Climate Emergency CoP 25: Its market versus market in Madrid
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India, Dec. 6 -- Carbon market mechanism is turning into a big negotiation thorn
The ghost of pre-2020 carbon market mechanism has started to haunt the Madrid negotiations over the new climate market mechanism proposed for the post-2020 Paris regime. The negotiations for the new carbon market regime, which falls under Article 6 of the Paris agreement, will take centre stage along with the other outstanding issue of "Loss and Damage" before the agreement gets rolling on ground.
According to sources, some developing countries, in private discussions, have already raised the demand that the Kyoto Protocol phase II should be pushed back for couple of years to ensure that the developed countries complete their commitments under the protocol....
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