Negotiators in Katowice reached agreement on a Paris rulebook late Saturday night, but Article 6 left a gaping hole as a decision on carbon markets was left for the next major round of negotiations in Chile.
Governments look set to resume talks next year on a framework for international emissions trade under the Paris Agreement’s Article 6, as negotiators seek to postpone the issue rather than risk collapsing the entire Paris rulebook, numerous sources close to the process told Carbon Pulse on Saturday.
Numerous delays from ongoing Paris rulebook negotiations have pushed the culmination of the UN climate summit past its scheduled conclusion on Friday, with talks slated to go at least through Saturday morning.
A new global carbon market mechanism under the Paris Agreement’s Article 6 risks undermining the landmark climate treaty if negotiators fail to remove a provision in the draft text, observers said Friday.
California regulator ARB approved a suite of amendments on Thursday that will alter several price and offset-related elements of the programme, and also included language to ease concerns about oversupply, cost containment, and indirect emissions.
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