ICAP calls for a Paris agreement supporting market mechanisms

The International Carbon Action Partnership (ICAP), a multilateral forum of 31 national and subnational governments from four continents working on carbon markets, filed a submission to the UNFCCC Ad Hoc Working Group on the Durban Platform for Enhanced Action (ADP) today, calling for the Paris agreement to support the use of market mechanisms to help countries achieve the targets laid down in their Intended Nationally Determined Contributions (INDCs).

As Parties gather in Bonn, Germany this week for the latest UNFCCC negotiating session leading up to the Paris meeting, ICAP affirms its conviction that market mechanisms, particularly emissions trading, are an effective climate action measure.

Specifically, ICAP calls for a Paris agreement that supports Parties in transferring mitigation outcomes on a voluntary basis, provides a robust accounting framework for international transfers, encourages the development of sound monitoring reporting and verification (MRV) standards, and builds on the existing knowledge and institutions developed by countries and the UNFCCC.

“Carbon markets are efficient because they reduce costs for business and society as a whole. 17 ETS operating on four continents are testament to the growing trend towards cap-and-trade worldwide” states ICAP Co-Chair Jean-Yves Benoit from Québec.

“The INDCs submitted so far indicate that many Parties support a role for market mechanisms post-2020” adds Co-Chair Marc Allessie from the Netherlands. “We hope that the Paris agreement will reflect this.”

About ICAP

ICAP is a multilateral forum for jurisdictions that have implemented, or are planning to implement ETS. Founded in 2007, the partnership shares best practices in emissions trading and discusses ETS design elements with the long-term goal of creating a well-functioning global carbon market through linking different systems. ICAP currently has 31 members and 4 observers, The partnership not only brings representatives from different national systems together but also policymakers from city-level and statewide systems.

ICAP’s work focuses on three main pillars: Technical dialogue, capacity building and knowledge sharing. It facilitates a technical dialogue among its members in order to exchange lessons learned on ETS and the way forward to a global carbon market; a dedicated working group focuses on the issue of linking ETS. Since 2009, ICAP has also held capacity building courses on ETS for developing and emerging economies. Lastly, ICAP also acts as an ETS knowledge hub, sharing knowledge and the latest news on emissions trading around the world.

The ICAP Submission can be found here: https://icapcarbonaction.com/icap-unfccc-adp-submission-2015

For more information please contact ICAP Project Manager Constanze Haug at +49 (30) 308 77 60 81 or constanze.haug@icapcarbonaction.com.

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