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Co-benefits under the market mechanisms of the Paris Agreement


Michaelowa, Axel; Espelage, Aglaja; Hoch, Stephan (2020). Co-benefits under the market mechanisms of the Paris Agreement. In: Buchholz, Wolfgang; Markandya, Anil; Rübbelke, Dirk; Vögele, Stefan. Ancillary benefits of climate policy: new theoretical developments and empirical findings. Cham, 51-67.

Abstract

Sustainable development (SD) co-benefits have increasingly become relevant in the discussions about the performance of international carbon market mechanisms. Actually, the Clean Development Mechanism (CDM) of the Kyoto Protocol always had the formal objective to promote SD. However, the principle of sovereignty has prevented mandatory rules to ensure the actual accrual of SD co-benefits. After increasingly strident media and NGO criticisms about CDM projects actually leading to negative impacts on SD, the UNFCCC CDM regulators provided a voluntary tool for SD benefit assessment. However, only a very small share of CDM activities has actually used this tool. The main drivers for ensuring SD benefits nowadays are the heightened political sensitivity about the linkages between climate and sustainable development since the adoption of the Agenda 2030 as well as differentiation of demand for international credits, with a number of buyers having prohibited the import of credits with perceived low SD contributions. For the new market mechanisms under Article 6 of the Paris Agreement (PA), the rules currently under negotiations foresee a continuation of the voluntary approach to SD contributions. It remains to be seen whether buyer power enforces a ‘de facto’ SD benefit regulation.

Abstract

Sustainable development (SD) co-benefits have increasingly become relevant in the discussions about the performance of international carbon market mechanisms. Actually, the Clean Development Mechanism (CDM) of the Kyoto Protocol always had the formal objective to promote SD. However, the principle of sovereignty has prevented mandatory rules to ensure the actual accrual of SD co-benefits. After increasingly strident media and NGO criticisms about CDM projects actually leading to negative impacts on SD, the UNFCCC CDM regulators provided a voluntary tool for SD benefit assessment. However, only a very small share of CDM activities has actually used this tool. The main drivers for ensuring SD benefits nowadays are the heightened political sensitivity about the linkages between climate and sustainable development since the adoption of the Agenda 2030 as well as differentiation of demand for international credits, with a number of buyers having prohibited the import of credits with perceived low SD contributions. For the new market mechanisms under Article 6 of the Paris Agreement (PA), the rules currently under negotiations foresee a continuation of the voluntary approach to SD contributions. It remains to be seen whether buyer power enforces a ‘de facto’ SD benefit regulation.

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Additional indexing

Item Type:Book Section, original work
Communities & Collections:06 Faculty of Arts > Institute of Political Science
Dewey Decimal Classification:320 Political science
Scopus Subject Areas:Physical Sciences > Global and Planetary Change
Physical Sciences > Atmospheric Science
Physical Sciences > Management, Monitoring, Policy and Law
Language:English
Date:2020
Deposited On:07 Jan 2021 10:00
Last Modified:08 Jan 2021 21:02
ISSN:2352-0701
ISBN:978-3-030-30977-0
OA Status:Closed
Publisher DOI:https://doi.org/10.1007/978-3-030-30978-7_3

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