Under the carbon trading scheme, countries will be allowed to buy emissions reductions achieved in another parts of the world and count them towards their own climate goal – effectively creating an offset market for countries.
The issue risks spilling into other parts of the negotiations on establishing rules for a global carbon market, known as Article 6 of the Paris Agreement. “There is a deficit of credibility and a surplus of confusion over emissions reductions and net zero targets, with different meanings and different metrics,” he said in a speech on Monday.
UN chief António Guterres has tried to mediate by announcing a watchdog to analyse net zero commitments from non-state actors. Scotland breaks loss and damage “taboo”, raising hopes others will follow “Carbon offsets perpetuate the theft of our lands and territories,” they said. Outside the venue, indigenous activists raised their voices against commodifying natural resources, while a helicopter hovered overhead. Spontaneous protest is not allowed inside the Cop venue and both veteran campaigners took the risk of being kicked out of the conference. Jennifer Morgan, executive director at Greenpeace, and Teresa Anderson, of Action Aid, disrupted an event at which Carney was speaking and held placards that read: “Your taskforce is a scam”. Another Carney-led initiative to scale up the voluntary carbon market came under fire with protesters denouncing the use of offsets. It was not just Gfanz that campaigners took to task.
#Battlenet news free
“The fossil fuel industry & banks are among the biggest climate villains” and allowing them to buy offsets to claim carbon neutrality gives them “a free pass to keep polluting”. “Greenwash alert,” tweeted Swedish activist Greta Thunberg.
Analysis by Reclaim Finance said the alliance is “fundamentally flawed” and “lacks any criteria on fossil fuels or absolute emission reductions”.