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IETA Seeks Clear Rules for Market Mechanisms at COP24

19 Nov 2018 5:17 PM | Anonymous member (Administrator)

LONDON, 19 November - IETA today publishes its priorities for the UNFCCC COP24 session which takes place in Katowice, Poland from December 2-14. This year’s meeting concludes a two-year process under which more than 200 countries have been developing high-level guidance for the implementation of the Paris Agreement.

COP24 is expected to complete work on the so-called “Paris Rulebook”, a set of rules and guidelines that will lay out the framework for international climate action. The Rulebook will include decisions on matters including finance, adaptation, loss and damage and, under article 6, the development of market mechanisms to help reduce global emissions.

“Negotiators need to finalise guidance on a broad range of issues, so that nations and businesses can get to work on mobilising the finance to enable the significant emissions cuts that will help avoid catastrophic climate change,” said Dirk Forrister, IETA’s CEO.

IETA will be encouraging the COP to agree key elements of Article 6 as rapidly as possible, so that Parties can make early decisions on how to meet the goals set out in their Nationally Determined Contributions (NDCs).

A clear set of decisions on issues including transparency, accounting (both in terms of finance and emissions reductions) and market mechanisms are crucial if governments are to start work, and private investment is to be leveraged in time, to meet the goals of the Paris Agreement.

“These decisions are essential to give structure and coherence to the global climate effort,” said Forrister. “Any delay reduces the chances of keeping temperature increases to less than 2 degrees Celsius.”

It’s clear that not all of the “Paris Rulebook” can be approved in Katowice: there remains much technical work to do. But a set of clear, high-level decisions can give a strong indication of the “direction of travel” and can offer countries the opportunity to make early choices in how to develop their NDCs and ramp up ambition.

“Clarity on Article 6 is particularly important as this will be a key channel for private sector action,” said Stefano De Clara, IETA’s International Policy Director. “Investors need assurance that there will be strong safeguards in place to ensure robust accounting and a transparent mechanism for countries to generate carbon reductions that can be transferred internationally.”

IETA has published its priorities for COP24 here, and also a detailed set of recommendations for strong decisions on Article 6, which governs “cooperative approaches” (Article 6.2: emissions trading); and the “emissions mitigation mechanism” (Article 6.4: emission offsets) which includes the transition of the Clean Development Mechanism and Joint Implementation into the new mechanism.

(For more information on COP24 and IETA’s participation at the event, visit our COP24 webpage at www.ieta.org/cop24.)

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