Climate Week NYC runs annually, coinciding with the meeting of the United Nations General Assembly and in preparation for COP. It is designed as an opportunity for global collaboration between governments and businesses on climate action, and has resulted in a host of private sector pledges to achieve net zero.
In the run up to the next COP, the previous year’s Presidency and the incoming Presidency work together to set out a multi-layered approach to identify and test solutions to the topics at the upcoming COP. This article focuses on the outcomes of the meetings and consultations that have taken place during 2021 since COP25. The discussions have focused on six key areas, their challenges and negotiation points.
As part of the European Union's (EU) Green Deal legislation, a Carbon Border Adjustment Mechanism (CBAM) has been proposed that should work hand-in-hand with the EU Emissions Trade Scheme (ETS) Some individuals suggest the ETS already covers what the CBAM promises; for example, it is based on the purchase of certificates by importers and will be based on the weekly price of EU ETS allowances CBAMs have been trialled or are in the planning stage in different regions of the world such as California, Canada and Japan.