UN leader says carbon-trading market vital in climate change fight

By Hou Liqiang in Madrid | chinadaily.com.cn | Updated: 2019-12-03 00:02

An international carbon-trading market will be vital if we are to limit global temperature rises in future years, and the failure to hammer out the guidelines for such a market at this year's United Nations climate change conference might undermine overall climate efforts, Antonio Guterres, the UN's secretary-general, has warned.

He made the comment during the opening of the conference on Monday in Madrid, Spain, where delegates from almost 200 countries will aim to complete actions triggered by the 2015 Paris climate agreement.

Last year's UN climate conference in Katowice, Poland, grappled with setting rules that will help with the implementation of the accord but parties failed to reach consensus on Article 6, which allows parties to realize greenhouse gas emissions targets through cooperation, including by buying emission credits from other countries' programs.

"To put a price on carbon is vital if we are to have any chance of limiting global temperature rise and avoiding runaway climate change," Guterres said while addressing delegates at the opening ceremony.

Successfully dealing with Article 6 will help markets get up and running, mobilize the private sector, and ensure that the rules are the same for everyone, he said. Failing to deal with the issue risks fragmenting carbon markets and sends a negative message that could undermine overall climate efforts, he noted.

"I urge all parties to overcome their current divisions and find common understanding on this issue," he said.

This year's conference must also advance work that is related to capacity building and that deals with deforestation, indigenous peoples, cities, finance, technology, gender, and more. And it must complete several technical matters if it is to ensure the transparency framework under the Paris agreement is properly established.

"The tasks are many, our timelines are tight, and every item is important," he said. "It is imperative that we complete our work. We have no time to spare."