Florence, Italy – The International Emissions Trading Association (IETA) proudly announced the successful conclusion of the European Climate Summit (ECS) 2024, which took place from April 16th to April 18th at the Firenze Fiera in Florence, Italy. Serving as the inaugural event of the Annual Regional Climate Summit Series, ECS 2024 brought together stakeholders to shape the future of climate action amid the evolving landscape of carbon markets worldwide.
ALLCOT was represented by Monica De Oliveira, Trading Director and Nathalie Flores, Vice-Chair of Science & Technology of the UN Climate Change that serves as the company’s Senior Advisor on Strategy & Government Affairs. Delegates at ECS 2024 explored the trajectory of the European carbon market as it entered its next phase post-2030. The summit focused into the rapid emergence of carbon markets globally, offering opportunities for international cooperation and market linking. Discussions encompassed the challenges and opportunities within the voluntary carbon market, with a focus on environmental integrity and quality assurance.
Policymakers, businesses, and thought leaders converged in Florence to share insights and strategies for building, scaling, and collaborating on markets to achieve net-zero emissions. ECS 2024 featured a diverse program including high-level plenaries, inspirational keynotes, deep dive sessions, interactive side events, and networking opportunities.
Daily Snapshot
April 16 – Day 1
The summit commenced with closed-door meetings, side events, and a welcome reception.
Ms. De Oliveira participated in the IETA Member Event – REDD+ & VCM Dialogue, where discussions centered around the evolving landscape of Verified Carbon Mechanisms (VCM) and REDD+ initiatives. The session began with an introduction, overview, and objectives, followed by insights into the current status of REDD+ and its transition, featuring speakers from ICVCM, Abatable, CERCARBONO and Verra. Transition implications were then explored through abatement forecast data on Climate Change Projects (CCPs) for nature and REDD+. Project perspectives were shared, highlighting how initiatives on the ground are managing market transitions, with contributions from projects developer. Proposals for navigating these changes were presented, including concepts such as the “buy-back facility” and historical emissions for historical credits.
CERCARBONO and VERRA informed their latest actions and changes in their methodologies which seek to improve project development. Additionally, IETA representatives outlined demand guidelines and key messages from the NCS Working Group. The session concluded with reflections and a wrap-up, underscoring the importance of collaboration and innovative solutions in shaping the future of REDD+ amidst market shifts.
April 17 – Day 2
Summit sessions continued with discussions on the state of the EU ETS, market outlooks, and breakout sessions on topics like financial resilience and communicating net zero.
On this day, IETA launched the IETA Guidelines for the High Integrity Use of Carbon Credits. These guidelines, which align with its mission to advance the Paris Agreement’s objectives by empowering businesses in climate action and net zero ambitions, provide a practical approach to ensuring the responsible use of carbon credits. They aim to support increased climate action without inadvertently limiting it, reflecting the market’s changing nature and ongoing efforts to strengthen integrity across demand and supply.
April 18 – Day 3
The summit concluded with sessions on global responses to the EU Carbon Border Adjustment Mechanism (CBAM), voluntary carbon markets, and the future of industrial decarbonization solutions.
In a thought-provoking session held on Thursday, Breakout 8 tackled the theme “From Dubai to Brazil: Article 6 and International Market Cooperation.” Moderated by Andrea Bonzanni, International Policy Director of IETA, the panel featured distinguished speakers including Ms. Nathalie Flores, Olga Gassan-Zade, Former Chair of the UNFCCC Article 6.4 Supervisory Body, Lisa DeMarco, Senior Partner and CEO of Resilient, and Christopher Hakes, Head of Carbon Sales at BURN.
The session commenced with Andrea Bonzanni’s introductory remarks, expressing disappointment over COP28’s failure to reach agreements on further Article 6.2 and Article 6.4 guidance. The panel aimed to dissect the reasons behind this impasse, exploring its ramifications and setting expectations for COP29 and COP30. Former negotiators and experts offered insights into cooperative approaches and the development of global carbon markets.
Throughout the session, Andrea directed questions to each panelist, addressing dynamics within Article 6 negotiations, prospects for future agreements, and perceptions among climate negotiators. Discussions also touched on the practical implications for project developers and investors, as well as the necessity of guidance at upcoming COPs and the role of the voluntary market.
Engaging with the audience, the panelists provided valuable perspectives and concluding remarks directed at ECS’ European audience. They emphasized the importance of continued collaboration and innovation in navigating the evolving landscape of international market cooperation.
Nathalie and Olga emphasized the importance of stakeholders maintaining hope in the process while acknowledging the complexity of achieving multilateral decisions. They urged the private sector to push for robust decisions from their representatives and the operationalization of Article 6.4 of the Paris Agreement. Furthermore, they stressed the readiness of Article 6.2 to be unlocked. “We can’t afford to not reduce our GHG emissions,” said Nathalie. Lisa, on the other hand, highlighted the important role of any COP presidency to achieve consensus, anticipating COP30 in Brazil.
ALLCOT is pleased to celebrate the 25 years of IETA and to witness the commitment of carbon market stakeholders. After the summit, we have hope for the safeguarding of the structure created for the private sector to ensure carbon emissions reductions with a community-based approach.
Summit Venue:
Firenze Fiera – Palazzo dei Congressi Villa Vittoria
1 Piazza Adua, 50123 Firenze
About IETA:
The International Emissions Trading Association (IETA) is a non-profit business organization that promotes market-based solutions to tackle climate change. With a global network of members, IETA works to advance carbon markets and facilitate collaboration between governments, businesses, and civil society.
