IETA has submitted its responses to the UNFCCC on:
- the development of the Framework for Various Approaches (FVA), please find it here, and
- the New Market Mechanism (NMM), please find it here.
Both submissions are based on IETA's ongoing joint research with the Harvard Project on Climate Agreements and the development of our Straw Proposal for market provisions in the 2015 Agreement (released during the NYC Summit and available here).
These responses build upon IETA's previous submissions in 2011, 2012, and 2013 respectively but have been substantially updated to include the following:
- Inclusion of a 'transfer system' in the FVA that facilitates the international transfer of emission reduction units amongst countries with a fixed carbon budget via an international transfer mechanism (FVA submission)
- An FVA governance system that oversees linked carbon markets, market registries and protocols, as well as performs sytem checks (FVA submission)
- A unified transfer mechanism for Parties interested in linking their national carbon market/pricing system (NMM submission)
- A unified project-based mechanism that unifies the previous NMM and CDM reform agendas to produce a common project-based emission reduction that recognises achievements made against standardized sectoral benchmarks (NMM submission)
- Market infrastructure tools made available at the UNFCCC for countries to develop registries, offset protocols, and other market tools that are in harmonisation with systems already in place (FVA submission)