Spain: COP25 agrees more ambitious commitments but fails to regulate carbon markets
The COP25 concluded on December 15 in Madrid without achieving its most feasible goal, moving the carbon market forward, although it ended with the adoption of the agreement “Chile-Madrid Time For Action”, which lays the groundwork for countries to present more ambitious emission reduction commitments (NDC) by 2020.
The future of management and regulation of carbon markets (article 6 of the COP21), which, in practical terms, was the main objective of the Conference, was postponed until the next summit, being one of the unsurmountable obstacles until the last minute to reach a much more ambitious agreement,
Regarding to this carbon market goal, two persisting major obstacles were not finally overcome: double counting, which some countries want to avoid, and the transition of the remaining emission rights that some countries keep from the Kyoto Protocol and intend to maintain in the transition to the Paris Agreement.
The Spanish media highlight ten climate action's milestones at the COP25:
- The EU managed to commit climate neutrality by 2050 and turn the European Investment Bank (EIB) into a “climate bank”.
- Some twenty Spanish banks agreed to align themselves with the Paris Agreement.
- The Coalition of Finance Ministers for Climate Action, made up of 51 countries including Spain, signed the Santiago Action Plan, committing them to introduce climate change into their economic and financial policies towards low or zero growth emissions.
- The Inter-American Development Bank (IDB) announced the creation of a network of central banks and supervisors in order to achieve a green global financial system.
- The Adaptation Fund managed to mobilize a total of $89 million during the COP, with funds from several countries including Spain.
- During the Conference, the number of investment funds, that have pledged to make their portfolios emissions neutral as soon as possible, doubled.
- The number of multinationals committed to carbon neutrality in 2050 has doubled to 177 after Madrid summit.
- The number of large cities committed to climate neutrality by 2050 has risen from 100 at the New York conference to 398 in Madrid.
- Seventy-three states committed to carbon neutrality by 2050, including Spain.
- More than 80 countries announced that they will present more ambitious climate change commitments (NDC) than the current Paris Agreement’s by 2020.
Some additional information about Spain in English: https://bit.ly/36FunCH (the Spanish Just Transition Strategy within the Strategic Energy and Climate Framework).
Several sources