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Carbon Market Hopes Dashed in Warsaw

UNFCCC WarsawUN talks on setting up new carbon markets, and creating global standards for such markets, have been postponed until June 2014. The development at the UN climate conference in Warsaw dashes hopes in one of the few areas where delegates expected progress.

Developing nations attending the 19th conference of the UN Framework Convention on Climate Change, entering its second and final week, argued that carbon markets allow rich nations to outsource carbon reductions so they can avoid cutting emissions in their own nations. They also said they don’t wish to launch new markets when existing ones are not working properly, Reuters reports.

Delegates made little progress overall in the first week, the Irish Times reports. Brazil has proposed a methodology to define nations’ historical responsibility for climate-related damage – but not surprisingly, developed countries have failed to support the proposals. The most climate-vulnerable nations are panicking at the prospect of additional rich countries following in the footsteps of Canada, Australia and Japan, which all recently reduced their climate efforts, the Guardian says.

On a more hopeful note, the inaugural Caring for Climate Business Forum will run tomorrow and Wednesday in Warsaw. Organizers the UN Global Compact, the UN Environment Programme and the UNFCCC secretariat say the forum will “showcase the contributions that business and investors can make towards climate action, while providing a high-level leadership platform with policymakers.”

Takeaway: Expect further postponements as developed and developing nations disagree on almost every aspect of negotiations.

Previous coverage of negotiations in Warsaw:

Carbon Markets ‘Toolbox’ Could Create Global Standards Warsaw Climate Talks Could ID Key Issues

Tamar Wilner is Senior Editor at Environmental Leader PRO.

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