It’s the last day of the first week of the UN climate talks in Paris, and the last chance for negotiators to sort out some of the numerous sticky technical details before the text is passed on to the French presidency on Saturday. Carbon Pulse tracks developments in the talks and on the sidelines, and will post updates as they come in.
2154 CET – FIVE EU NATIONS CANCEL 635 MILLION KYOTO CREDITS: Denmark (3.4m), Germany (228m), the Netherlands (100m), Sweden (51m) and the UK (342.5m) announced Friday they have cancelled – or will soon – a total of 634.9 million surplus AAUs, CERs and ERUs from the first commitment period of the Kyoto Protocol. Further surplus permits for the second period will be cancelled by 2020, they said. “By cancelling surplus units we hope to send a strong positive signal of support for an ambitious global climate agreement here in Paris,” they said in a statement.
“The cancellation initiative is a welcome step to put the spotlights on the dangers of hot air. We hope to see this initiative extended to all surplus units that could potentially harm climate commitments post-2020,” commented Femke de Jong of Carbon Market Watch.
“Under the current rules, the surplus AAUs under the Kyoto Protocol cannot be used after 2020. However, other Kyoto Protocol units, such as pre-2020 carbon offsets, could still severely undermine the environmental integrity of the Paris climate treaty if Parties would allow them to be carried-over,” Carbon Market Watch said.
2057 CET – CARBON TRADING TEXT COULD FALL VICTIM TO PARIS TALKS STALEMATE: Provisions for international carbon trade risk being squeezed out of the UN climate pact after a week of minimal progress at talks in Paris, although market proponents are adamant this won’t stop the spread of emission markets worldwide. Read full story.
2022 CET – MAYORS PROMISE TO GO RENEWABLE: UN General-Secretary Ban Ki-moon on Friday received a statement signed by 1,000 mayors and local leaders pledging to go 100% renewable or cut greenhouse gas emissions 80% by 2050. “Model cities like Vancouver, Sydney, Stockholm and Las Vegas have already committed to using 100% renewable energy in the coming decades. So to all the mayors and governors in this room today, I implore you to join with your peers to commit to moving to no less than 100% renewable energy as soon as possible. Do not wait another day,” said Hollywood star Leonardo di Caprio in a summit declaration to the COP.
1531 CET – CLIMATE RISK DISCLOSURE: The Financial Stability Board (FSB), a global group of national financial authorities, launched a year-long task force to evaluate climate-related financial risks. It aims to develop voluntary disclosure standards that companies can use to provide information to their lenders, insurers, investors about how their businesses are affected by climate change impacts. The initiative will be led by former New York mayor Michael Bloomberg and report to FSB chair and UK central bank chief Mark Carney. Both launched the initiative on the sidelines of the UN talks.
1140 CET – NEW TEXTS: Updated negotiating texts have been published by the ADP Contact Group. One has been whittled down to 46 pages from yesterday’s 50, and the other one, incorporating so-called bridging proposals drafted by co-facilitators aiming to unify options, is a more manageable 38.
0832 CET – INDIA, SAUDI ARABIA PUT LID ON 1.5C DISCUSSION: Increased support from some developed countries for a 1.5C target in the Paris text had raised hopes that the talks might end with an ambitious long-term target on global warming, but Climate Home reported Friday morning that India and Saudi Arabia on Thursday night blocked attempts to reference a UN study saying 1.5C is a safer target than 2C. The move created “deep anger” among nations threatened by rising sea levels, Bill Hare of Climate Analytics told Climate Home.
0828 CET – NEW ZEALAND TO RATIFY DOHA AMENDMENT: Climate Change Minister Tim Groser on Friday repeated Prime Minister John Key’s promise that NZ will ratify the Doha Amendment. New Zealand’s obligations will be under the UNFCCC and not under the Kyoto Protocol, meaning it still won’t have access to UN offsets for its domestic ETS, but ratification keeps NZ as a party under the convention.
“It is … critical that New Zealand can influence decisions that may have significant long-term impacts on our economy such as access to international carbon markets and accounting rules for the land- sector,” Groser said.
New Zealand has now formally deposited its instrument of acceptance, taking the total to 55 nations of the 144 needed for the Doha Amendment – and the second commitment period of the Kyoto Protocol – to enter into force.
By Carbon Pulse – email@example.com