Today Brazil and the European Union have jointly submitted a proposal on cooperative mechanisms to COP21 for consideration by Parties to be incorporated into the Paris Agreement. The proposal establishes requirements to safeguard the environmental integrity of market cooperation approaches, and proposes the establishment of sustainable development mechanism for emission reductions in developing countries.
It offers a solution to one of the most complex issues in the negotiations – the use of market-based mechanisms for climate action. If accepted, it would allow public and private entities to enhance their engagement in the fight against climate change while contributing to sustainable development.
Brazil and the EU have been vocal in defending environmental integrity and the promotion of sustainable development in the Paris agreement. The language proposed is inspired by the experience under the Kyoto Protocol with the Clean Development Mechanism (CDM), adapted to the environment of the new Paris agreement.
The proposal would also allow other cooperative approaches beyond CDM while ensuring that they are consistent with the objectives of the convention.
The proposal, as submitted jointly by Brazil and EU, is available at the UNFCCC Secretariat website here (under voluntary submissions at bottom of page).