Switzerland helps set standards for carbon markets as COP25 drags on
The Alpine nation has taken on a leading role in the laying down principles that should govern a fair and robust carbon market.
As the UN climate conference (COP25) in Madrid reached its final stages, Switzerland played an important role in the development of the San Jose Principles for High Ambition and Integrity in International Carbon MarketsExternal link unveiled on Saturday . A total of 29 countries have endorsed the San Jose Principles which lay down conditions for a carbon market that can effectively and fairly help reduce global CO2 emissions.
“If markets are to increase ambition, the rules have to be as robust as the San Jose Principles,” said Franz Perrez, head of the Swiss delegation at COP25.
Known as the “Unconventional group” these countries have been working on the text in San José, Costa Rica ahead of COP25. The goal is to create an ambitious carbon market but maintain environment integrity at the same time. Article 6 of the Paris Agreement allows emission reductions to be implemented in one country and the credit to be transferred to another and be counted towards its commitments (known as nationally determined contributions or NDC). To work the system has to be transparent and accountable to ensure emission reductions are not counted twice. This is what the San Jose Principles aim to achieve and the goal is to incorporate these principles into the rulebook for the Paris Agreement.
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