UNFCCC SB58: Report of Side Event (9 Jun, 2023)
Update on progress and the way forward for the Paris Agreement Article 6 Implementation Partnership and Market Infrastructure
Date
9 June 2023, Friday
Organizers
Ministry of the Environment, Japan (MOEJ); World Bank; Overseas Environmental Cooperation Center, Japan (OECC)
The side event featured an introduction of the progress and prospects of two initiatives to promote the implementation of Article 6 of the Paris Agreement, as well as a discussion of efforts and challenges by stakeholders involved in carbon markets. In his opening remarks, the Ministry of the Environment of Japan introduced the "Paris Agreement Article 6 Implementation Partnership (A6IP)" established by the Ministry of the Environment at COP27 and the adoption of the "Principles for a Highly Integrity Carbon Market" at the G7 Ministers' Meeting on Climate, Energy and Environment, and expressed the expectation that this side event would contribute to a comprehensive discussion on carbon markets. After opening remarks from Ministry of the Environment, OECC referred to the acceleration of Article 6 implementation and its challenges and the need for support, and pointed out the need for collaboration among various stakeholders of the initiative.
Session 1 introduced the "Paris Agreement Article 6 Implementation Partnership (A6IP)" and its activities to build a high-quality carbon market, including activities conducted by three working groups: (1) Working Group on the Approval, (2) Working Group on the Reporting, and (3) Working Group on the Tracking, and the establishment of the A6IP Center. Session 2 shared the progress and prospects of the Climate Warehouse, the World Bank's carbon market infrastructure development and capacity building program, and the Climate Action Data Trust (CADT), a metadata platform connecting various registries. The data dashboard is scheduled to be released in July 2023, which will allow users to view data from the various registers. Session 3 featured panelists from Verra, the Chilean Ministry of Environment, the Swedish Energy Agency, the Japanese Ministry of the Environment, and UNDP, who discussed (1) linkages between Article 6 of the Paris Agreement and voluntary carbon markets, (2) the role of infrastructure to enhance the carbon market integrity, (3) institutional measures needed to expand carbon markets, and (4) what capacity building support should focus on. In the discussion, it was pointed out that when considering support for infrastructure development, institutional measures, and capacity building necessary for these measures in each country, it is necessary to understand the situation and to make strategic efforts, as the readiness and strategies vary from country to country. In the Q&A session, the participants discussed the possibility of creating credits at the policy level based on forecasts rather than measurements, the needs of various registry systems and how they should be utilized, and the importance of developing a legal framework for the implementation of Article 6.
In his closing remarks, the World Bank pointed out the need for cooperation to coordinate multiple ongoing efforts and initiatives, and the need to move to the rapid implementation phase.
A recording of this side event is available here.
Agenda
| 10:15-10:25 |
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| 10:25-11:15 | |
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| 11:15-11:25 |
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| 11:25-11:30 |
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