The parties to 17th Conference of the Parties to the UN Convention on Climate Change (UNFCCC), 7th Meeting of the Parties to the Kyoto Protocol (COM17/CMP7), which took place in Durban, South Africa (28 November to 9 December 2011), adopted early Sunday morning an agreement. The preliminary version of the texts adopted at Durban is available on the official website of the UNFCCC here. Official version will be published in a couple of days.
I will detail in a separate paper for ASIL the consequences of the agreements for the energy sector next week. As of today, the following can already be said. Parties agreed:
- to discuss legally binding measures on climate change, i.e. a new Treaty or similar legally binding instrument, to be agreed on by 2015 and which will enter into force in 2020 ("Durban Platform for Enhanced Action");
- on a prolongation of the Kyoto Protocol first commitment period (first period was 2008-2012; second commitment period will be 2013-end of 2017);
- the principle of the establishment of a Green Climate Fund ($100 billion a year by 2020) in favour of the less developed nations;
- a work programme for 2012.
In terms of instruments and mechanisms, a few lines should be added. First, transparency in decision making has been inserted as an important principle in the implementation and negociation of UNFCCC-related policies and mechanisms. Second, new market-based mechanisms would be established, the nature of which is not yet decided. This also concerns new mechanisms at the hedge of the Reduced Emissions From Deforestation and Degradation (REDD+). Third, as the EU emissions trading scheme (EU ETS) is continuing to run, there will be a need for coordination of the prolongation of the Kyoto Protocol commitment period with the EU regime.
Several meetings will prepare the next COP/CMP that will take place in Qatar in December 2012.
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