BAKU - As ministers and negotiators race to an agreement on carbon markets at the UN climate change summit , a sticking point remains over the nature of an international registry that will document carbon trading between countries.
Minister for Sustainability and the Environment Grace Fu – who is facilitating negotiations along with her ministerial counterpart from New Zealand – said on Nov 20: “There are some discussions going on, some divide in the room, but we have some proposals on bridging solutions... We will consult every group and parties again.”
Mr Manokara explained: “If the international registry is issuing the carbon credit, there are unanswered questions such as what processes would need to be put in place to prevent double issuance, or what steps need to be taken to correct it.” But overall, the mood in the negotiation rooms has been “very positive because we have unanimous support for the conclusion of Article 6”, said Ms Fu. NegotiationsUnder Article 6, countries can trade carbon credits in two ways. One is through bilateral pacts.
“When there is a global standard, it makes it a lot easier for the market to work. When there is standardisation and unification, that increases the depth of the market, and we hope that that helps to develop a more healthy, functioning carbon credit market,” she told the media on Nov 20. While developing nations are asking for a total of US$1.3 trillion in funding each year, richer nations have not yet revealed the amount they will commit and what form the funding will take. Developed countries also want more donors to come in.
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