Paris, 12 December 2015 – Today, at the UN climate talks in Paris a global deal where all countries have agreed to take action on climate change was adopted. Carbon Market Watch comments on the long-term goal, the ambition ratcheting mechanism, provisions for the use of markets, the establishment of a new mechanism, human rights provisions, bunker emissions, pre-2020 action and the impact of the Paris treaty on EU’s climate policies.
This month, South Korea became the second Asian country after Kazakhstan to officially start a national carbon market. The first carbon allowances that were traded on the Korea Exchange were sold at a similar price to that in Europe’s emissions trading system (EU ETS). South Korea’s ETS could therefore be a good candidate for linking with EU’s carbon market now that the EU is looking at linking as replacement for the barred use of international offsets. While linking can have significant consequences for the integrity of the EU ETS, the European Parliament is currently not in a position to scrutinize the linking negotiation process.
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