Source: Down to Earth

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Context

• UNFCCC meetings address operationalizing carbon markets under Articles 6.2 and 6.4 of the Paris Agreement.
• Bonn Climate Change Conference serves as a mid-point between COP28 and COP29, focusing on crucial issues for market mechanism frameworks.

Details

Key Points

• Operationalizing Carbon Markets:
  • Discussions centre on implementing carbon markets under Articles 6.2 and 6.4 of the Paris Agreement, crucial for global climate action.
• Bonn Climate Change Conference:
  • The conference, also known as the 60th Session of UNFCCC Subsidiary Bodies, serves as a pivotal event bridging COP28 and COP29.
• Authorisation Processes:
  • Key debates revolve around the formal approval process (authorisation) for emission reductions (ITMOs), addressing issues of national prerogatives and market confidence.
• Sequencing and Reporting Inconsistencies:
  • Participants tackle challenges related to submitting reports, authorisations, and addressing inconsistencies to ensure environmental integrity.
• Agreed Electronic Format (AEF):
  • Deliberations continue on adopting a standardized template for reporting cooperative approaches' information, promoting transparency and consistency.
• International Registry Functionality:
  • Discussions focus on tracking transactions of emission reduction units (ITMOs) and 6.4ERs, addressing interoperability and transparency concerns.
• Article 6.4 Supervisory Body:
  • Engagement sessions seek input on developing procedures for Article 6.4-based markets, addressing removal guidance, carbon removal activities, and climate finance

About UNFCCC:

Global Climate Framework:

• The United Nations Framework Convention on Climate Change (UNFCCC) is an international treaty aimed at addressing climate change and its impacts.

Establishment:

• Adopted in 1992, it provides the foundation for global cooperation on climate action, facilitating negotiations and agreements among nations.

Key Functions:

• UNFCCC facilitates annual conferences (COPs) to review and advance climate goals, supports scientific research and data sharing, and oversees the implementation of international climate agreements.

Principles:

• Guided by principles of equity, common but differentiated responsibilities, and the precautionary approach, UNFCCC seeks to achieve sustainable development while combating climate change.

Membership:

• It boasts nearly universal membership, with 197 parties (196 countries and the European Union) committed to addressing climate change.

About COP 28:

Location and Timing:

• COP 28, the 28th Conference of Parties to the UNFCCC, was held in Dubai in 2023, serving as a crucial platform for global climate negotiations.

Outcome:

• Despite high expectations, COP28 ended without significant agreements on addressing various elements of the framework for market mechanisms under the Paris Agreement.

Challenges:

• The conference faced challenges in reaching consensus on key issues, including carbon markets, emissions reduction targets, and financing for climate adaptation and mitigation efforts.

About REDD+:

Definition:

• REDD+ stands for Reducing Emissions from Deforestation and Forest Degradation, a UN program aimed at mitigating climate change by incentivizing forest conservation and sustainable management.

Objectives:

• REDD+ seeks to reduce greenhouse gas emissions by preventing deforestation, promoting reforestation, and supporting forest conservation efforts in developing countries.

Components:

• REDD+ encompasses various components, including measurement, reporting, and verification (MRV) of forest carbon stocks, safeguarding the rights of indigenous peoples and local communities, and providing financial incentives for forest conservation and sustainable land management.

Sources:

phys.org

PRACTICE QUESTION Q. Discuss the significance of the Bonn Climate Change Conference in advancing global climate action. Highlight key challenges and outcomes of the conference.