how the correct disposal of refrigerant gases can represent huge emission reductions. They’ll introduce the new Climate and Ozone Protection Alliance (COPA) during the event.
 
IETA members ALLCOT will take over the Hub at 1300 hrs to talk about the Fair Carbon Markets Initiative, which looks to unlock South-South cooperation to drive mitigation and adaptation finance.
 
At 1430 hrs, the Global Carbon Council returns to the Hub to talk about its work to develop frameworks for carbon capture and storage and nature-based reductions.
 
Our final event of the day at 1530 hrs brings together IETA, EDF, the World Bank and the government of Chile to present the Climate Action Teams (CAT) initiative. Join us to find out more!

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.

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!

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