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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?
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Fact Box:2015 Paris Climate Finance Agreement
New Climate Finance Collective Quantified Goal (NCQG)
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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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