7 december 2019

[4C Note: The following article reached us via a CAN-Europe email list. To fully understand the relation of "double counting" referred to in the latter part of this article, see the article we published yesterday on climate justice.]

EU holds firm on carbon market red lines at COP25

-- By Kalina Oroschakoff, PoliticoPro, December 7, 2019

MADRID — The EU won’t back an agreement on how to use carbon markets and trade emission credits under the Paris Agreement if it doesn’t help cut emissions or threatens environmental integrity, an EU negotiator said today.

The comments come as the first week of negotiations at COP25 draws to a close, with technical talks scheduled to end Monday before ministers arrive to continue talks at the political level.

Negotiations over the new rules to use carbon markets and trade emissions reductions — covered by Article 6 of the Paris Agreement — remain contentious.

Although the market negotiations were tipped as the major point of progress at this meeting, the EU isn’t willing to strike agreement in Madrid if the rules aren’t adequate, the negotiator said.

That position is backed by environmental campaigners, who today warned against agreeing weak rules for the sake of a deal.

The EU has been adamant from the outset that it won’t tolerate rules that would undermine emissions reduction efforts and allow for double-counting, meaning that traded emission cuts would be recorded by both buyers and sellers.

Brazil is digging in its heels on the issue, pushing back on rules that would make double-counting impossible.

The EU has “zero willingness to compromise on double counting,” the EU negotiator said.

The bloc is also holding firm on its stance that emissions permits created under the previous Kyoto Protocol climate regime cannot be used under the Paris Agreement — something countries such as Brazil and India are pushing for.

The EU will “work as far as possible to prevent that from happening,” the negotiator said.

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