2015 United Nations Climate Change Conference Ford & Eric

What we’re Talking about Established in 1990s - over 190 nations Goal: to stabilize Global Greenhouse Gas Emissions prevent dangerous interference with environment Because major nations of the world involved -- protocols have International legal power

COP3 - Kyoto Protocol 1997 Rich, developed countries (aka Annex 1 countries) agree to take on binding emissions targets each major nation -- individual commitments As of 2005, commitments legally binding under international law In General: Agreed to limit emission to 5.2% below 1990 levels by

Kyoto Protocol Never ratified by the US Congress Only came into effect in late 2004 Primary mechanism created Carbon Credit Market

Mechanisms to Meet Targets International Emissions Trading Although there are multiple greenhouse gases that are emitted -- in Protocol all were converted to carbon equivalents Emission of one tonne of CO2 = one carbon credit unit Annex 1 countries allotted specific target of “emission units” Some countries meet target -- emission units to spare / to sell Some go over target -- need to buy emission units Incentivizes non-polluting

Topic of focus: making sure developing countries were developing with green infrastructure Clean development projects rewarded with ‘credits’ Based on estimated reduction of emissions due to project Building wind farms, selling solar lights, etc. Certified Emission Reductions (CERs) Can be bought by developed countries to offset against their targets Mechanisms to Meet Targets Clean Development Mechanisms

Mechanisms to Meet Targets Joint Implementation ●For projects within Annex 1 countries ●Building green infrastructure within country ○Projects granted Emission Reduction Units (ERUs) ●Offers flexible means of fulfilling Kyoto Agreement

COP16 - Cancun Agreements 2010 Developing countries take on non-binding 2020 goals Green Climate Fund established to give developing countries money needed in order to meet goals Transitional committee established to control fund: 40 countries Formally puts pledges made previous year in Copenhagen into UN documentation Identifies sources of climate problem States importance of finding joint solution

Recent agreements Durban (2011) - ‘roadmap’ for a post-2020 deal sets deadline to finalize deal in Paris in 2015 Amount of $100 billion per year established for Green Climate Fund Doha (2012) - Kyoto Protocol deadlines originally extended until 2020 Warsaw (2013) and Lima (2014) - mostly negotiations, little of substance Sets stage for this year’s conference

Current Situation COP21 taking place in 6 weeks from now in Paris Carbon credit market is not effective Price too cheap to help reduce emissions Reason -- what we’re researching Current emissions commitments expire in 2020 Pope Francis: encyclical Laudato Si’ partly aimed at influencing conference Calls for action to reduce human-caused climate change

Questions?

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