Outcomes from COP 16 United Nations Climate Conference

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Outcomes from COP 16 United Nations Climate Conference Briefing 23 February 2011 3 March

Outcomes from COP 16 United Nations Climate Conference Briefing 23 February 2011 3 March 2011 Kate Phillips, Melbourne Ilona Millar, Sydney

Status of International Climate Negotiations 2

Status of International Climate Negotiations 2

History of Climate Law Development Rio Earth Summit Kyoto Protocol enters into force COP

History of Climate Law Development Rio Earth Summit Kyoto Protocol enters into force COP 15 UNFCCC Second World Climate Conference COP 6 Bonn COP 1 Berlin COP 4 The Hague Australian RECs 1997 1990 1995 2000 Feb 2001 COP 3 Kyoto Protocol US rejects Kyoto G 8 Genoa Statement Nov 2001 UK Emissions EU Trading commits Scheme to ratifying UK ROCs Kyoto Aug 2002 July 2001 March 2002 COP 7 Marrakech Accords First mention of the Clean Development Mechanism (Art 12) 1992 April 2002 COP 8 New Delhi Nov 2003 Oct 2002 Copenhagen EU Emissions Trading Scheme starts Dec 2007 Feb 2005 COP 9 Milan Jan 2008 1 st KP Commitment Period starts Dec 2010 2 nd Phase EU ETS starts COP 13 Bali 2002 Dec 2009 COP 16 Cancun 2005 3

Bali Roadmap – two track process – Ad-hoc working group on Article 3(9) of

Bali Roadmap – two track process – Ad-hoc working group on Article 3(9) of Kyoto Protocol (AWG-KP) • Mandated to continue work of AWG-KP established at COP/MOP 1 to consider commitments for developed country Kyoto Parties – Ad-hoc working group on long term co-operative action under the UNFCCC (AWG-LCA) • Mandated to looking at building blocks of mitigation, adaptation, technology transfer and financing and overarching shared vision (Decision 1/CP 13 – The Bali Mandate) – AWG’s were working towards a comprehensive outcome at COP 15 in Copenhagen 4

Copenhagen… 5

Copenhagen… 5

Key outcomes from Cancun – AWG-LCA Decisions – Endorsement by Parties of the agreements

Key outcomes from Cancun – AWG-LCA Decisions – Endorsement by Parties of the agreements reached under the Copenhagen Accord, including: – A long term goal to limit temperature increases to a global average of 2 degrees C – Pledges for emission mitigation targets and actions from all major emitters – New requirements for monitoring, reporting and verification by developed and developing countries – Establishment of the Green Climate fund to deliver mitigation and adaptation finance to developing countries 6

Key outcomes from Cancun – AWG-LCA Decisions cont. . – Establishment of a REDD+

Key outcomes from Cancun – AWG-LCA Decisions cont. . – Establishment of a REDD+ Mechanism and a programme to elaborate upon safeguards and LULUCF methodologies – Establishment of a Technology Mechanism involving a Technology Executive Committee and a Climate Technology Centre and Network – Establishment of the Cancun Adaptation Framework which will be overseen by an Adaptation Committee – Consideration of new market mechanisms during 2011 7

Key outcomes from Cancun – The Kyoto Protocol post 2012 – Japan indicated it

Key outcomes from Cancun – The Kyoto Protocol post 2012 – Japan indicated it would not agree to a second commitment period in its opening statement – Parties nevertheless continued discussions regarding targets and rules for a second commitment period – Decision confirms continued availability of the flexible mechanisms (CDM, JI, IET) – Working text made progress on options for rules regarding LULUCF accounting, carry-over, eligibility of projects and enhancing the CDM 8

Developments related to the CDM – Guidance to the Executive Board – Strong endorsement

Developments related to the CDM – Guidance to the Executive Board – Strong endorsement for the development and implementation of standardised baselines – Request for enhanced (and direct) communication with stakeholders – Request for revision of the procedures related to the effective date of registration – CMP seeking submissions regarding the proposed CDM appeals procedure – CMP seeking submissions regarding incorporating the concept of materiality into the CDM – Decision that CCS in geological formations may be eligible under the CDM provided certain issues are addressed and modalities and procedures are elaborated – Establishment of a CDM Loan Scheme for projects in countries with less than 10 CDM projects registered. 9

Expectations for Durban – Work will continue to flesh out the modalities and procedures

Expectations for Durban – Work will continue to flesh out the modalities and procedures required for the new mechanisms and the Green Climate Fund – Significant progress needs to be made regarding targets and actions for developed and developing countries – Two-track process remains on foot with little hope of convergence – Few expect a legally binding agreement to be reached – Carbon market will continue to press for certainty regarding implications of a ‘gap’ or no agreement on targets post 2012 10

Thank You ilona. millar@bakermckenzie. com kate. phillips@bakermckenzie. com Baker & Mc. Kenzie International is

Thank You ilona. millar@bakermckenzie. com kate. phillips@bakermckenzie. com Baker & Mc. Kenzie International is a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a “partner” means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an “office” means an office of any such law firm.