Thank you for giving us the opportunity to speak. My name is Simon Bradshaw, and I’m speaking on behalf of Climate Action Network. I would like to talk about new market mechanisms.
Here in Bonn, Parties will discuss rules for a new market mechanism and a Framework for Various Approaches. Both require international oversight to ensure environmental integrity and sound accounting of credits.
The experience with Joint Implementation has shown what happens if countries can unilaterally register projects and issue credits with limited oversight or transparency. We recommend that a UN body is appointed as a standards-setting organization that also approves unit issuance.
Double counting is a serious issue with the proliferation of programs and credits.Credits need to be fully accounted through a rigorous, robust and transparent common accounting framework. Clear rules should ensure that units are only counted by the buyer and not by the seller Clear and specific rules regarding the complementary relationship between CDM, new market mechanisms and other regional trading mechanisms need to be established.
Last but not least, countries should clarify that such new mechanisms should secure net atmospheric benefits.