The problems related to carbon markets with the double accounting that some countries want to avoid and the transition of the remaining rights are the main obstacles
The climate summit in Madrid is still rushing negotiations to try to reach an agreement that can be assumed by all parties and that is committed to the need to increase climate ambition in order to comply with the Paris Agreement and prevent the planet’s temperature from rising this century above 1.5 degrees.
The negotiators of the official delegations have been working since yesterday to try to agree on that agreement after the drafts proposed by the Chilean presidency of this conference (COP25) were rejected by a large number of countries and criticized by observers and non-governmental organizations.
The summit began last day 2 with the presence of more than fifty heads of State and Government and responsible for numerous international organizations and institutions, and it was expected that it would have been closed last Friday.
The main pitfalls that prevent the agreement are focused on climate ambition, as many countries, led by the EU, emphasize the importance of all States that have joined the Paris Agreement revising their commitments next year to reduce greenhouse gas emissions (the so-called National Determined Contributions).
The regulation of carbon markets (Article 6 of the Paris Agreement) and its arrangement in a unique and transparent system that orders the trading of carbon dioxide emission rights throughout the world is also a long distance from the parties.
The problems related to carbon markets refer to the double accounting that some countries want to avoid and the transition of the remaining emission rights that some States retain from the Kyoto Protocol and that they intend to maintain in the transition to the Paris Agreement.
The closing plenary session is scheduled for today, although during the last two days it has been successively postponed due to the lack of an agreement to submit for approval.