The 25th edition of the Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), also known as COP25, commenced on December 2 in Madrid, Spain. Initially, Chile was set to host the conference, however due to escalating civil unrest in the South American nation, the venue was shifted to Spain. The location of this significant environmental summit rotates annually; the turn of hosting the event had fallen onto South America this year.
Agenda for COP25
The primary goal for the participants of COP25 is to finalize the procedural guidebook to the 2015 Paris Agreement. This agreement replaces the expiring 1997 Kyoto Protocol and will be effective in 2020. The Paris rulebook could not be completed during COP24 at Katowice, Poland in 2019. Challenges such as the potential creation of new carbon markets, emission reduction targets, and individual country’s targets were left unresolved, thereby hindering the completion of the rulebook.
Kyoto Protocol Explained
The Kyoto Protocol is a critical international agreement related to the UNFCCC. Adopted in Kyoto, Japan in 1997 and put into effect in 2005, the protocol commits its member countries to reach globally binding emission reduction targets. It highlights that the developed countries are primarily responsible for the high GHG emissions levels because they have been conducting industrial activities for over 150 years.
For its implementation, the detailed rules for the protocol were adopted during COP-7 in Marrakesh, 2001, now referred to as the Marrakesh Accords. The Kyoto Protocol had two phases: Phase 1 (2005-2012) aimed to reduce emissions by 5%, while Phase 2 (2013-20) set a target to cut emissions by at least 18%, specifically for industrialized countries.
Conference Focus Areas
The conference will explore topics such as international emissions trading systems, compensation strategies for impoverished territories grappling with rising sea levels, and other climate change consequences. Additionally, the forum will review the Annual Emissions Gap Report curated by the UN Environment Programme (UNEP) and several reports from the Intergovernmental Panel on Climate Change (IPCC).
| Report | Findings |
|---|---|
| Annual Emissions Gap Report | The goal of maintaining average temperatures within 1.5°C from pre-industrial times is verging on the impossible as overall emissions continue to rise worldwide. |
| Reports from the Intergovernmental Panel on Climate Change (IPCC) | Reiterated the findings of the Emissions Gap Report, emphasizing the critical need for immediate action. |
India’s Standpoint
Although India’s ongoing efforts exceed even those of rich and developed countries, it does not anticipate announcing any enhanced targets during the summit. India will maintain its position for “Common but Differentiated Responsibilities”, arguing that developed countries carry a larger share of responsibility for climate change yet are doing proportionately less in terms of offering financial aid and technology to the less developed world.
Understanding Carbon Market
A carbon market permits countries or industries to gain carbon credits for emission reductions they achieve beyond what is expected of them. These credits can be sold to the highest bidder for cash. A carbon market already existed under the 1997 Kyoto Protocol, but its demand dwindled as several countries withdrew from the agreement. Consequently, developing nations like India, China, and Brazil amassed a large number of carbon credits, which are now on the brink of becoming redundant.
