COP28 Daily Wrap-up (Dec 4) – Bridging the Nature Gap

Reports are that momentum in the negotiations has “significantly decelerated” in the past 24 hours as a number of issues seem destined for ministerial engagement next week. However, momentum on the Nature Positive agenda, was evident elsewhere yesterday, and that’s what we’re hoping to cover in today’s issue, so buckle up.

COP28 Daily Wrap-up – December 4

SPOTLIGHT – Implementation Dialogues Ministerial Round-Table

On December 4th, ministers and high-level state representatives from various countries convened to discuss barriers and opportunities for enhancing political leadership and implementation of at-scale nature-based solutions. The Implementation Dialogues Summary Paper was presented to authorities along with a public open letter signed by over 250 leaders outlining key asks to the Paris Agreement Parties, urging them to put nature at the heart of international climate action.

Ministers signed an open letter to the COP28 Presidency outlining the importance of recognizing the first Global Stocktake (GST) as a milestone in the implementation of the Paris Agreement and the critical role of nature and biodiversity as a solution to the global emergency.

Signatories of the GST Enhanced Ambition on Nature for Climate Action letter include:

• María Susana Muhamad González, Minister for the Environment and Sustainable Development, Republic of Colombia
• Steffi Lemke, Federal Minister for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection, Federal Republic of Germany
• Kerryne James, Minister for Climate Resilience, Environment and Renewable Energy, Government of Grenada
• H.E. Razan Al Mubarak, UN Climate Change High-Level Champion, COP28
• David Cooper, Executive Secretary, UN Convention of Biological Diversity
• Manuel Pulgar-Vidal, CBD Action Agenda Champion for Nature and People

SPOTLIGHT: “VCM DAY” AT COP28

Yesterday was unofficially dubbed “VCM Day” due to the number of announcements and events designed to rebuild trust in the voluntary carbon market. For many who have followed the ups and downs (mostly downs) of the VCM saga this year, it was a much-needed moment of optimism that 2024 will see a rebound for this market-based climate solution.

Speaking at a COP Presidency Roundtable on Scaling Voluntary Carbon Markets…

“UN Climate Change Executive Secretary Simon Stiell said: “No developing country who wants to use voluntary carbon markets should be left behind.”

The World Bank President Ajay Banga said: “Developing countries should get paid for the climate benefits they provide… We have to get this market done.” 

US Special Climate Envoy John Kerry said: “I have become a firm believer in the power of carbon markets to drive increased climate ambition and action, and the VCM is a vital tool to keep 1.5C in reach. Let’s not waste any more time or let the perfect be the enemy of the good”.

NEWS

• The world’s six leading independent carbon crediting standards – ACR, ART, Climate Action Reserve, Global Carbon Council, Gold Standard and Verra –  announced a collaboration to increase the impact of activities under their standards. The collaboration builds on their rich history of integrity and rigour and aims to enhance transparency and consistency across the market.
• Together with a group of the world’s leading environmental NGOs (including N4C), We Mean Business Coalition has signed an open letter to COP28 leaders calling for increased private sector investment in high-integrity CarbonMarkets.
• The United States Commodity Futures Trading Commission has approved a proposed guidance and request for public comment regarding the listing for trading of voluntary carbon credit derivative contracts. The proposed guidance outlines certain factors a CFTC-regulated exchange, or designated contract market, should consider when addressing requirements of the Commodity Exchange Act and CFTC regulations that are relevant to the contract design and listing process.
• The Board of the International Organization of Securities Commissions (IOSCO) today has launched a 90-day public consultation (Consultation Report) outlining a set of Good Practices to promote the integrity and orderly functioning of the Voluntary Carbon Markets (VCMs).
• VCMI, Science Based Targets initiative, GHG Protocol and The Integrity Council for the Voluntary Carbon Market (ICVCM) will come together to establish an End-to-End Integrity Framework that provides consistent guidance on decarbonisation which includes the use of offsets for residual emissions.
• The Government of the Republic of Congo and Wildlife Conservation Society initiated a new program to attract investment in the conservation of high-integrity tropical forests through pilot investment projects in the Nouabalé-Ndoki National Park.
• The governments of Brazil and the Democratic Republic of the Congo (DRC) – speaking at the launch of the Equitable Earth Standard – reiterated commitments to end deforestation, highlighting the crucial role of community-led forest carbon projects in achieving this goal.
• Earlier at COP, the World Bank announced plans for the growth of high-integrity global carbon markets, with 15 countries set to earn income from the sale of carbon credits generated from preserving their forests. By next year, these countries will have produced over 24 million credits, and as many as 126 million by 2028. These credits could earn up to $2.5 billion in the right market conditions, with much of that going back to communities and countries.
• Pollination shared a new report commissioned by the Voluntary Carbon Market Integrity initiative  (VCMI) drawing insights from governments, carbon market readiness program organisers, Indigenous peoples, and local communities on what is needed from the VCMI and philanthropic organizations to spur greater involvement in high-integrity carbon markets.

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