Day 3: Sustainable Development Mechanism and lessons from the CDM
Today started with huge news.
Following years of controversy and challenges from the indigenous Ngäbe and the international community, Panama formally withdrew support for the project effectively deregistering the project as of the CDM Board’s 92nd meeting. This marks the first time a host country has withdrawn registration of a CDM project and effectively stops Barro Blanco from issuing offset credits.
Carbon Market Watch calls on Parties to learn from the Barro Blanco project to improve stakeholder consultation and to develop robust social and environmental safeguards for future market mechanisms, already common among multilateral financial institutions. Read this ECO article on this topic for more info:
In parallel, negotiations continue. Based on submissions, Parties further explained their position on certain elements and tried to get more understanding on what other PArties are actually talking about. They are trying to figure out what kind of intersessional work needs to be done. Proposals to have more submissions, to have workshops, to have technical papers.
DAY 2: Land Use and Forestry Enters the Fray
The role that forests and land use (known as LULUCF) will play in carbon markets is a tenuous issue and one that Carbon Market Watch is following very closely at the COP22 negotiations. For many civil society organisations it is an impossibility for carbon market offsets to be generated from forests because of the impermanence of carbon sequestration by forests and soil.
An action on LULUCF happened on the main boulevard of COP22:
The negotiations have centred on whether revegetation projects should fall under the Clean Development Mechanism pre-2020. Countries are unable to agree on a draft decision, with the EU, Canada, the US, Australia and others noting that this discussion pre-empts discussions around Article 6 negotiations and should thus be closed. China, Columbia, Brazil and Thailand among others preferred to keep the item open to allow for the development of methodologies that could provide experience to future market mechanisms.
Carbon Market Watch opposes the inclusion of revegetation projects into the CDM as it is extremely difficult to account for the actual emissions and sequestration from these sinks. For further reading see our report:
DAY 1: COP22 has officially begun in Marrakech, Morocco.
Carbon Market Watch has officially kicked off it's engagement with COP22 in particular style today. We hosted an event on the role of carbon markets post Paris Agreement that was packed front to back. We had a fanstatic panel of esteemed speakers who really brought the issues of carbon markets, particularly the role of the proposed Sustainable Development Mechanism, to the fore.
The event was not only well attended but the feedback was positive and reflected the depth of the discussion.
To compliment our event and to begin COP22, Carbon Market Watch has also released a new Policy Brief detailing the role of carbon markets after the Paris Agreement and highlighting our recommendations for the COP22 negotiations.