UN envoys still need to do more work on Article 6 of the Paris climate deal, which allows countries and companies to collaborate with each other on climate action and carbon markets, after COP27.
Unedited: see here
By Rui Yun Gan
Climate Change Public Policy and Economic Research (Carbon Markets, Carbon Pricing/Tax, Green Economy) @ National Climate Change Secretariat, Singapore — on LinkedIn
After 3 weeks in Sharm el-Sheik for COP27, there are many positives, for the world and Singapore, that we can take away from this Implementation COP. It has been a tough 3 weeks with many nighters and endless meetings and discussions to get a deal for COP27.
Focusing on Article 6, advances were made, though not as substantive as many would have hoped. Under the skillful facilitation by various cofaciliators (including our own Minister for Sustainability and the Environment, Grace Fu), the decisions adopted provide support and clarity for countries to start entering into bilateral cooperation for markets and non-markets approach with greater confidence. Notwithstanding, there are still much work needed to be done to fully operationalise an environmentally robust and high integrity Article 6 framework, which could set the bar for international carbon markets. In particular, the creation of “mitigation contribution A6.4ERs” is a recognition of the potential of carbon markets to direct finances to support countries’ implementation of NDCs, while still directing share of proceeds to support adaptation financing and ensuring companies do not leverage carbon markets to greenwash.
Singapore has also advanced our bilateral cooperation on carbon markets with Papua New Guinea and Peru with MOUs signed, and substantively concluded our negotiations with Ghana on the Implementation Agreement. We have also joint initiatives like Forest and Climate Leaders Partnership and Article 6 Implementation Partnership to support implementation of a high-quality carbon markets, to advance global climate action and ambition. Read more below:
Despite the long hours (>18 working hours per day including weekends), it is an enjoyable and enriching as we got together to exchange ideas and reconnect with each other, to advance climate action and ambition through implementation.
#cop27 #climatechange #carbonmarkets #article6 #climateaction #climateambition