Countries participating in United Nations-sponsored carbon trading want to expand and improve the market rather than destroy it, according to the executive secretary of the UN Framework Convention on Climate Change.
“There is discussion as to whether we will keep the CDM as is, and how it will operate with other mechanisms,” Christiana Figueres said today in Bonn. “There’s no discussion about killing the market.”
Delegates from almost 200 countries have been meeting in Germany this week to advance negotiations on a global climate treaty to succeed the Kyoto Protocol, whose commitments expire in 2012. Among the issues under negotiation is the future of the Clean Development Mechanism, a system under which emissions-reducing projects in developing countries earn credits which can be sold to developed countries.
“The CDM is a market that stems from a political agreement,” Figueres said. “It’s understandable that when the future of that climate agreement is being discussed, there’s a lull in the market.”