AAU Elephants
Negotiators are truly having a tough time putting the pieces for a second commitment period together. But soon they will face the enormous elephant in the room. A recent UNEP report estimates that up to 13 billion tonnes CO2 of surplus AAUs could be carried over to the next commitment period. This is almost three times the annual emissions of the EU. With the supply of hot air AAUs much higher than current reduction commitments (that are well under the 25-40% below 1990 levels by 2020 actually needed), carry-over would lead to no emission reductions compared to business-as-usual emission projections by 2020. As a matter of fact, CP2 commitments as they stand would likely lead to another surplus. This would be the case even if the large quantity of Russian surplus is excluded. Additionally, carbon credits from the CDM and JI that can be carried over would further lower actual emission reduction levels by 2020 by roughly 6%.
But there is hope! A proposal by the G77, which is technically sound and politically feasible in addressing this enormous loophole, could do the trick. Europe showed in Durban that it can pull its weight internationally by being the driving force behind the agreement for a new climate accord by 2015.
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