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UNFCCC Secretariat Addresses Carbon Expo

© Carbon Expo 200927 May 2009: In a speech delivered at Carbon Expo 2009 in Barcelona, Spain, John Kilani, on behalf of UNFCCC Executive Secretary Yvo de Boer, underlined that markets and market-based mechanisms are an integral part of the broader, global architecture being put in place to address climate change.

He also stressed the important role of the carbon market community in delivering the required resources.

Noting that proposals for emission reductions have so far been modest, he stressed that clarity on targets for industrialized countries and financial and technological support have strong linkages to market instruments and options for the future climate change regime.

On nationally appropriate mitigation actions (NAMAs), Kilani said the scope and scale had not yet been defined by the negotiations. He explained that the question was whether investing in NAMAs of developing countries could also count towards meeting targets in industrialized countries, and whether this could be linked to the carbon market. He underscored that parties recognize the need to incentivize global action on climate change and wish to use the market to mobilize finance and technology for developing countries and spur emissions mitigation.

On lessons learned from the Kyoto Protocol mechanisms, he observed that Clean Development Mechanism (CDM) projects tend to follow foreign direct investment and the issue was enabling those countries with low number of CDM projects to attract higher levels of carbon investments. [The Speech]