COP26 is almost over, and I have had the honour of working closely with the International Emissions Trading Association (IETA) during this week.
As part of my collaboration with IETA, I was able to visit at IETA’s pavilion a number of presentations on the development of the carbon trade market as well as on different technologies and projects on sustainable farming, agriculture and finance. In these talks, researchers and business leaders presented their ideas and new technologies on fighting climate change. I was particularly impressed by new technologies, which should capture carbon from the air and use the carbon to either store it permanently (for at least 1,000 years) outside the atmosphere or to create different materials (e.g. concrete made of carbon), which can be used in different industries.
Another aspect of the presentations at IETA’s pavilion were the regulations and transfer of carbon certificates. The carbon market is transforming to be a commodity market as many others and companies are developing multiple platforms to trade this commodity. The market functions in such a way that emitters of carbon purchase certificates from companies, which focus on capturing carbon. For example, a company that builds cars may purchase certificates to offset its carbon emissions from a company, which is active in deforestation. In that way, the economy should promote companies, whose business model is build around capturing carbon through the use of nature (e.g. forests, ocean plants) or technology (e.g. air clearing stations).
Apart from my work with IETA, I was able to speak to business leaders focusing on the protection of the oceans. In particular, I learned of the importance of sea life (e.g. whales, corals, sea plants) for the reduction of CO2-levels. I did not know that whales for example absorb tones of CO2 during their lifetime. But killing whales or filling the oceans with plastic is a significant threat to the whole ecological system. Providing funding to organizations, which focus on fighting oceanic pollution and the destruction of sea life should be a priority for the COP in the upcoming decades.
Of course, the COP would not be interesting if one does not run into some celebrities. While I was busy at the IETA pavilion, many of my colleagues had the chance of bumping into Boris Johnson, Barack Obama, Leonardo DiCaprio and many others. I had the honour of meeting John Kerry (even if very briefly) at the COP26. Furthermore, my colleagues and I spoke to a staff member from the U.S. delegation, who told us that the U.S. is very motivated to move forward on the climate change fight. This came only hours, after the U.S. and China in a joint statement announced their close collaboration and increased efforts on fighting climate change.
Learning of that as well as the efforts related to protect the environment, gave me hope that we can actually win the fight against climate change. I came to COP26 with the negative feeling that nothing gets done. And while I met some kids from Fridays for Future, who were disappointed with the outcome of the Conference, I feel much more positive now and I hope that this is just the beginning of a long-lasting trend to save our planet.
#TogetherForOurPlanet #COP26UK
