Negotiators are meeting in Bonn, Germany this week and next on the back of the successful negotiations in Katowice, Poland where the Paris climate agreement “rulebook” was mostly agreed, on time. A feat nearly unprecedented in the often glacial UN climate talks provides hope that countries can continue to work together in light of the urgency to address climate change.
The one exception to the success in Katowice was international cooperation through carbon markets. Despite taking the session into overtime, negotiators could not agree on a key chapter of that rulebook – the text meant to catalyze international cooperation on carbon markets under Article 6.
Among other things, Article 6 guidance will spell out how countries can “count” the results of international emissions reduction trading toward their Paris greenhouse gas reduction pledges (known as nationally determined contributions, or NDCs). Article 6 has three main components framing international cooperation under the Paris Agreement. Article 6.2 provides for the accounting framework, Article 6.4 establishes a new UNFCCC mechanism and Article 6.8 provides a framework for non-market approaches.
As one of the last items that need to be addressed after COP24, carbon markets will be a central focus of the negotiations in 2019 and Article 6 will benefit from additional political focus on the road to agreement at COP25 in Santiago de Chile in December.
Here we answer key questions about carbon markets and the UN climate talks. Read More »
