Conference of The Parties of The UNFCCC
Conference of The Parties of The UNFCCC
The Convention
The United Nations Framework Convention on Climate Change (UNFCCC) sets an
overall framework for intergovernmental efforts to tackle the challenge posed by
climate change. It recognizes that the climate system is a shared resource whose
stability can be affected by industrial and other emissions of carbon dioxide and
other greenhouse gases. The Convention enjoys near universal membership, with
192 countries having ratified.
Under the Convention, governments:
- gather and share information on greenhouse gas emissions, national policies and
best practices
- launch national strategies for addressing greenhouse gas emissions and adapting
to expected impacts, including the provision of financial and technological support
to developing countries
- cooperate in preparing for adaptation to the impacts of climate change
The Convention entered into force on 21 March 1994.
More recently, a number of nations approved an addition to the treaty: the Kyoto
Protocol, which has more powerful (and legally binding) measures.
Source: http://unfccc.int/essential_background/convention/items/2627.php
Article 17:
"The Conference of the Parties shall define the relevant principles, modalities,
rules and guidelines, in particular for verification, reporting and accountability for
emissions trading. The Parties included in Annex B may participate in emissions
trading for the purposes of fulfilling the commitments under Article 3. Any such
trading shall be supplemental to domestic actions for the purpose of meeting
quantified emission limitation and reduction commitments under that article."
Parties with debts under the Kyoto Protocol have accepted targets for limiting or
reducing emissions. These targets are expressed as levels of allowed emissions for
the 2008-2012 commitment period. The emissions are divided into “assigned
amount units” (AAUs).
Emissions trading, as set out in Article 17 of the Kyoto Protocol, allows countries
that have emission units to spare - i.e. emissions permitted but not needed - to
sell this excess capacity to countries that are over their targets.
Thus, a new commodity was created in the form of emission reductions or
removals. More than actual emission units can be traded and sold under the Kyoto
Protocol’s emissions trading scheme.
Emissions trading schemes may be established as climate policy instruments at the
national level and the regional level. Under such schemes, governments set
emissions obligations to be reached by the participating entities.
These basic principles of a trading regime are established by the Kyoto Protocol,
but there are still some unresolved problems. The European Union emissions
trading scheme is the largest in operation.
Agenda Item 2: The effects of the current global financial crisis on the
environment
The global financial crisis really started to show its effects in the middle of 2007
and leading into 2008. Around the world, stock markets have fallen, large financial
institutions have collapsed or been bought out, and governments in even the
wealthiest nations have had to come up with rescue packages to bail out their
financial systems.
Over the past 20 years, the world’s economy has experienced a golden age of
sustained growth. Despite this, major efforts to confront global environmental
issues such as climate change have been largely deferred. The impending recession
is already being used as justification for more delays in taking real action against
global warming.
We are now facing the need of taking action on climate change and global
environmental stabilization because a delay could end up costing us all very
dearly. But there are already a lot of developing countries which are arguing that
the current financial crisis and impending global economic crisis is restricting their
ability, since they even cannot meet their financial obligations to the United
Nations.
There is an urgent need of actions against the financial crisis and for the
environment, but there have to be longer-term solutions in order to change the
situation.