No consensus among Parties over negotiating text on global carbon market
Negotiations at COP28. Photo: UNclimatechange / Flickr The 28th Conference of Parties (COP28) to the United Nations Framework Convention on Climate Change in Dubai, United Arab Emirates (UAE), began November 30, 2023. Here’s a look at what happened on the twelfth day of COP28.
A new text on the Global Goal on Adaptation (GGA) was introduced by the COP28 presidency on the evening of December 11. The major changes were the addition of a paragraph on a commitment to close the adaptation finance gap, another on Article 2.1 c of the Paris Agreement and the absence of the principle of common but differentiated responsibilities and respective capabilities.
The links between GGA and Global Stocktake (GST) and GGA and the New Collective Quantified Goal (NCQG) were also issues of concern, especially GST not recognising the adaptation finance gap and Article 2.1 c, which effectively brings in private money into adaptation projects, diluting the link between GGA and NCQG.
The rest of the text remained largely the same, with minor language changes.
There was no consensus among Parties on the draft negotiating text on Article 6.4 of the Paris Agreement — which will set up a global carbon market — released on December 11. In a meeting held shortly after the release, Parties expressed their disappointment and debated over whether the definition of carbon removal projects should be revisited.
The Supervisory Body defines removals as projects that “remove greenhouse gases from the atmosphere through anthropogenic activities and destroy or durably store them”. However, the definition does not provide information about the timeframe and the amount of time needed to store carbon dioxide, which makes way for the temporary storage of carbon dioxide.
“The text will be rewritten and discussed later,” Injy Johnstone, research associate in Net Zero Aligned Offsetting, told Down To Earth (DTE).
No text on Article 6.2, which covers bilateral actions to reduce or remove greenhouse gas emissions, was released on December 11. “Tomorrow versions will probably take it or leave it,” Jonathan Crook, a policy expert at Carbon Market Watch, DTE.
There have been no informal consultations on the New Collective Quantified Goal (NCQG) on climate finance since day 10 (December 9) of COP28. In a contact group discussion on December 10, an iteration of the draft text containing details related to the work modalities and process for NCQG work in 2024 was agreed upon by the Parties.
A combination of technical expert dialogues and meetings conducive to negotiations is expected to be held through 2024, leading up to COP29, where an outcome on the NCQG is needed.
Delegates have likely discussed some substantive elements, such as time frames, structure of the goal, transparency initiatives and the like, over the last two days. The final text on NCQG is now likely to be accessible as part of the COP28 final ‘package’.
“NCQG is being discussed by the ministers. The final outcome on NCQG is likely to be weak,” said Marcin Kowalczyk, senior climate policy specialist at World Wildlife Fund in Poland.
The fourth iteration of the GST text is out and it is disappointing, to say the least. Fossil fuel phase out is now presented as an option among many others. According to sources, countries are not happy with the text, calling it scattered.
On X (formerly Twitter) representatives of Germany expressed their displeasure with the text while the Alliance of Small Island States published a press release criticising it. As a result, another version could be on the way.
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