UNECE calls for fiscal incentives for global climate deal
A member from the UNECE suggested for fiscal incentive to take place at the UN Framework Convention on Climate Change in Paris 2015
The UN Economic Commission for Europe (UNECE) encourages the discussion of the fiscal incentive to be considered as a part of the global climate change agreement that substitutes the Kyoto Protocol.
A member from the UNECE suggested for the discussion of the fiscal incentive to take place at the UN Framework Convention on Climate Change in Paris 2015, which aims to legally bind a contract to replace Kyoto.
Delegates from almost 200 nations will meet at the COP20 in Peru to focus on collaborating with new scientific warnings regarding risk of flooding, heat-waves, ocean acidification and rising sea levels.
The UNECE states commercial development of carbon capture and storage (CCS), which is a method to extract carbon dioxide from the Earth’s atmosphere in order to reduce the build-up of greenhouse gases, possesses little political support and should have as much importance as other low carbon technologies.
UNECE also proposed governments to work in partnership to financially sponsor demonstration projects.
According to UNECE, “A post-Kyoto international agreement should accept a broad array of fiscal instruments to encourage CCS/CCUS (carbon capture utilization and storage), but the selection of instruments should be left to the discretion of national governments”.
Subsequently, alternative energy sources such as wind and solar technologies is not enough in reducing the accumulation of carbon dioxide in the atmosphere, therefore disputing about such topics is insignificant.
UNECE said governments should work together to financially sponsor demonstration projects “Properly addressing CCS/CCUS in an international agreement may be one of the few strategies to enable progress toward rapid deployment of CCS as an important part of global CO2 emission reduction activities”.
According to the Global CCS Institute, the number of CCS projects has doubled since 2010 and the technology was a huge turning point this year with the start of the first coal-fired power plant equipped with CCS.
