The first official session since COP25 in 2019 provided a much needed steppingstone to agreement on key issues of transparency and international carbon markets. Varying progress was made across 20+ ongoing negotiating issues.
Finalising implementation of the Paris transparency framework, which subjects all countries to a common, high level of scrutiny around the implementation of commitments, remains a key issue. Protecting common transparency requirements is a priority for Australia and the team will be working closely to maintain a strong position into COP26 and prevent unwinding of previous progress.
Discussions at the midyear session on rules for international carbon markets under Article 6 were constructive. Although key roadblocks remain to be resolved at COP26, we are encouraged by the trajectory of discussions. Australia is engaging actively, advocating for rules that support the generation and trade of high integrity offsets through robust and transparent arrangements.
There were a limited number of scheduled discussions on climate finance and adaptation at this session. There is a significant program to progress these important issues ahead of and at COP26.
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