Introduction This briefing gives an overview of the current discussions under Article 6 of the Paris Agreement which establishes the foundation for market-based climate measures after 2020. It lays out key lessons from the Kyoto Protocol markets, highlights essential issues within the Article 6 negotiations, and provides recommendations on how to solve them. It concludes …
Read more “Carbon markets 101 – the ultimate guide to global offsetting mechanisms”
Paris, 10 December. With less than 48 hours of negotiation time left, countries continue arguing about a new proposed carbon offsetting mechanism. Key concerns relate to doubts about the need for carbon offsets in the future, the inclusion of land use carbon offsets that are likely to open a new gigatonne loophole, and allowing developed …
Read more “Rich countries set to benefit from proposed carbon offsetting mechanism in Paris”
A new study by the Stockholm Environment Institute (SEI) finds that bogus carbon offsets issued under the Kyoto Protocols’ Joint Implementation (JI) offsetting mechanism to date have increased global emissions by 600 million tonnes CO2 to date. The study came timely ahead of the ongoing round of climate talks in Bonn, concluding tomorrow, where countries need to work ensure that the new Paris climate treaty is not undermined, as Kyoto was, by hot air carbon credits.
Brussels, 24 August. A new study by the Stockholm Environment Institute (SEI) finds that bogus carbon offsets issued under the Kyoto Protocols’ Joint Implementation (JI) offsetting mechanism to date have increased global emissions by 600 million tonnes CO2 to date. The study come timely as countries gear up for the next round of UN talks next week in Germany; they will need to work to ensure the new Paris climate treaty is not undermined, as Kyoto was, by hot air carbon credits.
A decision to initiate the first review of the Joint Implementation (JI) guidelines was taken by Decision 4/CMP.6. At CMP.8 in Doha, Parties agreed on key attributes that would characterize the future operation of JI and requested the SBI to draft revised JI Modalities and Procedures (M&P). These new M&P will replace the existing JI Guidelines which were adopted by Decision 9/CMP.1. The draft text “Review of the joint implementation guidelines. Draft conclusions proposed by the Chair” will provide the basis for negotiations at SBI 41 in December 2014 in Lima.
Accounting of emissions will be a cornerstone of a future climate treaty and is hugely important for the integrity of carbon markets as well as keeping us on track to limit global warming below 2°C. Lima will need to lay grounds for a rigorous accounting framework and robust unit quality requirements. It will also need to establish consistency to the ICAO process that is developing a global market based mechanism for aviation emissions.
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.
Dear delegate, As the climate negotiations in Bonn are under way, I am pleased to share our recommendations for the review of the modalities and procedures for the clean development mechanism and the position of the Climate Action Network on the revision of the joint implementation guidelines, which are currently being discussed under SBI. Please feel free to contact …
Read more “Letter to UNFCCC Delegates: Recommendations on CDM and JI currently under discussion at SBI”