The COP25 negotiations came to an end after breaking the record: from December 2 to 14th.
To get no deal on carbon markets at COP25 in Madrid has been Friends of the Earth’s big fight this week, because carbon markets devastate Indigenous Peoples, Southern communities and fuel climate chaos. But they warned: “It’s not the end of the fight; we pick the battle up in 2020 for Climate Justice. It’s a small victory, with an even bigger fight ahead”.
Sara Shaw, climate justice and energy coordinator for Friends of the Earth International, commented:
“The good news for Southern communities, Indigenous Peoples and for the climate is that there is no deal on dodgy carbon trading out of Madrid. This is despite a last minute attempt by developed countries and a few big developing countries to push through a destructive deal that would have flooded the system with old carbon credits and opened the door to huge new trading mechanisms. This is a small victory, with an even bigger fight ahead into COP26 next year.
The bad news is virtually everything else – there is no new finance for loss and damage for developing countries hit hard by climate change, nor is there any agreed provision of long term climate finance.”
On loss and damage – for countries already hit by climate change – there is no new climate finance, just the establishment of an expert group with no deadline to feed back and consensus to establish the ‘Santiago Network’. There is no agreement on governance of the Warsaw International Mechanism. US attempts to add text removing liability have gone, for now.