Summary
The second round of United Nations climate talks this year took place in Bonn, Germany, from 4-15 June 2014, with an outlook to make progress towards a 2015 climate deal.
The outcomes of Climate Change Conference indicate the need for countries to raise ambitions in pursuing climate targets and re-examine their current emission reduction pledges. The turn of events doesn’t reflect the rate of global warming and demands a more progressive approach if favourable outcomes in Lima COP20 in December and Paris in 2015 are to be reached.
Since Parties were unable to reach an agreement on the CDM reforms, the future of carbon markets leaves a worrying trail, especially with investments decreasing and prices dropping over the last decade. Furthermore, a future 2015 international climate treaty is expected to include contributions towards climate action from all countries which naturally gives a very limited role to an offsetting mechanism in the future climate framework. Instead, discussions on the obligations for industrialised countries to mobilise the climate finance needed are increasing.
During the two weeks a slow headway towards the new climate deal was made, along with a notable breakthrough of 60 nations agreeing to phase out dirty fossil fuels and replace them with 100% renewable energy sources by the middle of this century. Bonn conference was recognized overall as a small step forward in determining elements of a draft treaty, aimed at being delivered in Lima COP 20 by the end of the year. Discussions on many items came to a halt and are to be considered further in Peru. The Bonn climate talks also fell short of determining how the numerous regional and national carbon trading schemes are to fit into a future international framework. A growing understanding exists that Paris needs to be a turning point where binding decisions are to be made to reach low carbon world. Much needs to be done in the coming months and negotiators hope to take discussions further in meetings planned in Bonn for October and beforehand in a climate summit in September called by UN Secretary General Ban Ki-moon in New York.
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