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Carbon Market Watch Newsletter Issue #4, September 2013

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Dear friends,

The IPCC just released the first part of its new report. The news is daunting. We will see dramatic changes and effects will persist for many centuries even if emissions of CO2 stop. If we don’t act now, climate change will rapidly alter the lands and waters we all depend upon for survival. The 19th international climate negotiation will be held in November in Warsaw. World leaders have done little to halt the climate threat. 19 years ago the UN’s climate change convention was adopted with the goal to stabilise greenhouse gas concentrations in the atmosphere. Many countries, including Poland, the host of the upcoming COP are still aggressively promoting coal, the largest contributor to climate change. But there is also good news: Some of the world’s largest banks are starting to limit their funding for coal power. Also interest in CDM coal power projects is shrinking rapidly.

In this newsletter we look at why coal power projects need to be excluded from the CDM. The continued struggles of local communities around the Barro Blanco CDM project highlight why the CDM reform to be decided in Warsaw must include remedies for local communities negatively affected by CDM projects. Such communities must be able to appeal, for example in case of human rights abuses.

Looking at the future of carbon markets, Parties will discuss a framework for trading units from various carbon markets at the upcoming COP-19 in Warsaw. We highlight the most important elements that need to be taken into account to ensure that a new climate deal is not compromised. Most importantly, ambitious mitigation targets must be a prerequisite for access to markets.

As NAMA initiatives are kicking off all over the world, we look at the experience from the CDM on how sustainable development can be achieved by climate mitigation projects and policies in developing countries.

As the International Civil Aviation Organisation (ICAO) is meeting for their triennial Assembly, we must remember that any global market based measure needs to ensure in-sector emissions reduction, 100% offsetting cannot deliver this.

Europe is currently debating a new climate framework for the period of 2020-2030.  We look at the lessons learnt from the use of international credits and explain key issues about the future of the Effort Sharing Decision which covers sectors not included in the EU’s Emissions Trading Scheme. Join us at events in the European Parliament in October and November to discuss these in more detail!

Happy reading!

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