The UNFCCC released a miscellaneous document on views on issues referred to in decision 10/CMP.7, paragraph 4 with a new submission by the EU on the eligibility of transboundary projects and a Global Reserve of Certified Emission Reductions (CERs).
Among other things, the EU express it is not in favor of a global reserve of CERs.
22 October 2012: The UNFCCC Secretariat has released a miscellaneous document on views on issues referred to in decision 10/CMP.7, paragraph 4 (FCCC/SBSTA/2012/MISC.12/Add.1). The document contains the submission by the EU on the eligibility of transboundary projects and a Global Reserve of Certified Emission Reductions (CERs).
The EU’s submission states that in cases of carbon capture and storage (CCS) projects that involve the transport of carbon dioxide from one country to another or that involve storage sites that are located in more than one country, the project shall only be eligible under the Clean Development Mechanism (CDM) if there is clear assignment of responsibilities and liabilities, and effective accounting for emission reductions. It further supports that consideration of potential transboundary arrangements and obligations, including monitoring, should consider deliberations underway in other environmental treaties, such as the Convention on the Prevention of Marine Pollution by Dumping of Wastes and Other Matter 1972 (London Convention) and the Convention on Biological Diversity (CBD).
Furthermore, the EU indicates that it is not in favor of a global reserve of CERs due to the fact that, inter alia: it seems redundant to the existing project reserve account provisions of the CDM registry; a global reserve with no time limit will not give incentives to the operator to manage the site in a responsible way; and a global reserve will simplify liability requirements limiting them only to carbon dioxide effects, while liability should be broader, extending to other type of significant damages.
At its 36th session, the Subsidiary Body for Scientific and Technological Advice (SBSTA 36) invited parties to make submissions, by 13 August 2012, on views regarding the eligibility of transboundary projects and for the establishment of a global reserve of CERs. A technical paper on transboundary issues will be prepared, which, together with the submissions received, will be considered at SBSTA 37. [Publication: EU’s Submission]