After six years, the Paris Agreement, a rulebook that can guide a transition to net-zero emissions capable of limiting average global temperature rises to 1.5 degrees, including the rules for global carbon markets, has been finalised.
The Carbon Market Institute (CMI) welcomes this historic moment, and looks ahead to the much needed increase in ambition and action required for Australia to play its role.
The following is attributable to CMI CEO John Connor:
Announcements at COP26 and the final decisions themselves, including the substantial conclusion of international cooperation and carbon market rules, allow a platform for action with the spotlight now on new responsibilities and opportunities for Australian government and business.
COP26 concluded with significant achievements but still leaves the world short of the ambition and action required to avoid massive climate costs and missed economic opportunities for Australia. However, achievements at COP26 have put the spotlight on the need for new targets and timelines as well as new policies to boost carbon markets, capacity building, and technology deployment in 2022.
Article 6:
Critically for business, the rules of Article 6 are now in place, providing a framework to enable immediate operationalising of global carbon markets.
