As negotiations continue under the mandate of the presidency of Chile in Madrid, more delegations, observers and parties' representatives are coming to the end of their discussions at COP 25. Negotiators continue to work long hours and through the night to find common ground on the rules for the use of the Article 6 of the Paris Agreement that focuses on market-based mechanisms. In parallel, a variety of organizations, NGOs and other groups are actively discussing a range of topics from human rights to the role of nature-based solutions as one of the enablers to achieve a net-zero emissions future.
On Friday 6 December Ipieca hosted a side event on How nature and technology can enhance ambition and accelerate GHG mitigation with panellists from IETA, the Centro Euro-Mediterraneo sui Cambiamenti Climatici (CMCC), Verra, industry representatives from BP, Equinor, Repsol and Shell. The panel and audience discussed the role of offsets as a mechanism to enhance ambition and achieve the aims of the Paris Agreement in the framework of the Sustainable Development Goals, the opportunities and challenges associated with offsetting activities and the benefits derived from its use. Some concepts raised at the side event highlighted that natural sinks could absorb up to 30% of anthropogenic emissions and that considering nature-based solutions as a tool to address climate change might result in an additional reduction of about 9Gt of CO2 per year by approximately 2030.
Ipieca will continue participating as an observer in the climate negotiations in Madrid and will provide a summary to our members at the end of this COP 25 mandate.