At the UN Climate Summit in Madrid, a gloomy mood prevails after nearly two weeks of negotiations, as no agreement has yet been reached on limiting global warming. Economically strong countries are unwilling to give up their existing old emission rights, and the financing of new climate policies remains a topic of discussion.
But just like at many previous climate conferences, extensions are needed to reach an agreement. The discussion is stuck on Article 6 of the Paris Climate Agreement (2015). This article provides for the introduction of market mechanisms for trading emissions—'rights to pollute the air,' as the environmental movement calls them. At last year's COP24 summit in Katowice, Poland, no rules were also agreed upon for such a global carbon trading scheme.
Opinions are also divided regarding climate ambitions. Several parties, led by the European Union and vulnerable countries, want a clear call to raise the targets for greenhouse gas emission reductions by 2020. However, other countries are holding back on this. One advocate for such international trade, Dutch Member of the European Parliament Bas Eickhout (GroenLinks), called for stricter criteria to better combat global warming.
The agreements made so far are certainly not compatible with the goal of the Paris Climate Agreement. At that time, countries agreed to limit global warming to 2 degrees Celsius, preferably 1.5 degrees. With the current level of pollution and global commitments, the temperature could still rise to 3 degrees by the end of this century.
At the Madrid climate summit, disagreement has arisen on this issue. Many countries find that the draft final declaration prepared by host Chile is far too weak. Among others, the European Union and a group of small island states want the old rights removed from the market because many countries currently have too much emission space
and can buy extra rights at too low a price. There is thus insufficient incentive for such polluting countries to reduce emissions themselves.
Obstruction comes from countries including Brazil and Russia, who want financial support to cancel surplus emission rights, and from Australia, which wants to keep buying cheap rights. Especially economically strong countries oppose major changes to combat climate change.
The vast majority of delegates want agreements on reducing air pollution and are calling for a more ambitious final declaration.