Climate negotiators in Marrakech are soldiering on, attempting to focus on the issues at hand without getting caught up in Tuesday’s US election. Carbon Pulse will continue to report the latest developments from the COP as they happen.
Carbon Pulse coverage:
Less than a third of the largest emitting countries are on track to meet their Paris pledges, according to research by the NewClimate Institute.
0940 GMT – MOROCCO BUYS GREEN BONDS: COP host Morocco is ramping up its own climate action efforts as its central bank, Bank Al-Maghrib, has bought $100 million worth of World Bank green bonds. “Having become increasingly aware of the effects of climate change, at the COP-22 in Marrakesh, countries are now specifying how to achieve commitments made in Paris. Bank Al-Maghrib’s investment in World Bank green bonds has been made in that context. The investment will support sustainable development projects financed by the World Bank, including in countries in Africa,” said the bank’s Abdellatif Jouahri.
0900 GMT – JAPAN RATIFIES: Japan ratified the Paris Agreement on Tuesday, adding another of the world’s biggest-emitting nations to those bound to the treaty. The Abe government has pledged to cut GHG emissions 26% below 2013 levels by 2030, a target seen by most analysts as weak. In Marrakech, Japanese negotiators will be pushing for the acceptance of its Joint Crediting Mechanism (JCM) after having struck bilateral deals with 16 nations to buy offsets under its homemade programme.
0710 GMT – FIJI WANTS CO-CHAIR: While no country has stepped up yet to host next year’s COP, making it likely it will be held at UNFCCC headquarters in Bonn, but Fiji is positioning itself to get the role of vice-chair at COP-23, according to Radio NZ. AOSIS is backing the bid, and if successful it would be the first time a Pacific island were to hold that position during UN climate talks.
0700 GMT – FOR THE WONKS: DEHSt, the German emissions trading trading authority, has released three discussion papers ahead of the negotiations in Marrakech on a future carbon market. One looks at the various differences and similarities between the Kyoto mechanisms and Article 6 of the Paris Agreement, and includes a list of theoretical issues delegates must clarify. Another looks at what kind of accounting approaches the UN should consider to ensure there is no double-counting in the new global carbon market.