The independent high-level panel established to take stock of the Kyoto
Protocol's Clean Development Mechanism (CDM) has released its eagerly
awaited recommendations by urging nations to intervene forcefully to
address the crisis in the carbon market and substantially increase their
level of ambition when it comes to reducing greenhouse gas emissions.
According to the high-level panel, if nations permit the CDM mechanism to
disintegrate, the political consensus for truly global carbon markets may
evaporate. Therefore, the panel calls on nations not only to increase their
mitigation ambition but also to investigate the establishment of a new fund
to purchase and cancel part of the current overhang of emission allowances
held by countries under the Kyoto Protocol.
To address shortcomings and improve the mechanism's reputation and
performance in the future, the Panel recommends fundamental reforms of the
CDM's operating procedures.
In formulating its recommendations, the high-level panel commissioned a
wide-ranging research programme addressing 22 topics across three main
areas: the impact of the CDM to date; the governance and operations of the
CDM; and the future context in which the CDM could operate. It also
organized a stakeholder consultation programme holding dozens of formal and
informal meetings around the world.
The panel, which officially presented its report at the sixty-ninth meeting
of the CDM Executive Board in Bangkok, urges that its recommendations be
implemented fully and without delay with a timetable agreed that will bring
them into effect by the United Nations Climate Change Conference scheduled
for December 2013.
CDM policy dialogue news
Ministerial dialogue about the role of market mechanisms under the UNFCCC
The Ministerial dialogue about the role of market mechanisms was convened on Tuesday 4 December at COP 18 in Doha, Qatar.
It was moderated by Lord Nicholas Stern and attended by:
- Mr. Mark Dreyfus, Parliamentary Secretary for Climate Change and Energy Efficiency, Australia
- Mr. Xie Zhenhua, the vice chairman of NDRC, China.
- Mr. Jos Delbeke, Director General for Climate Action, European Commission.
- Ms. Katherina Reiche, Parliamentary State Secretary for Environment, Germany.
- Mr. George Prime, Minister, Grenada
- Mr. Hiroyuki Nagahama, Minister of the Environment, Japan
- Ms. Nandi Mayithula Khoza, Provincial Minister for environment, South Africa
- Mr. Ken Newcombe, CEO of C-Quest Capital
- Mr. Rupert Edwards, Managing Director, Climate Change Capital
- Ms. Joan MacNaughton, Vice-chair for the High-Level Panel for the CDM Policy Dialogue
Summary report of the ministerial dialogue (05.12.2012)
on-demand webcast »