[susan53]

Yet should be omitted here, but because of meaning, not grammar. The basic structure of the sentence is : subordinate clause A Although there has to be a first time + subordinate clause B considering the significance....discipline, both dependent on the main clause we may flatter ourselves... etc

Yet and Although have the same meaning. They both mean (basically) "but" and suggest that there is an unexpected twist in the discourse. For example :
He's a terrible worker, yet they promoted him.
Although he's a terrible worker, they promoted him.
When you hear "He's a terrible worker" you expect him to be sacked. "Yet" and "Although" signal that something unexpected is about to be said.


Now here, by using "although" the writer is saying: This is the first conference but we're making history - "Although there has to be a first time.... we may flatter ourselves..." etc

Yet is a co-ordinating conjunction which links main clauses, so he could have used it instead of "although" and said : There has to be a first time, yet... we may flatter ourselves..." etc.

But by combining both he has effectively said : There has to be a first time, but considering it's significant but we're making history" - which makes no sense at all.

The real problem is not the grammar but the style, which is highly verbose and contains far too many subordinate clauses in each sentence to be read easily. So you lose track of the meaning and can't work out which bit relates to which other bit - as the writer clearly did himself.