ICAO 2013 Environmental Report - page 156

icao environmental report
2013
Second,
accessibility to the CDM is being broadened
.
Although the first use of the CDM was as a tool to help
developed countries meet their emission reduction targets
under the Kyoto Protocal, its use is not limited to that
purpose. Units may also be “cancelled”, via established
procedures that are administered by the United Nations
Climate Change Secretariat, in order to meet the emission
reduction targets of individuals, companies, or industry
sectors that seek to carbon-neutralize their emissions.
Such a method of offsetting is trusted, reliable, and easy
to apply, particularly as the CDM is a centrally administered
mechanism that enjoys a high level of international legitimacy,
particularly among developing countries. It may therefore
be of interest to the aviation sector.
Third,
there is an appetite for focusing on the
appropriate role of domestic market-based measures
.
Parties explicitly recognize that countries have the sovereign
right to develop and implement their own measures to
reach their emission reduction targets, and that these
can include market-based measures. The current debate
revolves around how the quality of these measures can be
assured if they are used to meet compliance or voluntary
targets, with various models under discussion.
At their meeting in Bali (COP13, 2007), Parties agreed to
consider “various approaches, including opportunities for
using markets” as tools to enhance emission reductions.
These were elaborated in a series of negotiations that
produced, at the meeting in Cancun (COP16, 2010), a list
of seven guiding elements for new market instruments,
including: the stimulation of emission reductions across
broad segments of national economies, environmental
integrity, a net decrease of emissions, good governance,
and robust market functioning and regulation.
A breakthrough was achieved at the meeting in Durban
(COP 17, 2011), when a “new market-based mechanism”
(NMM) was established and an agreement was reached
to consider a “framework for various approaches” (FVA)
– covering market-based measures administered at the
domestic level, such as emissions trading systems or
country specific offset programmes. At the meeting in Doha
(COP18, 2012), Parties established two work programmes;
one on the new NMM and another on the FVA. These work
programmes are expected to lead to modalities for the
operation of the NMM as well as further guidance, if not
modalities, on the FVA.
Future Pathways
While the precise outcomes of the negotiation processes
are unlikely to be known for several years, the following
considerations may apply.
First,
there is a growing sense that the CDM is a useful
tool that is worth preserving and strengthening
.
Despite a rocky few years in which the CDM was the
object of intense criticism and slated for replacement by
new market-based measures, its worth in assessing the
quality and quantity of emission reductions is becoming
increasingly appreciated. Further, when one considers
what Parties hoped that new market-based measures
would achieve – namely broader coverage within national
economies, stronger environmental integrity, a net decrease
in emissions, and better governance – are all compatible with
the existing mechanism, and reflect the current direction
of CDM reform.
chapter 4
global emissions
156
References
Decisions by the Conference of the Parties, including
1/CP.1, 1/CP.3, 1/CP.13, 1.CP.16, 2/CP.17, 1/CP.18.
Decisions by the Conference of the Parties serving as
the meeting of the Parties to the Kyoto Protocol, including
2-3-7-9-11-13/CMP.1, 1/CMP.2, 2/CMP.3, 2/CMP.4,
2/CMP.5, 3/CMP.6, 8/CMP.7, and 5/CMP.8.
“Climate Change, Carbon Markets, and the CDM: A Call
to Action.” Report of the High-level Panel on the CDM Policy
Dialogue (2012). <
>
“Mapping Climate Pricing Initiatives: Developments and
Prospects” (World Bank, 2013).
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