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UNFCCC Releases Technical Paper on Various Approaches

24 August 2012: The UNFCCC Secretariat has released a technical paper on various approaches, including opportunities for using markets, to enhance the cost-effectiveness of, and to promote, mitigation actions, bearing in mind different circumstances of developed and developing countries (FCCC/TP/2012/4). The document may assist Parties in their elaboration of modalities and procedures under this agenda item with a view to recommending decisions for adoption by the 18th session of the Conference of the Parties (COP 18). 

The document draws from Parties' and observer organizations' submissions in respect of: Decision 2/CP.17, paragraphs 79-86; the presentations and discussions at the workshops on various approaches held in conjunction with the first part of the 15th session of the Ad Hoc Working Group on Long-term Cooperative Action under the Convention (AWG-LCA); and the informal group's discussions on various approaches during this part of the session.

The document features chapters on: context; a framework for various approaches (FVA); and the new market-based mechanism (NMM). The section on a FVA examines: how the FVA might operate; possible approaches that may be considered; the FVA's purpose; the advantages and disadvantages of the two main models for the FVA proposed, namely the transparency-oriented model and the approval-oriented model; and possible options for moving forward. The section on a NMM addresses, inter alia: the purpose of the NMM; guidance on its design; its form; eligibility requirements; governance and roles; reporting and review; relationship to other mechanisms; and next steps.

The paper is intended to provide parties information in the consideration of one or more models for the operation of a FVA, with a view to recommending a decision to COP 18, and to assist in their consideration of a pilot phase for such a framework. Additionally, the paper provides information that can assist Parties in: elaborating on modalities and procedures of the NMM, as defined in decision 2/CP.17, paragraph 83, with a view to recommending a decision to COP 18; and in their consideration of a pilot phase for this mechanism. [Publication: Technical Paper on Various Approaches]