Key Carbon Markets Issue Remains Unaddressed At COP25 Summit

A broad based agreement to urge governments to step up the global response in reducing greenhouse gas emissions was arrived at the COP25 climate summit after some lengthy negotiations. It was attended by representatives of nearly 200 countries.

But an agreement on the regulation of carbon markets – which was among the most critical and contentious issues at the climate change conference, was stalled by the negotiators on Sunday.

In the final document, the countries participating in the summit called for making some fresh proposals for reduction of carbon emissions which would be placed at COP26 summit next year. The documents also urged stakeholders to become more ambitious to reduce the gap between the existing promised on emission reduction and the goals set at the 2015 Paris climate accord.

Negotiators at the COP25 climate summit could not come to an agreement on the issue of regulating carbon markets and therefore decided to take up the issue next year at the COP26 summit in Glasgow even though the summit went on for two additional days after the completion of the official deadline.

“Generally you can see that countries take the [landmark] Paris Agreement seriously, and a big number of countries want to move forward,” Christoph Bals, policy director at NGO Germanwatch, told Al Jazeera.

One issue that has been very visible during the summit was the ongoing conflicts between various countries such as “the US, Australia and Brazil, where the business model is strongly connected with the fossil [fuel] industries”, he said.

It would “in the international forum, but also on a national level” Bals said when he was asked whether the f that battle concerning carbon markets would continue in the years to come.

“Countries like Switzerland have announced here – and the EU – that they will implement their own rules to deal with the international market mechanisms in a responsible way.”

The existence of major differences between a group of countries intent on advancing more quickly on climate issues and those countries that were more focused on the “small print” of the Paris agreement was acknowledged by Spain’s minister for ecological transition, Teresa Ribera last week. She was reportedly called in by Chile’s environment minister and COP25 president, Carolina Schmidt, at the last minute to help negotiations move forward.

The two-week COP25 conference in Madrid however also showed that there was grassroots activity against climate change ongoing that was flourishing even though the summit itself churned out mixed results.

On the conference’s final official day, youth climate activists also pushed for a global strike and claimed that human rights and social justice had been undermined.

“Young people have demonstrated before at COPs but this last year the Fridays for Future movement has been even more of a driver,” Amnesty International’s climate change adviser Chiara Liguori told Al Jazeera.

(Adapted from AlJazeera.com)



Categories: Creativity, Economy & Finance, Geopolitics, Regulations & Legal, Strategy, Sustainability, Uncategorized

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