The EU and Brazil have agreed and submitted a ground breaking proposal on rules to govern use of the international carbon market at the UN climate talks in Paris. The joint proposal demonstrates a willingness to engage in common and robust rules on accounting for all parties.
If agreed by parties negotiating a new global climate deal, the proposal would underpin the integrity of international carbon trading. The announcement has injected fresh momentum into negotiations on this topic.
EU Commissioner for Climate Action and Energy Miguel Arias Cañete said: "This demonstrates what's possible when two progressive parties come together. This shows our strong belief in the important role of ambitious and robust carbon markets in reducing global emissions. We know that many parties intend to use markets in their national climate plans (INDCs). This will ensure that they will maintain and enhance ambition when doing so. This is a significant step forward – of course other parties will need to agree. We hope this sets a good precedent in the last hours of these negotiations."
The proposal seeks to underpin an ambitious and robust agreement by providing a common basis to avoid double counting when parties use international markets - a key concern for both, Brazil and the EU to ensure the environmental integrity of carbon markets.