UN Climate Change Conference Day 5 Press Briefing

December 6, 2008

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Yvo de Boer said many delegates were highlighting the need to move to a low-carbon society, citing the emission reduction range of -25 to -40 by 2020 over 1990 levels for industrialized countries, and asking these countries to show ambition and leadership with regard to these targets.

There was agreement that financial mechanisms, including insurance, can play an important role within a strengthened response to climate change, and that financial mechanisms for risk management in developing countries needed to be scaled up.

Parties were also considering how to increase funds for adaptation through the carbon market, with discussions focusing on extending the current 2% levy on mitigation projects under the Clean Development Mechanism (CDM) to the other Kyoto mechanisms, Joint Implementation and Emissions Trading, De Boer said. He added that the inclusion of a limited number of Carbon Capture and Storage pilot projects under the CDM was also under discussion.

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