In Poland last week, the UNFCCC Conference of Parties succeeded in finalising the Paris Agreement rule book that sets out the rules, modalities and procedures for how the global community will decarbonise the economy to keep global temperature increases tobelow 2 degrees (towards 1.5 degrees). Across multiple workstreams, negotiators worked tirelessly towards outcomes across adaptation, climate finance, indigenous participation, global stocktake, capacity building, enhanced transparency, and loss & damage.However, two issues remained undecided: the mechanics of global markets and the need for parties to raise ambition. CMI again led a delegation of members to the COP and participated in many events and engaged across the spectrum of negotiations. Below we’ve outlined these issues, and our key takeaways from COP24.
1. The Rulebook will drive increased accountability to targets.
2. Negotiations on Article 6kicked down the road.
3. Carbon markets can enable greater ambition.
4. Australia’s domestic offset market could be a net global supplier of offsets.
5. Countries are collaborating on emissions reduction.
6. Australian experience and capability in policy, finance, technology, markets is in demand.
7. A Just Transition is a challenge that involves multiple stakeholders.
8. The role of capital markets is incredibly important.
9. The solution to climate change must involve global strategies in how we use our forests and lands.