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COP24 finalizes rules to Paris Climate Change Agreement

COP24 finalizes rules to Paris Climate Change Agreement

COP 24 or Conference of Parties meeting held in Katowice, Austria resulted in agreement among the countries about the rules to be followed when the Paris Climate Change Agreement comes into force in 2020.

The Katowice Agreement aims to deliver the Paris goals of limiting global temperatures well below 2 degree.

The finalization paves the way for implementation of the Paris Agreement, which is supposed to replace the existing Kyoto Protocol in 2020.

The New Rulebook

The major outcome of the COP24 was agreement among the countries on common rulebook similar to WTO trade rules.

Paris Agreement suggested measures to be taken to control the global average temperature below 2 degree before the industrial level.

The Katowice Rulebook defines how the actions would be measured and how each country would participate.

Takeaways from COP 24

Article 4: Pledges

Article 4 of the 2015 Paris Agreement mandates nationally determined contributions (NDCs) by countries.

The rules agreed upon in Katowice seek to address what should be in these pledges. 

Article 6: Carbon Market

Article 6 covers voluntary carbon markets. Countries earn carbon credits for any emission reductions in excess of requirement; these credits can then be traded for money.The Katowice talks were unable to reach agreement on a new market mechanism.

Brazil, India and China already have amassed carbon credit and they wanted to be those accounted in the new carbon market but as expected developed countries objected it. So no consensus on new carbon market was reached at the COP 24.

Article 9: Climate Finance

Developed countries are supposed to provide climate finance to developing countries to help deal with climate change, and submit an account of this.

The rulebook spells out what kinds of financial flows can be classified as climate finance, how they should be accounted for, and the kind of information about them needed to be submitted.

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