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COP26 delivers key agreement on carbon markets, but will it lead to emission reduction?
Environmentalists have said that they remain skeptical over the mechanism, arguing that it could incentivize industrialized countries to offset, rather than reduce, their carbon emissions by purchasing credits representing emission-reduction efforts from other countries.
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The United Kingdom's president for COP26 Alok Sharma speaks at a press conference at the close of the COP26 UN Climate Change Conference in Glasgow, UK, on Nov. 13, 2021. (AFP/Ben Stansall)
T
he deal adopted in the 26th United Nations Climate Change Conference (COP26) has settled key issues surrounding international carbon markets, which could potentially unlock funds to finance various projects aimed at combating climate change.
But environmentalists have said that they remain skeptical over the mechanism, arguing that it could incentivize industrialized countries to offset, rather than reduce, their carbon emissions by purchasing credits representing emission-reduction efforts from other countries.
The completion of the international rules to govern carbon-emissions trading, which was outlined in Article 6 of the 2015 Paris Agreement, has closed the chapter for one of the last articles left unresolved in the Paris rulebook – a document that guides the implementation of the Paris Accords.
Environment and Forestry Ministry climate change control director general Laksmi Dhewanti said the consensus on the implementation of Article 6 of the Paris Accords would meant that parties to the accord could realize their climate commitments under the 2015 agreement.
“With the adoption of the [Article 6 of the Paris Agreement] the Paris rulebook is nearing its completion, so that the commitments of parties under the Paris Agreement can be implemented wholly and effectively,” said Laksmi in a statement on Nov. 13.
Aside from the agreement over guidelines on Article 6, the deal, dubbed the Glasgow Climate Pact, reached in the climate summit marked the first specific mention of fossil fuels and coal – which are among the main drivers of global warming – although last-minute lobbying from China and India led to watered-down language in the deal’s final text.
Read also: Global powers urged to go further after UN climate deal
