8th June 2024 (15 Topics)

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Bonn Climate Conference 2024

Context

he Bonn Climate Change Conference, a crucial mid-point between COP28 and COP29, commenced on June 3, 2024, with discussions primarily focusing on the operationalization of carbon markets under Articles 6.2 and 6.4 of the Paris Agreement.

1: Dimension- Key Issues Discussed

Authorisation: In the context of Article 6, authorisation refers to the formal approval process where emission reductions (Internationally Transferred Mitigation Outcomes or ITMOs) are sanctioned by the host country for transfer to another country. Differences emerged regarding whether authorisation was required for every cooperative approach between parties, as well as for the issuance of ITMOs.
Sequencing and Timing: These involve guidance to the parties on the chronological steps of submitting reports to the UNFCCC, the authorisation process, and issuance and transfer of ITMOs. Countries shared their views on when reports ought to be submitted and reviewed, and how important sequencing is for environmental integrity.
Addressing Inconsistencies: This topic relates to errors, underreporting, and misreporting by parties when they submit their initial report (IR), annual reports, authorisations, and other information to the UNFCCC, as well as to the review process for such information.

2: Dimension- Impact of the Discussions

Market Confidence: Some groups opposed the idea of revoking authorisation at any point, as it would bring ‘uncertainty’ and hurt ‘market confidence’ in the mechanism.
National Prerogative: On the other hand, developing countries and blocs argued that authorisation should remain a national prerogative, with changes being decided by party countries before the first transfer.

3: Dimension- Required Measures

Consultation: There is a need for more consultation in the development of notes that serve as the basis for further negotiations.
Clear Definitions: There should be a clear definition of what constitutes extreme circumstances under which changes to an authorisation of a cooperative approach can be made.
Addressing Root Cause: Enforcement actions must be part of a comprehensive approach that prioritises addressing root causes and safeguarding victims.

What is the global carbon budget?

Global carbon budget: The term ‘global carbon budget’ refers to the maximum cumulative global anthropogenic CO2 emissions – from the pre¬industrial era to when such emissions reach net- zero, resulting in limiting global warming to a given level with a given probability.
Remaining carbon budget: The remaining carbon budget indicates how much CO2 could still be emitted, from a specified time after the pre¬industrial period, while keeping temperature rise to the specified limit.
IPCC AR6: The IPCC AR6 has shown that the world warmed by a staggering 1.07 degrees Celsius until 2019 from pre¬industrial levels, so almost four-fifths of the global carbon budget stands depleted.
Emission targets: Only a fifth remains to meet the target set in the Paris Agreement. For a 50% chance of limiting warming to 1.5 degrees Celsius, the U.S. would have to reach net¬zero in 2025, rather than 2050; Germany by 2030 instead of 2045; and the EU¬28 bloc by 2031 instead of 2050.

Fact Box:

2015 Paris Climate Finance Agreement

Developed countries committed to pooling resources to raise USD 100 billion yearly by 2020 for climate action in developing countries at the UNFCCC's 15th Conference of Parties (COP15) in Copenhagen in 2009, provided that substantial mitigation measures are taken and that implementation is transparent.
The goal was formalized at COP16 in Cancun; in COP21 in Paris, it was reiterated and given an extension until 2025.
India recently in its latest submission to the UN climate body called for developed countries to provide at least USD 1 trillion per year in climate finance to developing countries from 2025 for actions pertaining to Sustainable Development Goals (SDGs).

New Climate Finance Collective Quantified Goal (NCQG)

The post-2025 climate finance objective, or New Collective Quantified objective on Climate Finance (NCQG), will be negotiated with a $100 billion annual baseline while taking developing nations' needs and priorities into account.

Mains Practice Question

Q. "The Bonn Climate Conference 2024 underscores the challenges in operationalizing carbon markets under Articles 6.2 and 6.4 of the Paris Agreement. Analyze the key points of contention discussed during the conference and propose strategies to overcome these challenges for effective global climate governance."

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