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Article 6 talks remain stuck on three issues

  • Market: Emissions
  • 10/11/21

Negotiations on Article 6 at the UN Cop 26 climate summit in Glasgow remain stuck on the same issues that have plagued it since the Paris accord was agreed in 2015.

The three issues that remain to be settled concern the share of proceeds, which refers to the levy on some bilateral trade of carbon credits to help provide adaption finance; corresponding adjustments to prevent double counting of credits; and the carryover of pre-2020 credits, Norway climate and environment minister Sveinung Rotevatn reported to the Cop 26 presidency stock-taking meeting today.

Norway and Singapore sustainability and environment minister Grace Fu are facilitating political negotiations on Article 6.

There is a "spirit of looking for solutions", Rotevatn said. "We are not done, we will continue to work", he said.

The ministers have had 15 bilateral meetings in the past two days with negotiation alliance groups and had a group meeting of all participants this morning.

The latest draft of the negotiation text for Article 6 issued in the early hours of this morning was little changed from the previous version from 6 November.


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13/11/24

Cop: French energy minister cancels visit to Baku

Cop: French energy minister cancels visit to Baku

London, 13 November (Argus) — French energy minister Agnes Pannier-Runacher on Wednesday cancelled her planned visit to the UN Cop 29 climate summit in Baku, over what she called host Azerbaijan's "unacceptable remarks" on France and Europe. The minister had planned to arrive in Baku on 20 November, to take part in negotiations in the second week of the conference. The French president was not represented in high-level meetings this week, for the first time since the Cop 21 conference in Paris in 2015. "The direct attacks against our country, its institutions and its territories are unjustifiable," Pannier-Runacher told the French senate this afternoon. Azeri president Ilham Aliyev today raised "the so-called overseas territories of France and the Netherlands," while addressing a summit of leaders of small island states. The voice of the populations of the two countries' overseas territories are "often brutally suppressed by the regimes in the metropolis," he said. Aliyev criticised France's response to unrest and protests in the French overseas territory of New Caledonia earlier this year. He called the European parliament and Parliamentary assembly of the council of Europe "symbols of political corruption," and said they shared responsibility with French president Emmanuel Macron for deaths during the events. "Azerbaijan is instrumentalising the fight against climate change for an unworthy personal agenda," Pannier-Runacher said. "It is ironic that Azerbaijan, a repressive and liberticidal regime, is giving lessons in human rights," she said. And the minister criticised Azerbaijan's statements on fossil fuels. President Aliyev yesterday called oil and gas a "gift of god," and said producer countries should not be blamed for supplying market demand. French negotiating teams will work as usual at the conference, with her support from France, Pannier-Runacher said. "We will continue to advocate for the highest level of ambition in the implementation of the Paris Agreement, of which we are the guardians, ten years after its achievement," she said. France had hoped to keep its long-running diplomatic dispute with Azerbaijan under wraps during this Cop. Pannier-Runacher's visit was planned in a climate optic, rather than a bilateral one, with the intention of keeping the two countries' link to the side, a member of the minister's cabinet told Argus last week. Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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No sign of peak in CO2 from fossil fuels: Report


13/11/24
News
13/11/24

No sign of peak in CO2 from fossil fuels: Report

London, 13 November (Argus) — Carbon emissions from fossil fuels are projected to hit a fresh record high of 37.4bn t in 2024, with "no sign" that these have peaked, a team of scientists said today in the 2024 Global Carbon Budget report. Total CO2 emissions are projected to reach 41.6bn t in 2024, up from 40.6bn t in 2023, which includes emissions of around 4.2bn t from land-use change, the report found. It also estimates the global carbon budget remaining before the 1.5°C temperature limit set out in the Paris climate agreement is "breached consistently over multiple years". The remaining carbon budget "has almost run out", the report found. There is a 50pc chance that warming will exceed 1.5°C above pre-industrial levels "consistently in about six years", the report found. There is uncertainty around the estimates, largely owed to the effects of other greenhouse gases (GHGs) such as methane and nitrous oxide, it noted. The Paris accord seeks to limit a rise in global temperature to "well below" 2°C above a pre-industrial average, and preferably to 1.5°C. This year is on track to be the hottest on record , the World Meteorological Organisation said on 11 November — the opening day of the UN Cop 29 climate summit in Baku, Azerbaijan. And drought conditions have helped to reverse a recent downward trend in CO2 emissions from land-use change — such as deforestation — in 2024. Those emissions are set to rise in 2024, after falling by 20pc in the past decade, the report found. Permanent CO2 removals from reforestation and planting new trees is "offsetting about half of the permanent deforestation emissions", it added. And the report authors noted that technology-based carbon removals — typically engineered, rather than nature-based — are at current levels only able to account for one-millionth of the CO2 emissions from fossil fuels. Projections for the highest-emitting countries — China, the US and India — are mixed. China's emissions are projected to increase by 0.2pc in 2024, although the report noted that the range means they could decrease. US emissions are set to drop by 0.6pc, while India's are projected to rise by 4.6pc this year. The Global Carbon Budget report — which will be peer-reviewed — is produced annually by an international team of more than 120 scientists. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Cop: Brazil aims for 67pc GHG reduction goal by 2035


13/11/24
News
13/11/24

Cop: Brazil aims for 67pc GHG reduction goal by 2035

Baku, 13 November (Argus) — Brazil energy minister Marina Silva said that the country is aiming to reduce greenhouse gas emissions by 67pc by 2035, compared with 2005 levels, but has failed to explain how oil exploration and production fits in the new ambition. Silva explained today that the country is aiming to reach the top end of its 59-67pc range by 2035, which was shared last week before the UN Cop 29 climate summit in Baku, Azerbaijan. The announcement had raised some doubts from climate experts about Brazil's ambition under its Nationally Determined Contribution (NDC) — climate plan. Silva said today that the range is to account for potential elements that could impact the country's climate plan, such as inflation. "We are focused on having absolute emissions of 850mn CO2e [by 2035]," she said today. "We encourage other countries to having equally ambitious goals." Brazil's new NDC is much more than a figure, Silva said. She described it as a "new paradigm for the social and economic development" of the country. She failed to explain what the new climate goal would mean for oil exploration and production in the country, and Brazil's vice-president Geraldo Ackmin highlighted the potential of Brazil's biofuels industry instead. "Around 85pc of Brazil's fleet is running on flexible engine cars using ethanol," he said. He pointed out to Brazil's potential to lead in sustainable aviation fuels and green hydrogen production thanks to its abundant feedstocks. Responding to Azerbaijan President Ilham Aliyev comments that oil and gas is a "gift of god", Silva said that "gods does give us gifts and we should take them with moderation." "If we have too much sugar we will be diabetic," she said. Some non-governmental organizations (NGOs) said that the new NDC is not in line with limiting global warming to 1.5°C above pre-industrial levels. Brazilian climate think tank Observatorio do Clima criticised the government for not increasing its targets for 2030 and for its failure to announce a plan to end the expansion of fossil fuel production. Oil Change International reiterated that Brazil's goal of being on the "forefront of the global energy transition" is incompatible with its plants to increase oil production over the next decade. Money in trillions Commenting on climate finance negotiations, Silva said that developed economies need to increase their efforts towards delivering financing support to developing countries, and that money needs to be "in trillions". "It is not happening at the speed needed," she added. Cop parties must agree at Cop 29 on a new collective quantified goal (NCQG) — the new finance goal — building on the current $100bn/yr target that developed countries agreed to deliver to developing countries over 2020-25. Brazil's secretary for climate, energy and environment Andre Correa said that developing countries are already frustrated by the fact that the $100bn/yr target was missed. Developed nations surpassed the goal by $15.9bn in 2022, but it was missed in 2020 and 2021, according to the OECD. Some developing countries say it has never been met. Developed countries are calling for a broadening of the contributor base, to include nations whose economic circumstances have changed since the UNFCCC was established in 1992. But Correa said that it would not be fair for rich nations to expect that developing economies contribute in the next finance goal as it is not under the rules of the Paris Agreement. "The discussion has been deviated," he said. "Taking into account that developed countries did not achieve the first attempt, it is reasonable to not ask developing economies to pay." By Jacqueline Echevarria Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Cop: Developing nations eye sub-targets in finance goal


13/11/24
News
13/11/24

Cop: Developing nations eye sub-targets in finance goal

Baku, 13 November (Argus) — The finance goal for developing countries under negotiation at the UN Cop 29 climate summit in Baku, Azerbaijan, must include a core public finance target from developed countries, with fund allocation floors for least developed countries (LDCs) and Small Island Developing states (Sids), delegates from developing countries said today. The goal, the so-called new collective and quantified goal (NCQG), must include a core public finance provision target by developed countries based on a burden sharing agreement, and a fund mobilisation target, said regional alliance the African Group of Negotiators' (AGN) lead co-ordinator for finance Richard Sherman. The goal should address mitigation — action to reduce greenhouse gas emissions — and also adaptation and loss and damage, he said. Adaptation refers to adjustments to avoid global warming effects, while loss and damage describes the unavoidable and irreversible effects of such change. The goal needs to offer "predictable finance" for adaptation and loss and damage for small economies with more limited resources, and recognise the "special case of Sids", said Samoa's environment minister and chair of the Alliance of Small Island States (Aosis) Toeolesulusulu Cedric Schuster. He said the amount to be agreed at the UN Cop 29 climate summit in Baku for developing countries' climate finance should include "minimum allocation floors" of $39bn/yr for SIDs and $220bn/yr for LDCs. Marshall Islands President Hilda Heine said parties should make sure no finance supporting development of fossil fuels is counted in the new goal. AGN reiterated today that it wants a climate finance commitment of $1.3 trillion/yr by 2030, mostly through concessional instruments and grants. The NCQG follows on from the current $100bn/yr target, which is broadly recognised as inadequate. Developed nations surpassed the goal by $15.9bn in 2022, but it was missed in 2020 and 2021, according to the OECD. AGN contests it has never been met . Negotiations on the NCQG have begun in Baku, but are in the early stages with developed countries unwilling to commit to a figure, a delegate said. A group of leading Multilateral Development Banks (MDBs) estimated yesterday that they could increase climate financing to $120bn/yr by 2030 for low- and middle-income countries. The group, comprising the World Bank and nine other MDBs including the European Investment Bank, hope to leverage an additional $65bn/yr from the private sector. MDBs accounted for around 40pc of the $115.9bn in climate finance provided and mobilised by developed countries to developing nations in 2022, according to the OECD. The role of MDBs is crucial as increased climate ambition can only be met with increased finance, said Chile's environment minister Maisa Rojas. But Fiji's deputy prime minister Biman Prasad said the increase coming from MDBs is not going to translate into "additional finance unless there is a clear agreement at this Cop". By Bachar Halabi and Caroline Varin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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Cop: Six more countries to triple nuclear power by 2050


13/11/24
News
13/11/24

Cop: Six more countries to triple nuclear power by 2050

Baku, 13 November (Argus) — Six countries have pledged to triple their nuclear power capacity by 2050 at the UN Cop 29 climate conference in Baku, Azerbaijan, as part of an initiative launched at last year's summit in Dubai. El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria and Turkey today joined 25 countries that had already signed up to the pledge, which was first announced at Cop 28 in Dubai . Turkey has plans to build 20GW of nuclear capacity by mid-century, from no operational plants currently. Kazakhstan's commitment follows a nationwide referendum last month in which the country voted in favour of constructing a nuclear power plant. The US, an original signatory to the pledge, yesterday announced its target to add 200GW of net new nuclear by 2050, from some 97GW now. White House national climate advisor Ali Zaidi told delegates at a Cop 29 side event today that he has "confidence in the durability" of the Biden administration's approach to clean energy action, and does not expect it to pause following Donald Trump's victory in the recent US election. Zaidi pointed in particular to bipartisan consensus on the country's infrastructure law, which includes support for nuclear power, and growing political consensus on the Inflation Reduction Act. By Victoria Hatherick Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

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