The 25th Conference of the Parties to the UN Framework Convention on Climate Change (COP25) concludes today in Madrid. So
The 25th Conference of the Parties to the UN Framework Convention on Climate Change (COP25) concludes today in Madrid.
So far, delegates have addressed a wide range of issues pertaining to climate change—from the potential effects of severe and extreme weather on vulnerable peoples to nuclear energy alternatives to fossil fuels.
As the conference draws to a close, the nearly 200 nations in attendance are scrambling to reach a conference-wide agreement.
An agreement that advances a specific economic regime to combat climate change is much more likely to affect the internal policies of participating countries. A clarification of the sixth article of the 2015 Paris Agreement—which addresses in part the issue of finance—is the most realistic area where such a system could come into effect. Such a clarification could include a final conference agreement that establishes or begins to establish a global carbon market—a market-based tool to reduce greenhouse gas emissions.
While some view a global carbon marker as an opportunity to lower the cost of reducing emissions, others view the idea as a way to stall on more aggressive action to combat the problem. Regardless, breaking the deadlock on the issue would be seen as a significant diplomatic victory.
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