Citola Blog
Global Climate Policy Progress in Durban COP Climate Conference
The 17th United Nations COP climate change conference has recently concluded in Durban, South Africa where more than 190 countries met for two weeks to negotiate policies to stop global warming by limiting global carbon emissions.
The result after two weeks extended negotiation is the "Durban Platform for Enhanced Action" which represents the first global agreement that commits all participating countries to reduce carbon emissions. As agreed, countries will work towards a legally binding agreement to cut carbon emissions in 2015 with the commitment actions to commence after 2020.
Martijn Wilder, Head of Global Climate Change Practice, Baker & McKenzie, said on ABC radio yesterday that the agreement “is the first time ever that you have all of the major emitters in the world agreeing to work together to put in place over the coming few years the framework for a binding global agreement.” Martijn continued, “it is the most significant development in that respect which we've had in terms of all countries in the world working together towards a binding agreement to reduce global emissions”
When asked how the conference will affect Australia’s carbon policies, Martijn responded:
“Australia is one of a number of countries to be introducing domestic policy on emissions trading. We already have all of the European countries with an emissions trading scheme. We have China going down that path, we have New Zealand with a scheme, we have the Californians.
So really I think the focus is for Australia the way in which we can take our current system and integrate that with other economies.
And as Minister Combet said there were good discussions in Durban around linking the Australian scheme with the European scheme.
And one only needed to be in Durban to see just how much action is going on at a global level in multiple countries on trying to address climate change.”
Of particular relevance to Citola is the (once again) progress on avoiding deforestation and the REDD framework which will be developed over the next few years as part of a new deal in collaboration with the Kyoto Protocol. An issue for REDD has always been the funding mechanism particulary through sovereign states and if REDD is to be funded through private capital then investors need price certainty through compliance markets. With the Californian markets coming online over the next 12 - 24 months, this should increase the price certainty (and demand) increasing REDD investment and development.
Durban Platform for Enhanced Action
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