Carbon Development And Marketing Agreement

At the recent Bonn meeting, which ended last week, countries made good progress in technical discussions and presented a new negotiating text. But there are still differences of opinion on the status of the text and how to move it forward. This means that there is everything to play on the way to COP25. Article 6 aims to help countries improve the ambitions of their declared actions to combat climate change, known as Nationally Determined Contributions (NDC), which together contribute to the overall goal of the Paris Agreement: to keep global average temperatures rising well below 2 degrees Celsius and to continue efforts to limit temperature rise to 1.5 degrees Celsius. However, due to the nature of carbon markets, it is important to put in place strong rules to ensure that environmental and sustainable development benefits are realized. Article 6 introduces two voluntary market-based channels for international cooperation. BONN, Germany – Global climate negotiators recently concluded two weeks of talks on the next steps in the 2015 pioneering Paris Agreement, with carbon market rules top the agenda. Here are some important points to understand why carbon markets are so important in the Paris agreement and what bottlenecks are in the negotiations. By approving Article 6 of the Paris Agreement, countries have paved the way for a new form of international interaction on carbon markets. Article 6 builds on a long history of market approaches under the Kyoto Protocol, the predecessor to the Paris Agreement. Article 6.4 establishes a mechanism to help reduce greenhouse gas emissions and support sustainable development under the authority of a central Un governance body.

Public and private organizations can participate in this mechanism if a country allows it. While the main intent is for emissions reductions to be included in the mechanism for obtaining CNN from countries, the mechanism could be used in another way. For example, airlines could use the mechanism`s credits to comply with the International Civil Aviation Organization`s (ICAO) International Civil Aviation Organization (ICAO) international aviation compensation and reduction system (CORSIA). Other companies could use it to increase carbon neutrality. However, these emission reductions should not be counted twice. IEA (2019), carbon market negotiations under the Paris Agreement, IEA, Paris www.iea.org/commentaries/carbon-market-negotiations-under-the-paris-agreement The CCXG also organizes two important events a year to promote dialogue between government delegates and experts from industrialized and developing countries, outside of formal negotiations. Discussions go far beyond carbon markets and include the transparency framework of the Paris Agreement and climate finance issues. The next edition of these global forums solely for invitations on the environment and climate change will take place from 1 to 2 October at the IEA headquarters in Paris. In addition, the IEA is redoubling its efforts to help countries implement and improve their NDCs. The recent COP24 in Katowice, Poland, was heralded by many as a success in multilateralism and diplomacy. It adopted a near-complete set of rules supporting the implementation of the Paris Agreement.

In the end, the parties did not agree on a specific area: the rules for the use of carbon markets.