Longest UN climate talks end with no deal on carbon markets

Activist protest outside of the COP25 climate talks congress in Madrid, Spain, Saturday, Dec. 14, 2019. The United Nations Secretary-General has warned that failure to tackle global warming could result in economic disaster. (AP Photo/Manu Fernandez)

The longest UN climate talks ended in Madrid yesterday with no deal on carbon markets. Delegates from almost 200 countries failed to come up with more ambitious targets to cut greenhouse gases at UN climate talks. It failed to fulfill the terms of the 2015 Paris agreement prompting UN chief Antonio Guterres to lament a “lost opportunity” to fight global warming.

The two-week-long negotiations which extended till yesterday saw no agreement on major issues such as Article 6, loss and damage, and long term finance.

Under the Article 6 of the Paris agreement signed in 2015, the countries had agreed to set up a global carbon market system to help developing countries decarbonise their economies at lower cost. However, the countries have tried and failed to agree the rules governing this mechanism.

Despite holding the longest climate talks ever in 25 nearly annual editions, the sleep-deprived negotiators, left one of the thorniest issues for next year summit COP26 in Glasgow in UK – how to deal with carbon emissions.

In a tweet UN Secretary-General Antonio Guterres said he is disappointed with the results of COP25. The international community lost an important opportunity to show increased ambition on mitigation, adaptation and finance to tackle the climate crisis.”

Few countries came to this year’s talks with d plans to reach the Paris agreement, even as the EU agreed its long-term target of reaching net-zero emissions by 2050. Experts say more ambitious emissions cuts are needed globally if the Paris pledge is to be met.