Earlier this year, ECO was delighted to read submission upon submission referencing the potential for removing fossil fuel subsidies to contribute substantially to pre-2020 mitigation ambition. In fact, it was so exciting that we counted the countries represented by these submissions.
ECO5, Doha, English version
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Having COP18 in Qatar presents a unique opportunity to move forward with mitigation and adaptation efforts for climate change in the region, as well as for climate finance. With this in mind, ECO is calling for leadership from the Arab states beyond the conference hall.
It was with some optimism that ECO joined the roundtable discussion of the ADP workstream two (“workstream 2 degrees”, as one delegate was heard when entering the room). All Parties had noted the pre-2020 ambition gap with grave concern back in Durban, and after a year of little—if any—progress, Doha seems to be a good moment to get down to work.
The LCA is discussing the establishment of a new market mechanism (NMM) and a Framework for Various Approaches (FVA), including the use of markets. But well into the 1st week, it is still unclear what these two work programmes could be about.
While ECO has not yet given up on countries strengthening their national emission reduction targets, there is another simple step that will have a substantial impact. Up to 13 billion tonnes of impact in fact.
It is no secret that the future of the CDM looks grim. According to the High Level Panel on the CDM Policy Dialogue, the CDM will produce an excess of roughly 1.25 billion offset credits because of low ambition by developed countries. This has driven the prices in the cellar and stirred creativity on how to keep the market flourishing.
Reading the current text, ECO is concerned that a possible Doha decision may miss the key, overarching points. First, in light of the lack of mitigation ambition, there is cause for grave concern. The low mitigation ambition will determine the level of loss and damage in the future.
Joint Implementation (JI) is the much neglected little brother of the CDM. Yet JI needs careful watching, not just because hundreds of millions of credits have been issued under JI that basically launder hot air and have zero environmental integrity.