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Monday, 29 August 2011

EU may propose Kyoto Protocol extension

The EU could propose a lifeline for the beleaguered Kyoto Protocol and secure the future of the Clean Development Mechanism (CDM) beyond 2012, government negotiators and observers have told Point Carbon news. EU officials will discuss whether to back an extension to the climate treaty in the next few weeks, on the condition that it expires in 2018 and is replaced with a deal that caps all major nations' emissions.

If all 27 countries agree, the EU could announce the plan at UN climate talks in South Africa in November, as part of an attempt to overcome the four-year impasse over Kyoto's future. Such an agreement could bolster confidence in the CDM, for which new investment shrank to a fifth of its peak last year as UN negotiators tied the future of the offsetting system to new targets under the Kyoto pact that underpins it.

Source: Euractiv