United Nations talks on carbon markets fail

Air_.pollution_1

United Nations conference, held as a part of UN climatic negotiations on the use of carbon markets to curtail green gas emission ended up in a deadlock in Bonn, Germany, reports The Voice of Russia.

Envoys representing 200 nations participated in the conference held for two weeks and discussed redesigning of carbon emission mechanism to lower alarming rise in greenhouse gas emission.

Participating delegates put forward reforms under wider discussions but got entrenched in different routes. Under the Clean Development Mechanism (CDM), investors were hopeful of gaining momentum in future of carbon market which ended up with the fail of UN talks.

Air_.pollution_1Japan, the U.S and Europe, which contribute for higher emission, were in favor of supporting new mechanisms. Poorer nations were more suspicious as CDM fund were mostly utilized by wealthier countries for industrial projects leading to little sustainable development and questioning their environmental integrity, the report said.

Negotiations over CDM reform proposals broke down upon the issue of how to convert CDM to generate net emission reductions, rather than generating carbon credits which will be used by developed countries for carbon offsetting.

A consortium of 40 islands, facing the risk of being submerged, because of global warming was in favor of including the option. EU supported this as they wanted to scale up offsetting efforts and demanded richer countries pay emission cuts.

Some developing nations prevented this move and poorer nations who were eager to tap CDM investment got into dismay.

In another round of talks, government failed to launch a platform to create common standards for emission reduction bringing together various trading schemes.

Richer countries designing self-programs for utilizing foreign carbon credits composed their own “Framework for Various Approaches”, which was opposed by developing nations and eliminated later.

According to negotiators of the closed door talk, small islands and EU were concerned of advancing framework without safeguards to assess the environmental integrity of new schemes.

The EU, which has not demanded for foreign carbon credits to 2030, was criticized by investors. Anyway EU defended this responding that they are committed to long-term development of market-based measures with comparable commitments from other nations also, reported VOR.

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