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greenhouse gas emissions reductions, has been very difficult, mainly due to the wide difference between key parties on issues related to environmental integrity. "Getting these markets to work can unlock more funding for national climate plans and adaptation," said Stiell. "That's why we're convening parties and stakeholders during these meetings, to build consensus on a way forward at COP29."
Negotiations on Article 6.4 of the Paris Agreement at 28th UN Climate Change Conference failed dramatically as many parties adopted polarizing positions, showing little room for maneuver. Many were hoping the operationalization of Article 6.4, which would have provided a new structure for a global carbon market, would have been finalized at COP28 but talks fell apart. One of the main sticking points for Article 6.4 was the rules around carbon removal, with many saying the guidance on environmental integrity wasn't strong enough. Many in the carbon markets are hoping for some parties and negotiators to be more open and do more to find a consensus especially on matters related to carbon removal and project methodology. "The lack of consensus at COP28 in Dubai called for better communication between parties and stakeholders ahead of the negotiating sessions, so compromises can be found, and implementation can move forward in this critical decade," the International Emissions Trading Association said in a report ahead of the Bonn Climate change conference. "We urge Parties to make progress at [Bonn] and find acceptable landing zones ahead of COP29 in November."
Countries also failed to agree key details to do with the legal clarity under Article 6.2 at COP28, which sets out rules for country-to-country carbon-credit deals. But Article 6.2 continues to be operational, after major guidelines were agreed at the COP26 summit in Glasgow in November 2021. Article 6.2 sets out a system of national accounting for greenhouse gas emissions, with common principles that countries can adopt to allow cross-border exchanges of credits.
Japan and the EU have agreed to cooperate on standardization and regulatory requirements for the secure and rules-based international trade of renewable and low carbon hydrogen, they said in a joint statement June 3.
Japan's Minister of Economy, Trade and Industry Ken Saito and the European Commissioner for Energy, Kadri Simson, held a High-Level Hydrogen Business Forum to deepen their cooperation for hydrogen business and technology development in the framework of the EU-Japan Memorandum of Cooperation on Hydrogen in Tokyo.
"Close EU-Japan cooperation will be essential for promoting renewable and low carbon hydrogen globally," Simson said at the Japan Energy Summit and Exhibition earlier June 3. "The market is ready and this is the moment to speed up things and make some additional efforts to allow it to take off." Simson said
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