If you’ve been gripped with Tuvalu fever after their passionate call for a binding agreement on developing country emissions, but you don’t know where to turn for updates that put it in context, then I recommend checking The Green Leap Forward. Those kids are staying on top of things and are attending the all-important press briefings.
Canada’s two faux pas were explained by Climate Action Network as (a) proposing an emissions target based on science yet considerably higher than the reductions called for the by the IPCC or its Kyoto Protocol commitment and (b) it’s efforts to replace Kyoto with a new agreement.
IETA Emissions Trading Master Agreement
On a more technical note, the International Emissions Trading Association (IETA) held a seminar on its newly emerging Emissions Master Trading Agreement (EMTA) today behind the newly-erected concrete barricades outside the Crowne Plaza hotel. The business folk were a little concerned some NGO ruffians might find a way to disturb their confab, but the architecture of emissions trading agreements would appear to be low on their list of protest issues.
The current trading agreements are designed to operate under the EU’s Emissions Trading Scheme and do incorporate Kyoto Protocol originated credits. However, they are highly EU-centric in their language and application and IETA wanted to create something that could adapt to emerging schemes in Australia, Japan and the USA of course. This has largely be done by giving parties to the EMTA the option of selecting a schedule that would illuminate a master agreement applicable to every trade.
IETA began examining the issue in May 2009 and had its first working draft completed by September 2009. Working groups then held discussions with interested parties such as banks and traders before submitting the second draft in time for COP15. The draft should be published on IETA’s website and is ready for feedback from those who are keen to give their input.
Picture of the Day: Organic Apple Man