Post 2012 Carbon Market Development Global Carbon Markets 9. August 2011 Jørgen Fenhann

Everybody agree that we should stay below 2 degrees

Overview of the negotiations

NAMAs – according to the Bali Action Plan “Nationally appropriate mitigation actions by developing country Parties in the context of sustainable development, supported and enabled by technology, financing and capacity-building, in a measurable, reportable and verifiable manner”

What was included in the Copenhagen Accord Mitigation Pledges to fight climate change by preventing the temperature rise by more than 2°C Annex I countries: quantified economy-wide targets for 2020 Non-Annex I countries: Nationally appropriate mitigation actions subject to domestic measurement, reporting, and verification which will be reported every two years Adaptation Prepare comprehensive adaptation programme for vulnerable countries Provide adequate, predictable and sustainable financial resources, technology and capacity-building to support the implementation of adaptation action

What was included in the Copenhagen Accord Financing Provide developing countries with new and additional resources of USD 30 billion for 2010~2012 with balanced allocation between adaptation and mitigation Mobilize USD 100 billion a year by 2020 from private, public and other alternative sources Establish the Copenhagen Green Climate Fund as an operating entity of the financial mechanism Establish a high-level panel to study potential sources of revenue Technology transfer Establish a Technology Mechanism to accelerate technology development and transfer Recognition of REDD+

NAMAs Lifecycle Elaboration of NAMAs Actions and Programmes National Approval NAMAs Means of implementation NAMAs Register 5. MRV National, International Identifying support & Strengthening Capacity Building for: Technology Needs Assessment Mitigation assessment Low-Carbon Strategies Technology Action Plan Technology Executive Committee Climate Technology Centre and Network Development of MRV methodologies National & International entities NAMAs Implementation Development of international rules Support activities Process Actors Finance Public/private Capacity Building Technology Transfer International Approval Enabling NAMA procedures & readiness Development of National/International methodologies National Stakeholders Definition of Performance Indicators NAMAs actions implemented Support ( Finance, Capacity- Building, Technology Transfer Green Climate Fund National Coordinating Body

The 4 pillars of a climate agreement: 1. The commitment system. 2. Information on scientific knowledge about climate change. (IPCC) 3. Standards and assessment and verification systems. (Inventories, Registries, UN-rules) 4. Economic instruments (100€ fine in the EU-ETS, how to get 100 billion US$/yr, recycling of the carbon rent