Success at the upcoming COP20 in Lima to establish the groundwork for a future climate treaty will largely depend on the willingness of rich nations to live up to their promises of delivering climate finance. With tangible commitments on climate action only expected throughout 2015, the challenge in Lima will be to establish necessary rules without having certainty of the level of ambition countries are prepared to make.
At the recent round of climate negotiations in Bonn in June, countries showed little interest in fixing the flaws of Joint Implementation (JI), the UN’s second largest offsetting scheme. The proposed new rules do little to tackle the severe quality problems that have dogged the scheme and led to very few genuine emission reductions. With the continued unwillingness of Parties to reform the system we see little reason why the JI should continue after the UN’s Kyoto Protocol ends in 2020.