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G7 opens Carbon Market Platform to countries worldwide

(Photo: BMUB)

December 2015 - The Carbon Market Platform established under Germany’s G7 Presidency is now open to countries outside the G7. At the Climate Change Conference in Paris, Germany presented the Carbon Market Platform with a view to winning more countries to engage in this strategic policy dialogue. The Platform focuses on issues such as market mechanisms, linking emissions trading schemes, energy taxes and the withdrawal of fossil fuel subsidies to encourage carbon pricing. A global carbon market is seen as the key instrument in decarbonising the global economy and thus in achieving the two degree goal.

Federal Environment Minister Barbara Hendricks stated that: “Large emitters like China are introducing emissions trading schemes. And here in Paris, many other countries have announced plans to introduce market mechanisms. If we are to achieve our emission reduction targets, we need carbon pricing in every country in the world. A global carbon market could be used to link national market mechanisms. China and the EU are already working closely with one another on emissions trading.”

The Carbon Market Platform was agreed during the German G7 Presidency at a summit meeting held at Schloss Elmau last June. There, the heads of states and governments had spoken in favour of a platform for strategic dialogue, the aim being to introduce effective measures for the transition to a low-carbon economy. The idea of the Platform is to use cross-country collaboration to promote the further development and linking of carbon markets, explore new opportunities for cooperation and achieve emission reduction targets under the UN climate change regime. In the coming year, Germany will co-chair and steer the Carbon Market Platform with the Japanese G7 Presidency.