The Carbon Market Institute (CMI) and members will join international leaders from government, business and the community in Sharm el-Sheik, Egypt for the 27th Conference of the Parties of the UNFCCC (COP 27), to support accelerating climate action, focusing on ambition, carbon market rules for global cooperation and climate finance.
CMI will again be leading its own delegation to this year’s COP, as well as hosting several events.
Billed as an ‘implementation’ COP, the meeting still has an ambition mandate from Glasgow’s COP26 and must make progress on climate finance for developing countries, including “loss and damage”, but will focus on ‘nuts and bolts’ issues central to the operation of the Paris Agreement, according to CMI CEO John Connor.
“COP27 promises to be another important marker in domestic and international progress on climate action, as we enter a more constructive phases of negotiations on key items, including advancing rules and guidance for implementation international carbon markets, as well as key decisions on next year’s global stocktake, climate finance, adaptation, loss and damage.”
“These agenda items are not insignificant, and while we hope to see each make strong progress, some may require additional time for negotiation and finalisation,” he said.
“Australia will be showcasing its renewed ambition on the global stage, and will be one of the few countries to be formally updating its Nationally Determined Contribution (NDC) since last year’s COP, but will still need to demonstrate credibility in its support for climate finance and as it develops the domestic policy framework.”
“Key parts of the emerging international framework for integrity in voluntary carbon markets and corporate claims are also expected to emerge during COP27, in events parallel to formal negotiations.”
The COP is expected to see the release of the report of the UN High Level Expert Group on Net zero claims of states, cities and corporations, as well new standards from the Voluntary Carbon Markets Integrity Initiative which will also look at corporate claims. Separately, the Integrity Council on Voluntary Carbon Markets will likely release carbon credit supply integrity principles.
COP delegates will also hear of progress in other initiatives such as the International Sustainability Standards Board (ISSB) for accounting – an initiative formed in 2021 to ensure sustainability information is comparable across industries and financial markets investors using baseline disclosure standards.
“The world is developing an ecosystem of accountability and integrity for corporate conduct and disclosure in parallel, and often ahead of, the formal negotiations between countries. COP27 will be a crucial marker of progress and accountability for countries and corporations,” said Connor.
Note for editors: CMI will be represented at COP27 for the two weeks by Janet Hallows, Director Climate Programs and nature-based solutions. John Connor, former head of the COP23 Presidency Secretariat of the Fiji Government, will be present for the last week from 13 November.
CMI has formal business organisation observer status with the UNFCCC and will be hosting and, with its members, participating in numerous panel sessions in the Australian Pavilion and other venues at COP27.
For regular updates on COP27 and CMI’s events and updates, visit our Cop27 Hub here.
About the Carbon Market Institute
The Carbon Market Institute (CMI) is a member-based institute accelerating the transition towards a negative emissions, nature positive world. It champions best practice in carbon markets and climate policy, and its nearly 150 members include primary producers, carbon project developers, Indigenous organisations, legal, technology and advisory services, insurers, banks, investors, corporate entities and emission intensive industries. The positions put forward constitute CMI’s independent view and do not purport to represent any CMI individual, member company, or industry sector. CMI’s latest Advocacy Policy Positions Statement can be viewed here.
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