The second week of COP has commenced and, with Ministers starting to arrive, the end is potentially in sight. The question is what deal can be achieved here and how it will come to fruition! Here are some key developments from the past few days of COP:

• Timing: The COP Presidency seems to be keen to get the summit wrapped up by close of business on Friday. To achieve this, it has asked the parties to try and agree a number of key items, including the Global Goal on Adaptation indicators and the new adaptation finance target, by Wednesday. If things do wrap up by Friday, then it may well be the first time the COP has ever finished on time.
• Presidency consultations: Despite being moved from the agenda to ensure COP could start on time, the four topics which are subject to special consultation continue to demand a great deal of attention. These are NDCs, the Biennial Transparency Reports, Article 9.1 of the Paris Agreement (ie long term climate finance) and “unilateral trade mechanisms”.
• UTMs: The term “unilateral trade mechanism” is COP-jargon for measures like the EU’s Carbon Border Adjustment Mechanism, which protects domestic industry by ensuring it is not less competitive than cheaper, more emissions-intensive imports. These measures - which require developing countries to implement costly measuring frameworks and rapidly decarbonise their businesses, all whilst receiving insufficient climate finance - have riled many negotiating blocs like the African Group and Arab Group, who have urged that UTMs be urgently re-considered.
• Article 6.4: Despite the Article 6 Rulebook apparently being settled until COP33, informal consultations commenced on some Article 6.4 issues that have arisen in relation to, amongst other things, the non-permanence and reversal standard (which is supposedly vague with inadequate monitoring requirements) and whether to permit internationally transferred mitigation outcomes to be generated for emissions avoidance (such as avoided deforestation).
• Forests: 53 countries have now endorsed the Tropical Forests Forever Facility, which will financially reward countries for protecting their forests. Separately, announcements on the sidelines of COP thus far mean that 160 million hectares of Indigenous lands globally will now be recognised, and USD 1.8 billion has been committed to protecting indigenous land rights
• Stiell-ing ourselves: In his speech marking the start of week two, Executive Secretary of the UNFCCC Simon Stiell said that “We absolutely cannot afford to waste time on tactical delays or stone-walling. The time for performative diplomacy has now passed. Now’s the time to roll-up our sleeves, come together, and get the job done.”

We will provide some further updates as the week progresses, with a view to doing a full wrap-up of the outcomes next week.