COP28: Article 6 and Other Key Updates
Article 6 and Beyond: Navigating the Landmark Agreements and Pivotal Decisions of COP28
Article 6: A Multifaceted Tool for Climate Mitigation
COP28: A Milestone in Climate Action – The Paris Agreement’s Article 6 Takes Center Stage
As the world's leaders gathered at COP28, a key focus has been on the critical role of Article 6 of the Paris Agreement in addressing climate change, particularly in supporting developing and least developed countries in their transition to a low-emission future.
Article 6 encompasses three distinct mechanisms, each designed to facilitate international cooperation in climate action:
Article 6.2 – This provision allows countries to engage in bilateral exchanges of mitigation outcomes, such as carbon credits or renewable energy units. At COP28, discussions have concentrated on the authorization of Internationally Transferred Mitigation Outcomes (ITMOs), the establishment of an international registry, and the reporting standards for such transactions. The goal is to ensure transparency and efficiency in these exchanges.
At COP28, discussions regarding the guidelines for Article 6.2 resumed, focusing on disagreements about reporting requirements, particularly the lack of defined boundaries for confidential information.
Article 6.4 – At the heart of COP28, the operationalization of a new UNFCCC mechanism for high-quality carbon crediting is underway. Parties are debating guidance on methodologies and greenhouse gas removals to steer the Supervisory Body’s work. The establishment of a Methodology panel comprising ten technical experts is a significant step towards implementing standards and tools for this mechanism.
Under Article 6.4, the UN’s new carbon crediting mechanism is poised to raise climate ambition by identifying and funding verifiable emission reductions. This mechanism is expected to serve as a key source of climate finance for developing nations, with a share of the proceeds allocated towards adaptation initiatives.
Article 6.4 encountered difficulties in clarifying key aspects such as the process for authorizing units, linking various registries, and defining the criteria for eligibility.
Article 6.8 – This provision offers a platform for non-market-based cooperation, focusing on enhancing mitigation and adaptation efforts through public and private sector participation. The implementation of Article 6.8, which entered full operation mode post-COP27, is also a subject of discussion at COP28, with particular attention on finalizing a web-based platform for recording and sharing non-market approaches.
COP28 is building on the foundations established in Glasgow, seeking to fine-tune and operationalize the mechanisms under Article 6. The summit's deliberations are pivotal in setting the course for future climate action and supporting developing countries in their mitigation and adaptation efforts.
Looking Ahead: The Road from Dubai to Bonn
With the technical discussions having concluded on December 6, the agenda items on Article 6 are now under negotiation by the CMA. The outcomes of these discussions are crucial, as they will shape the implementation work leading up to the Bonn meetings in June 2024.
As the world watches, the decisions made at COP28 will be instrumental in defining the future trajectory of global climate action, marking a significant step towards a more resilient and sustainable world.
Key Updates to COP28
Net Zero by 2050: A renewed commitment to reach net zero emissions by the middle of the century.
The agreement to transition away from fossil fuels, responsible for nearly 90 percent of global carbon dioxide emissions, was a hard-fought victory. The final text, which emerged after extended negotiations, reflected a compromise between outright phasing out and a more gradual phasing down of fossil fuels. While the language was softened to a "transition away" from fossil fuels, it nonetheless marked a significant stride in acknowledging the need to curb reliance on these energy sources.
The consensus on phasing down "unabated" coal use has sparked debate. This approach allows continued coal burning as long as carbon capture and storage technologies are employed to mitigate emissions, a solution some climate experts deem insufficient.
Tripling Renewables: An ambitious target to triple renewable energy capacity by 2030.
The summit underscored the financial hurdles facing developing nations in transitioning to renewable energy. With over 70 nations in "debt distress," the need for a restructured global financial system is evident. The call for tripling renewable energy capacity by 2030 reflects a strong push towards cleaner energy, yet it also highlights the pressing need for financial reforms to support these ambitions.
Despite financial challenges, the expansion of solar and wind energy infrastructure is a testament to the growing viability of renewable sources. The plummeting prices of these technologies signal a shift in market dynamics, with renewables poised to become predominant energy sources in the near future.
While COP28 has marked a significant advance in climate action, climate groups urge for stronger language and more assertive commitments in future summits. The transition to renewables is not just an environmental imperative but also an economic and social one, demanding concerted efforts across all sectors.
Doubling Energy Efficiency: A simultaneous goal to double energy efficiency, reflecting a multifaceted approach to climate mitigation.
First-Ever Global Stocktake: An innovative process allowing countries and stakeholders to assess collective progress towards the Paris Agreement goals.
