Thank you Chair,
The need to reduce emissions immediately and permanently has never been more vital and urgent. This imperative is in stark contrast with the performance of the CDM and JI to date.
Over two billion offsets have been issued by these Kyoto mechanisms to date. This is a lot. But research shows than only half or fewer of the offsets have resulted in actual emissions reductions. This means that global emissions may have increased by 1 billion tons or more due to these mechanisms.
Given the severe carbon budget restraints we are facing, this is deeply worrying. Both mechanisms need to be fundamentally reformed. We urgently call you to:
· Reform additionality requirements, including shorten the length of crediting periods and
· Require net atmospheric benefit in both mechanisms
· Improve transparency and governance, especially under JI.
· Last but not least, there should be no issuance of JI offsets during the interim period given that it is still unclear if the second Kyoto commitment period will be ratified by Parties.