Last year at the talks in Katowice, Poland, countries failed to finalise the rules for carbon markets and trading and they agreed to resolve their difference by this year’s annual meeting. However, a resolution on the carbon markets continues to elude.
Saturday morning, the chair of the current round of talks, Chile’s Environment Minister Carolina Schmidt, released draft texts that encapsulated the outcome decisions of the talks. The text, however, failed to find support with most countries.
Countries objected to the lack of ambition in the text as there were no effort to call on countries to step up their efforts to address climate change. Speaking for the alliance of small island states, Central American nation Belize said, “This was a COP of ambition, but seems we prefer looking backward rather than forward.”
Similarly countries such as India, China, and a host of other developing countries objected to silence on the failure of industrialised countries to meet their emission targets for 2020, and the need to make up for this. India said the lack of reference to pre-2020 actions was not acceptable. “It was agreed to and it is something that will lead to enhanced actions.
The problems we are facing today are not due to lack of intent but lack of implementation, and it is glaringly visible in pre-2020 actions,” said India’s lead negotiator Ravi Shankar Prasad, a joint secretary-level officer.
Download The Economic Times News App to get Daily Market Updates & Live Business News.