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“If countries want to ramp up climate action, they must get more serious about international cooperation through market incentives,” said Dirk Forrister, IETA President and CEO. “But we should not let this slow us down – we don’t have time to waste. gas near me app While we wait for the rules to firm up, committed countries and businesses should team up to start building cooperative markets – and the rule writers can catch up later.”

“Sound environmental accounting is the bedrock of market-based climate policies,” said Stefano De Clara, IETA’s Director for International Policy. “Nearly every country recogni ses this essential element. b games basketball Yet a slim minority blocked agreement in Katowice and insisted that the new crediting mechanism should not require a project host to properly reflect exports in their Nationally Determined Contributions."

A number of countries have already banded together to explore market harmonisation and future linkages under Article 6.2. youtube gas station karaoke Voluntary markets are also growing more vibrant as corporate leaders respond to investor and customer interest in climate responsibility. electricity worksheets high school Domestic and international action through markets will continue to grow and deliver emission reductions, despite the anti-climatic end of COP24.

COP24 is expected to complete work on the so-called “Paris Rulebook”, a set of rules and guidelines that will lay out the framework for international climate action. electricity trading The Rulebook will include decisions on matters including finance, adaptation, loss and damage and, under article 6, the development of market mechanisms to help reduce global emissions.

“Clarity on Article 6 is particularly important as this will be a key channel for private sector action,” said Stefano De Clara, IETA’s International Policy Director. “Investors need assurance that there will be strong safeguards in place to ensure robust accounting and a transparent mechanism for countries to generate carbon reductions that can be transferred internationally.”

IETA has published its priorities for COP24 here, and also a detailed set of recommendations for strong decisions on Article 6, which governs “cooperative approaches” (Article 6.2: emissions trading); and the “emissions mitigation mechanism” (Article 6.4: emission offsets) which includes the transition of the Clean Development Mechanism and Joint Implementation into the new mechanism.

The one-day event, organised by the European Commission, State of California, Government of Canada, IETA, the World Bank and the Carbon Pricing Leadership Coalition, highlighted how carbon pricing can deliver climate ambition. electricity games online free It comes as world leaders gather in San Francisco for the Global Climate Action Summit, intended to drive ambition and accelerate action to delivering on the Paris Agreement’s goals.

“The Paris Agreement sets a goal for the world to be carbon neutral from 2050, so California’s goal to achieve this five years early is ambitious – and exactly what this week is intended to inspire,” says Dirk Forrister, IETA’s President and CEO. “California’s cap-and-trade system will have a vital role to play in realising these targets and driving the kind and scale of investments needed to transform the world’s fifth-largest economy into one which is low-carbon and fit for the future.

“Well-designed carbon markets are key to any ambitious climate change response,” Forrister adds. “The world hosts a myriad of emissions trading systems, which are already reducing pollution and driving innovations – it is essential that governments move quickly to finalise the rules for the Paris Agreement so that these efforts are counted towards our shared goals, and to unleash the full potential of carbon markets.”