The failure of global climate talks in Madrid last week to decide the fate of bi...
WASHINGTON/LONDON - The failure of global climate talks in Madrid last week to decide the fate of billions of old carbon credits raises the stakes for the U.N aviation body in Montreal, which must choose in March which offsets can be used for its carbon market.
The sector plans to from 2021 launch a scheme to offset its net growth in emissions, called CORSIA. The International Civil Aviation Organization is set to decide in March which offsets to use. Among the options are the world’s largest offset scheme, the UN’s Clean Development Mechanism , set up under the 1997 Koyto Protocol which has issued more than 2 billion credits.
But the EU and smaller economies like Costa Rica are expected to push for limits on credits from those projects, which can cost as little as 0.22 euro, and which environmental groups say will flood the market and undermine the integrity of CORSIA. “It is very critical to apply these same principles to ICAO,” said Andrea Meza, Costa Rica’s environment ministry climate change director.
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