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Brazil, China, US, Japan and the EU have all come forward on suggestions as to what a Bali road map should look like and what needs to be in a long term climate change policy, according to Executive Secretary of the UNFCCC, Yvo do Boer. But what is clear, is that “all governments realise that industrialised countries will have to reduce their emissions by 24-40 per cent by 2020.”
To do that, the likelihood is that a toolbox of instruments, market mechanisms and international cooperation will need to be developed to help reach the ambitious reduction targets post Bali. Kyoto Protocol by putting a price on carbon has “created a unique environmental commodity on the international market”, said Yvo do Boer, worth in 2006 around US$30 billion.
Now the carbon market, a truly global and growing market, can provide flexibility for Parties in meeting their emission reduction targets along with the two project-based mechanisms of the Kyoto Protocol, the Clean Development Mechanism and Joint Implementation.
