Version 1
: Received: 4 October 2021 / Approved: 5 October 2021 / Online: 5 October 2021 (16:04:49 CEST)
How to cite:
Stua, M.; Nolden, C.; Coulon, M. Rationale for a Climate Club Embedded in Article 6 of the Paris Agreement – A Pathway to Carbon Neutrality. Preprints2021, 2021100092. https://doi.org/10.20944/preprints202110.0092.v1
Stua, M.; Nolden, C.; Coulon, M. Rationale for a Climate Club Embedded in Article 6 of the Paris Agreement – A Pathway to Carbon Neutrality. Preprints 2021, 2021100092. https://doi.org/10.20944/preprints202110.0092.v1
Stua, M.; Nolden, C.; Coulon, M. Rationale for a Climate Club Embedded in Article 6 of the Paris Agreement – A Pathway to Carbon Neutrality. Preprints2021, 2021100092. https://doi.org/10.20944/preprints202110.0092.v1
APA Style
Stua, M., Nolden, C., & Coulon, M. (2021). Rationale for a Climate Club Embedded in Article 6 of the Paris Agreement – A Pathway to Carbon Neutrality. Preprints. https://doi.org/10.20944/preprints202110.0092.v1
Chicago/Turabian Style
Stua, M., Colin Nolden and Michael Coulon. 2021 "Rationale for a Climate Club Embedded in Article 6 of the Paris Agreement – A Pathway to Carbon Neutrality" Preprints. https://doi.org/10.20944/preprints202110.0092.v1
Abstract
Recent times have witnessed an increasing number of countries and private firms pledging carbon neutrality by mid-century. Whilst representing a significant improvement in intentions to tackle climate change, such pledges lack substance and structure. For instance, individual pledges lack coordination and aggregation among peers, while strategies and measures to achieve ambitious targets are largely absent. Moreover, current disagreements obstructing progress in international climate change negotiations further undermine the reliability of carbon neutrality objectives. Effective international policies are needed to foster aggregate mitigation ambitions and the creation of adequate supporting mechanisms. This theoretical paper describes a governance innovation aimed at overcoming such shortfalls and disagreements through a unifying yet customizable pathway towards carbon neutrality. It does so by first outlining a political governance framework based on a climate club interpretation of Article 6 of the Paris Agreement. Secondly, it proposes carbon emission mitigation effort sharing on a per capita basis to ensure efficiency, equity and political feasibility. Thirdly, this paper describes how the supply of certified mitigations of carbon emissions required to satisfy effort sharing-based demand can be assetized as carbon credits by operationalizing Article 6 as a joint certification mechanism. The resulting governance architecture for managing demand and supply of mitigations shifts efforts to tackle climate change from a ‘problem-driven’ cost approach to ‘opportunity-driven’ value creation pathways towards carbon neutrality.
Keywords
Climate clubs; Article 6 of the Paris Agreement; assetization; effort-sharing; joint certification mechanism; carbon neutrality
Subject
Environmental and Earth Sciences, Environmental Science
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
