During the Conference, progress was made toward adaptation indicators and a better functioning international carbon market under Article 6 of the Paris Climate Deal.
- Article 6 of the Paris Climate Deal helps achieve countries’ emission-reduction goals with two main market mechanisms:
- Bilateral deals between countries and
- A new global offset market
- The New Collective Quantified Goal (NCQG) on climate finance & negotiations on the Mitigation Work Programme (MWP) remained the main issues with no progress.
New Collective Quantified Goal
- It was proposed in COP21 to set a post-2025 climate finance goal (new goal).
- In 2009 parties to UNFCCC decided to mobilise $100 billion annually by 2020 which was subsequently extended to 2025. However, developed countries failed to deliver this target fully.
- NCQG proposed to raise the floor on climate finance above the current $100 billion annual target while addressing key shortcomings in the current climate financing mechanism.
Mitigation Work Programme
- It was established at COP26 to urgently enhance mitigation ambition and implementation to achieve the 1.5°C goal of the Paris Agreement. The program in 2024 will focus on “Cities: buildings and urban systems", including by
- Reducing operational emissions (heating, cooling);
- Designing building envelope for efficiency (retrofitting);
- Reducing embodied emissions (building materials).
