UN climate talks held in Bonn, Germany from Nov. 6-17 made modest progress on a number of technical issues including rules underpinning global carbon trading under the Paris Agreement, but a great deal of work remains ahead of next year’s deadline to complete the 2015 pact’s rule book.
Below is a summary of the articles Carbon Pulse filed from COP23 over the past two weeks.
Nearly 200 nations this week tackled the first leg of the two-year negotiations on a Paris Agreement rulebook by pushing most decisions to next year, although a row about what counts as climate aid cash stretched the COP23 UN climate talks in Bonn into the early hours of Saturday.
Negotiations on global carbon trade under the Paris Agreement edged ahead of other strands of the UN climate talks over two weeks in Bonn, boosting confidence that countries and companies seeking to use international CO2 deals will have rules in place well ahead of the pact’s 2020 start.
An alliance of US cities, states, and businesses accounting for more than half the country’s economy said Saturday they remain committed to the Paris Agreement and will work towards collating the impact of their various mitigation measures by next autumn.
Some 25 national and sub-national jurisdictions have joined a global alliance forged by the UK and Canada to encourage a transition from unabated coal-fired power to cleaner alternatives, with the founding nations seeking to reach 50 members within a year.
Canada, Mexico, and a coalition of 15 US state governors signed a declaration committing to jointly strengthen their climate action on Monday, aiming to defy the Trump administration.
Seven northeastern US states and the District of Columbia on Monday launched a public consultation process for a regional approach to cutting carbon emissions, with a market-based approach identified as one potential outcome.
The much-anticipated launch of China’s national emissions trading scheme looks unlikely to take place during the UN talks in Bonn as the State Council has yet to approve the regulator’s proposed plans, China’s special representative on climate change said Tuesday.
Linking emerging Asian Pacific emissions trading markets is slowly dropping down the list of priorities for regional climate policy officials, even as the need to cooperate in developing markets increases.
Singapore signed up to an international ministerial declaration on carbon markets on Thursday, bolstering the club of rich and poor countries pledging to cooperate on environmental integrity to spur international emissions trade.
Germany will spend €50 million in directly funding N2O nitric acid abatement in developing countries and is aiming put an additional €20 million towards buying CDM or voluntary offsets via the World Bank’s auction platform emerging out of the Pilot Auction Facility (PAF).
The German government has launched a tender to buy 82,000 “high-quality” CERs, preferably from projects in small island developing states (SIDS), to offset emissions stemming from the UN climate summit it is co-hosting in Bonn.
MARKETS & MECHANISMS
Negotiations on global carbon trade under the Paris Agreement are lagging other strands of the UN climate talks in Bonn, with the slow pace prompting some countries to line up deals ahead of finalised rules.
UN aviation body ICAO is expected to allow the use of UN-issued CDM carbon credits under its CORSIA offset scheme, but those plans might face complications as approval under the UNFCCC or an amendment to the Kyoto Protocol might be necessary, an expert said Monday.
Three Brazilian hydro projects owned by state-owned energy company Eletrobras could generate nearly 170 million environmentally dubious CERs by 2030, climate campaigners have claimed, raising questions over the government’s continued support for the CDM while snubbing REDD-based offsets.
Costa Rica is considering buying international credits to help meet its Paris emissions goal as some of its remaining abatement options may be too costly, according to a government official.
Businesses involved in the voluntary carbon market face a crossroads under the Paris Agreement and are reaching out to other stakeholders at this month’s UN climate talks to help determine their future.
The NAMA Facility launched its fifth funding call seeking applications from carbon-cutting projects in the developing world, as EU donors collectively provided a record €85 million as they see the mitigation mechanism transitioning into the Paris-era.
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Carbon Pulse is an online service dedicated to providing in-depth news and intelligence about carbon pricing initiatives and climate change policies around the world. Our coverage focuses mainly on carbon markets and other methods of using taxes and market-based mechanisms to cut greenhouse gas output. We have a strong track record of breaking key stories, which often move markets and inform policy development worldwide.