December 12, 2005

Recurring themes

The side events showcased a number of recurring themes. Several sessions dealt with the complexities of the Kyoto mechanisms and how to link them into a smoothly functioning global carbon market.

A number of panels discussed ways to reform the CDM process, in particular through streamlining and simplifying, increasing effectiveness in developing countries, encouraging more private-sector involvement and developing larger-scale projects. Another debate revolved around a recent decision by the CDM executive board not to include deforestation avoidance under the CDM.

Mitigation discussions were wide-ranging and creative, leading to the overall conclusion was that there is no single solution and that an extensive portfolio of options will be needed, along with more research and development and the integration of climate mitigation into sustainable development policies.

Moreover, a variety of approaches will be needed to engage "carbon giants" such as the U.S., China and India and to leverage better private-sector financing. It was also agreed that a stable, long-term market mechanism with a clear carbon price signal is essential to all the emission trading schemes, both mandatory and voluntary.

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