News from Dubai. An unforgettable day.
Before we start.
What a great day in terms of contents and connections for Carbon Credit Markets.
We exchanged some words with Judith Simon, president and interim CEO of Verra. And had a longer conversation with Hillary Navarro, Verra’s Chief Communications Officer. We also met in person and talked with Mr. Koakutsu, director of the Paris Agreement Article 6 Implementation Partnership (A6IP) Center, with whom we interacted remotely along this year on purpose of all developments of that partnership. And Mrs. Ana Toni, Climate Change Director, Ministry of Environment from Brazil we exchanged some ideas about the proposed regulation for carbon credits in the country. Besides other new connections. Really a great interactive day.
Content wise the same. Lots os new information. So much that we will slightly adapt this diary. We will only quote the names of the meetings or panels we attender and indicate the top quotes and add references, when available. As such, a lighter reading. And if you want more information that you think we may have, just use comments line to ask, either at our main portal or at our social medias.
Mamma mia. Here we go again!
The day.
“COP28 Presidency Press Conference”
“There is no path without nature. All parties running on passion and purpose. And perhaps caffeine.” (Ambassador Majid Al Suwaidi, COP28 Director General)
“Forests poses great potential. The time to action is now.” Then made reference to the “Forests and Climate Leaders’ Partnership (FCLP)”. (Samuel Abdulai Jinapor, Minister of Lands and Natural Resource Ghana)
“Efforts too big to fail”. Also praised Congo and Brazil for the efforts against deforestation. (Rick Duke, Deputy Special Envoy for Climate United States)
Desert and coastal experience in the United Arab Emirates. Protection first, then restore. “4-5 times more absorption than the Amazon region”. Knowledge to share. “Revert from red to green”. (Dra. Shaikha Salem Al Dhaheri, Secretary General of the Environment Agency - Abu Dhabi)
“The need to decarbonise is evident. Also to rethink finance. Move from millions to billions. Add people’s health to the discussion table. And our role is to facilitate negotiations by the Parties, towards delivery of ambitious results”. (Ambassador Majid Al Suwaidi, answering question from the media).
“Verra: Launches Research Initiative in Partnership with the Climate Crisis Advisory Group (CCAG)”
Main objective of the research is to “determine how best-practice science can support lasting trust in the VCM”
CCAG “was established in 2021 by former Special Representative for Climate Change and Chief Scientific Advisor to the UK Government Sir David King as a direct response to the pressing climate emergency and the widening gap between scientific knowledge and tangible action. It is an independent group of global experts reflecting a wide range of academic disciplines and indigenous knowledge.”
“Carbon market must work”. Partnership results to be published by Q2 2024. (Judith Simon, president and interim CEO of Verra).
“We need better, rigorous science. Remove bad past legacies. Make sure that carbon credits markets will make the difference in the future”. (Professor Mark Maslin).
“And rating agencies”. Judith Simon complementing answer by the professor (“academy will help”) from the media about the quality of the offsets. BBC, Reuters were all there making questions.
“Finance Transparency for Ambition and Accountability”
Basically governance. Give a look at OECD publications and the Climate Policy Initiative.
“Launch of the 2023 Circular Carbon Economy Index”
Led by a research fellow, Climate and Sustainability at KAPSARC (King Abdullah Petroleum Studies and Research Center), a very complete comparative how countries are doing in terms of performance and enablers of a circular economy.
Performance indicators include: Energy efficiency, Renewable energy, Electrification, Nuclear energy, Fuel switching, Natural sinks, CCUS and Clean hydrogen.
Enabling indicators are grouped as: Policies and regulation, Technology, knowledge and innovation, Finance and investment, Business environment and System resilience.
“Technology is reason for being at the top” (Fatih Yilmaz, Research Fellow, Climate and Sustainability KAPSARC).
The tool includes country and group comparatives, and simulators among other features. Give a look how interesting. https://cceindex.kapsarc.org/cceindex/home
“The Netherlands: Signing Joint Ministerial Statement on Fossil Fuel Subsidies”
12 countries from all over the World towards subsidies: more transparency, face barriers and create international dialogue. (Rob Jetten, Ministry Climate and Energy of The Netherlands).
“Subsidies pose serious risks as undermines policy based on carbon pricing. We need to turn the page on fossil fuels asap”. (Wopke Hoekstra, European Commission)
Besides the Netherlands, the following countries sent representatives to support the initiative at the press conference. Canada, France, Spain, Belgium, Denmark, Finland, Austria and Antigua and Barbuda. Other countries that also joined this international coalition to phase out fossil fuel subsidies are Ireland, Costa Rica and Luxemburg. Click here for the press release.
“Enhancing NDCs through the Article 6 Implementation Partnership (A6IP): Launching of A6 Implementation Support Package”
Indicated that already 37 countries mentioning Article 6 in their NDCs. Of importance for developing countries, the A6IP Support Offer Process was presented. It can be a tool for the next NDC submission 25Q4 - 26Q2. Working with the World Bank towards registry. Also present representatives of United States and IETA. Click to know more. https://a6partnership.org/capacity-building/
“The Role of Carbon Pricing in Moving the Industry Closer to Net-Zero by 2050”
Basic sources of information https://icapcarbonaction.com/en and http://climatecake.pl/?lang=en
“All regions with ETS present a reduction of per capita emissions”. China representative in the panel.
“The role of CBAM in promoting carbon pricing initiatives worldwide”
A very senior panel, strongly defending CBAM.
“CBAM is a complementary policies tool for our climate ambition around the globe” (Gerassimos Thomas, Director General Taxation and Customs at the European Union)
“CBAM creates a condition to address the real issue in United States” (US Senator, Sheldon Whitehouse, Clean Competition Act / US Carbon Border Adjustment Bill)
“We will go renewables” (Ivete Joaquim Maibaze, Minister of Land and Environment, Mozambique, when asked what to do about aluminium exports)
“By 2038 EU expects allowances to reach zero” (Mohammed Chahim, European Parliament, perceived as “the father of CBAM” and extremely vocal about it)
“People do they decision on the here now”. CBAM is not the way of convincing people”. (Luiza, a representative from an NGO).
Anna Lührmann Minister of State for Europe and Climate also joined the panel.
Before we close the day.
“UNEP: Launch of the State of Finance for Nature Report”
We missed this presentation, but looked after its contents. Its probably here, from were we quote:
“The report finds that in 2022, investments in nature-based solutions totalled approximately $200 billion, but finance flows to activities directly harming nature were more than 30 times larger..”
“Climate Action Network updates on the Negotiations”
En passant, we noticed strong activism to phase out of fossil fuels: “stop all new production immediately. United States to lead”.
About the word “unabated”: “we do not want that word in the text. We want oil on the ground”.
About the Ministers and politicians: “We are watching you. You will have to step out and make a choice”.
People and paparazzi
Besides everything we already mentioned in the “Before we start section”, at the Japan Pavilion we also talked with Mr. Kawamata, International Strategy Director to the Ministry of the Environment of Japan. Important country to keep our eyes on.
Today we also met again Mr. Alan VanderMolen, who Leads COP28 Public Relations Strategy & Communications and who a few days ago approached us with “I have been seen you around”. Good to be noticed gathering max information to our readers.
And as we have been reporting, there seems to be a crescendo o small demonstrations. Some very creative, by the way. One group was giving to everyone a 100g chocolate bar, where you could read: “The Change Chocolate. Store a max 1.5°C. This chocolate was produced at 1.2°C / 420 ppm. Why the World Needs a Trillion Trees. Read inside”. And inside, an interesting text, with references at the end to the following portal: www.plant-for-the-planet.org .
Our key takeaways
“The need to decarbonise is evident. Also to rethink finance. Move from millions to billions. Add people’s health to the discussion table. And our role is to facilitate negotiations by the Parties, towards delivery of ambitious results”. (Ambassador Majid Al Suwaidi, COP28 Director General)
“We need better, rigorous science. Remove bad past legacies. Make sure that carbon credits markets will make the difference in the future”. (Professor Mark Maslin).
“Technology is reason for being at the top” (Fatih Yilmaz, Research Fellow, Climate and Sustainability KAPSARC).
“Subsidies pose serious risks as undermines policy based on carbon pricing”. (Wopke Hoekstra, European Commission)
“All regions with ETS present a reduction of per capita emissions”. China representative in the panel “The Role of Carbon Pricing in Moving the Industry Closer to Net-Zero by 2050”).
“By 2038 EU expects allowances to reach zero” (Mohammed Chahim, European Parliament).
Finance flows to activities directly harming nature were more than 30 times larger than nature-based solutions (UNEP: Launch of the State of Finance for Nature Report)
“We don’t want the word “unbated” in the text”. (Anti-oil industry activists)
