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Parties to the United Nations Framework Convention on Climate Change (UNFCCC) have decided to establish a "new market-based mechanism" (NMM) to promote mitigation across "broad segments" of developing countries' economies but have so far defined only some broad outlines of how it is to function. This article identifies key design options of the NMM based on a survey of the literature and reviews them against a range of assessment criteria. Furthermore, potential application of the NMM is analysed for five country-sector combinations. The analysis finds that lack of data and of institutions that could manage the NMM are key bottlenecks. In addition, the analysis reveals the existence of substantial no-regret reduction potential, suggesting that sectors may not be sensitive to the market incentives from an NMM. Governmental capacity building and Nationally Appropriate Mitigation Actions (NAMAs) might be more appropriate in the short term, preparing the ground for the adoption of market-based approaches at a later stage. NMM pilots could be based on supported NAMAs but should ideally generate tradable and compliance-grade emission credits in order to fully simulate the real-life conditions of an NMM.
Policy relevance: The Doha conference identified "possible elements" of the NMM to be addressed in the development of the NMM's modalities and procedures. This article identifies available options for these possible elements and reviews these options against a number of criteria, including environmental effectiveness, economic efficiency, political and administrative efficiency, and others. On this basis the article identifies options that are best suited to fulfil the main aims of the NMM as decided at the Durban conference, "to enhance the cost-effectiveness of, and to promote, mitigation actions". In addition, the article analysis potential application of the NMM for five country-sector combinations. The analysis assesses the emission reduction potential that could be mobilized through the NMM as well as the institutional market readiness of the sectors. Finally, the article synthesizes the challenges ahead for the NMM that have emerged from the analysis and suggests possible ways forward.
The Clean Development Mechanism (CDM) is in crisis. More and more market participants are leaving the sector. In the light of this development, some argue that governments should step in as buyers of Certified Emission Reductions (CERs). Given the limited volumes of public funding, however, governments will have to prioritise some projects over others. This policy brief therefore analyses national purchase programmes and multilateral carbon funds in order to identify criteria public investors are applying in the selection of the projects they finance. The aim is to identify a vision of a high quality CDM project that be can be made use of when designing a possible support programme.
Global climate
(2014)
In what has become normal procedure at the international climate negotiations, the 2013 United Nations climate conference in Warsaw (the nineteenth Conference of the Parties (COP 19) to the United Nations Framework Convention on Climate Change (UNFCCC) and the ninth Conference of Parties serving as the Meeting of the Parties to the Kyoto Protocol (CMP 9)) once again seemed on the brink of collapse and concluded more than one day behind schedule, in the evening of Saturday 23 November 2013. However, on most of the key issues it made only scant progress.
This report lays out the main developments in Warsaw and assesses the main outcomes. It starts with the discussions under the Durban Platform on developing a new comprehensive climate agreement by 2015 and increasing short-term ambition and subsequently covers the issues relating to near-term implementation of previous decisions in the areas of emission reductions and transparency, adaptation, loss and damage, finance and technology.
The report surveys current proposals and positions on issues such as differentiated participation of countries in the new agreement, a differentiated spectrum of commitments, effort sharing and options for how to organise the negotiation process. The report finds that for the level of participation, the selection of commitment types, and choice of effort-sharing approaches there is no silver bullet. A portfolio approach that incorporates multiple options may be most suited to ensure environmental effectiveness, cost- effectiveness and political feasibility.
Global climate
(2013)
This report lays out the major developments in Durban and assesses the main outcomes. It is structured along the Bali roadmap for a future climate agreement that was agreed at the Bali climate conference in 2007. The Bali roadmap comprises negotiations under two tracks. First, the Ad Hoc Working Group on Further Commitments by Annex I Countries under the Kyoto Protocol (AWG-KP), established at the conference in Montreal in 2005, has been negotiating future emission targets for developed countries (listed in Annex I of the United Framework Convention on Climate Change (UNFCCC) and hence called Annex I countries). As the Kyoto Protocol's first commitment period expires in 2012, the AWG-KP is to agree on new targets for a second commitment period post-2012 as well as associated rules for accounting emissions. Second, the Ad Hoc Working Group on Long-term Cooperative Action under the Convention (AWG-LCA) has also been negotiating commitments for Annex I countries, intending to cover those that have not ratified the Protocol - that is, the USA. In addition, the LCA negotiates "Nationally appropriate mitigation actions" of developing countries, which are to be supported by Annex I countries with technology, financing and capacity-building. Both the actions and the support are to be "measurable, reportable and verifiable". The LCA also negotiates how such support for developing countries' mitigation actions may be delivered as well as how developing countries may be supported in adapting to the impacts of climate change.