We invite you to read the report from two side events, which CAKE/KOBiZE/IEP-NRI had the opportunity to co-organise during the COP26 Conference, i.e. the 26th session of the Conference of the Parties to the United Nations Convention on Climate Change (COP26, UNFCCC), which this year took place in Glasgow. Both events were held at the European Union Pavilion on 4 November 2021.
SIDE EVENT PT. “PRICING CARBON TO SUPPORT A TRANSITION TO NET ZERO”.
The first session of this event dealt with the roadmap to achieve climate neutrality (net-zero) at national and local level. The moderator of the first session was Artur Runge Metzger (former Director, DG Climate Action, European Commission). Panellists were Gregory Baker (En+ Group), Robert Jeszke (CAKE/KOBiZE/IEP-NRI), Catarina Selada (CEiiA – Centre of Engineering and Product Development), Yan Qin (Refinitiv) and Vicky Pollard (European Commission).
During this side event, Robert Jeszke (CAKE/KOBIZE/IEP-NRI) presented the results of the “Poland net-zero 2050” analysis and highlighted that the decarbonisation goal, which is part of the “Fit for 55” package, is very ambitious but achievable with rapid technological progress (i.e. in transport, agriculture and industry) and adequate access to financial resources (public and private). He stressed that the reduction of fossil fuel consumption and the implementation of RES on the road to climate neutrality by 2050 in the EU and Poland are not sufficient and pointed to the need for large-scale adoption of BECCS, CCS and CCU technologies, as well as electrification of industry, adoption of hydrogen technologies, widespread electromobility and new solutions and mechanisms in agriculture. With regard to the carbon market situation, he pointed out that the development of CO2 taxes and emissions trading schemes around the world is accelerating due to urgent climate challenges. Referring to proposals to introduce CBAM at the EU border, he indicated that it may affect the pace of carbon pricing solutions in other parts of the world, but that its main purpose is to protect European business and industry from the risk of carbon leakage and relocation of production outside the EU. He also informed that CAKE/KOBiZE/IEP-NRI is currently working on a new project LIFE VIIEW 2050 (“Assessing the long-term impact of the European Emissions Trading Scheme (EU ETS) on a zero-carbon economy by 2050” (LIFE 19GIC/PL/001205), the main objective of which is to assess the functioning of the EU ETS, its impacts and interactions with other ETSs that are being developed globally and how they could evolve to achieve climate neutrality.
The second session of the event focused on the challenges facing the process of achieving climate neutrality from the perspective of global systems based on carbon pricing and related to the implementation of Article 6 of the Paris Agreement. The discussion in this part was moderated by Louis Redshaw (Redshaw Advisors), while panellists included Andrei Marcu (ERCST), Sha Yu (University of Maryland) and Elisabeth Sturcken (European Defense Fund).
SIDE EVENT “CARBON MARKETS & NET-ZERO: TRENDS AND PROSPECTS IN THE DOMESTIC, INTERNATIONAL AND VOLUNTARY MARKETS”
CAKE/ KOBiZE/ IEP-NRI also co-organised the event, which was dedicated to carbon markets that are expected to contribute significantly to achieving net zero emissions by mid-century. Realising their potential requires robust national and international policy frameworks in the areas of compliance and voluntariness. The event discussed how existing carbon markets can help achieve net zero emissions, including through high quality carbon credits, integration of carbon removals and integration of major carbon markets.
The side event was attended by: Dirk Weinreich (German Minister for the Environment), Stefano De Clara – Head of the Secretariat of International Carbon Action Partnership (ICAP), Simone Borghesi – Director of Florence School of Regulation Climate, European University Institute (FSR, EUI) as well as Stefano F. Verde – Deputy Director, European University Institute (EUI) and Brad Schallert – Director of Carbon Market Governance and Aviation, World Wildlife Fund (WWF-US).