“China’s proposed coal expansion is so far out of alignment with the Paris Agreement that it would put the necessary reductions in coal power out of reach,” said Christine Shearer, an analyst from Global Energy Monitor, quoted in the Guardian.
As the Paris Agreement approaches its deadline, the main discussion at COP25 is Article 6, which focuses on providing financial support to developing countries to reduce emissions and on cutting emissions by using global carbon markets.
Carbon markets, which have existed since 1997, aim to limit greenhouse gas emissions by trading in carbon credits. The UN provides carbon credits to developing countries for emission reduction projects. Buyers (other countries) can use the credits to fulfil their own reduction targets and sellers can use the money to pave their way to carbon neutrality.
Under current trends, achieving the Paris target will be much more difficult than when the deal was finalised. “Ten years ago, if countries had acted on the science, they would have needed to reduce emissions by 3.3% each year,” Guterres said. “Today, we need to reduce emissions by 7.6% each year.”