Principles for Climate Change Policy Design
Oil, Gas & Mining
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In November 2009, ICMM released its Policy on climate change: Implementing a global solution to managing a low emissions economy. The policy builds on an earlier ICMM position statement published in 2006 and was intended as input into negotiations at the UNFCCC Conference in Copenhagen, December 2009.
In the intervening period, the international climate change situation has continued to evolve. It is now clear that a legally inding global agreement – covering all major economies’ emissions – is a distant prospect. A consistent and stable global regime remains an important long term goal and ICMM’s current work is intended to contribute to that end.
However, the world will see more of a “patchwork” regime emerge for now, with all major economies and even states and rovinces within countries offering individual targets and actions and developing independent policy frameworks and regulations. In this new policy regime, actions to reduce greenhouse gas emissions will be devised, implemented and verified more through “bottom-up” nation-by-nation decisionmaking rather than “top-down” international institutions.
The result is likely to be a complex regulatory environment for everyone, especially multinational groups with cross-border activities such as mining and metals companies. In addition, ICMM and its members acknowledge that policies and measures taken to reduce greenhouse gas emissions will, by and large, continue to focus on where emissions are directly produced, while also noting that consumers will ultimately bear the cost.