At #Article6 negotiation on 6.2 at #cop27
Co-chair declares we will need every minute this week to conclude work. Par23 will be left for next year. Informal consultations begin after this contact group. Could continue in an Inf-Inf [goes through various elements of mode of work]
Bahamas for AOSIS: thanks for oath forward - can you step it out day by day what you want us to accomplish as a group?
CC: to repeat: today we start informal, on registries we need an inf inf
Tuesday more Inf Inf
EU: happy with proposed mode, when do we come back to review and initial report? Happy to do first reading of annual information but see as connected to registry and infrastructure.
Saudi for LMDCs: it’s very hard to hear you. We have no problem with the mode but would like equal treatment for 6.2 6.4 6.8 - a nice little table of what’s to be discussed would be appreciated
CC: we’ll try
EU: I understand we’ll do review and initial report tomorrow
CC2: [offers indecipherable assurance]
CC1: let’s close contact group and start informal consultations.
cc2: we need solutions to issues here in Sharm but will leave Para 23 to next year. Open floor for comments on work before us.
[crickets]
EU: AF needs a lot more work and issues haven’t been properly discussed. Main issues:
List includes use towards NDCs but not OMGE
EU: [continues on a long and difficult to make out list of highly technical comments; I head out to another event]
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At the China Pavilion at #cop27 for the 8th Global Climate Change Think Tank Forum with Vice Minister for Environment:
VM: since Lima this is 8th of these think tank fora at COP.
We need systematic approaches to climate strategy. Promote low carbon transition of energy sector
VM: key to development of green low carbon economy. China has explored this for a decade. In 2020 Xi pledged to peak emissions by 2030 and achieve net zero by 2060. In 2021 coal has dropped from 72% to 56% of energy consumption since 2005, fasted change ever.
VM: green low carbon transition will remain our strategy, with vigorous development of renewables. Requires input from think tank experts.
Role of innovation: key driver. Xi stressed this role in innovation driven development, with science and institutional innovation
At @IETA side event at #cop27 on Frontiers In Carbon Pricing
Moderated by @RobertStavins of Harvard Project of Climate Agreements.
RS: we look for solutions that are effective, limit costs and are politically achievable. Have 100 research initiatives around the world
RS: here to discuss potential@of carbon pricing instruments to help meet Paris objectives, via multilateral, regional, national or subnational measures. 61 jurisdictions have done carbon prices, mostly via ETS, but few would match economists’ ideals.
RS: Chiba has a tradeable performance standard not an ETS per se.
Many ETS have a price collar, which makes them a hybrid with a carbon tax.
Panel today: Dirk Forrester of @IETA
Daniele Agostina of @EnelGroup
Lisa DiMarco of Resilient
Andrew Marcu, negotiator
Another China Pavilion side event at #cop27 on fiscal and tax policies in China
Zhang Liao, Jumbo Consulting
Inconsistent carbon accounting between Chinese regions make an integrated market and plan difficult. Central government needs to harmonize.
S1: look at industrial emissions. Changsha has a relatively clean industry sector and a balanced energy mix.
We’ve released a plan for local government integration on total control of air pollution and emissions reduction. Crucial for sustainable development.
S1: we need solid results from projects supported by local government policies. We will use different methodologies before establishing uniformity. Chang-Zhu-Tan action plan requires strategic collaboration and listening.
@Bowenchris speaks at #cop27 high level segment, opening with a statement in a Torres Strait language.
- Australia back as positive active willing partner on climate action.
- lifted 2030 target to 43%
- 82% RE within a decade.
- transition a challenge, an opportunity, necessary
CB: we remain committed to last year’s consensus on 1.5C. Cost of@letting this fall to wayside is too great. Threatens Blue Pacific.
We’re lifting assistance to Pacific and seeking to host COP31 with Pacific.
We know the story if the world fails to act; our cohosting will …
CB … try to accelerate global clean energy transition.
We’re focussed on real action to reduce emissions, such as our $20b transmission fund. We aim to be RE superpower. Will deliver first annual climate statement to Parliament next month, have 85 months to hit our targets.
At China Pavilion event on China carbon markets at #cop27 (an hour in)
Duan Maosheng, Tsinghua Uni: saying that China is promoting Green Gold Initiative cooperation with other nations under Article 6 mechanisms
DM: Article 6 mechanism units can cut the cost of China’s ETS in future but there’s a long way to go to integrate with China’s system.
Linking 🇨🇳 ETS requires data and management of fluctuations and market liquidity. Art 6.2 gives a very good accounting system as foundation
DM: 6.2 will help us expand national ETS in future. If we want to use it we need solid institutions. Participating parties must meet requirements:
- after each trade, make corresponding adjustments
- must quantify NDC reduction targets
- account for emissions each FY
At #cop27 side event on redefining the energy sector
Catherine Stewart, Canadian climate ambassador:
🇨🇦 is setting big targets and providing large funding for a range of clean energy techs including renewables and small modular nuclear.
We’ve invested billions in smart grid
CS: 🇨🇦 leads Powering Past Coal Alliance with 🇬🇧. Since 2017 launch 165 national govts have joined
At COP26 Canada announced $1b contrib to coal transition funds for many developing countries.
Targeted support is also needed, incl private finance mobilization.
CS: we also support the SE Asia Transition Partnership
[late note: Canada’s grid will be net zero by 2035]