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Trading Carbon : December - January 2011
Contents S2 Durban roundtable Curb your enthusiasm Trading Carbon talks to market experts about what can be achieved in Durban S8 International negotiations Durban itinerary What's scheduled to be discussed in South Africa? S10 Post 2012 W(h)ither the Kyoto Protocol? Durban and beyond Daniel Bodansky examines possible scenarios evolving from the negotiations Durban Climate talks supplement 2011 Another high-level UN climate change meeting (COP) and another year without any signs of agreement on a new regime to replace the Kyoto Protocol. Durban this year will need to show that some progress is being made; not least, it will have to provide clarity one way or another on the Clean Development Mechanism. This will be the ninth COP in a row that I have attended. In that time, it's fair to say I have witnessed little concrete developments that are going to help tackle global warming. Milan in 2003 agreed rules on forestry CDM credits; thus making them almost totally unattractive to investors. People tell me 2007's Bali Action Plan was a great achievement, yet, it's timetable for a new agreement ran out in 2009. There is now talk of setting 2015 as the deadline for a new agreement -- to "buy some more time". But what exactly is that time being bought for? Maybe it gives the bureaucrats more time to fly around the world, hold up for two weeks of the year in a nice hotel and so justify a large chunk of their department's budget. It's certainly of no immediate benefit to the planet. On the plus side there are now a number of parallel events taking place at the same location as the COP. Many of these involve the private sector in a way that the UN negotiations should have moved to many years ago. Let's hope that these events are talking about the efforts that are not waiting for governments and are already underway to reduce greenhouse gas emissions. S01 Dec 2011/Jan 2012