Climate clubs may be what eventually get the Paris Accord to workABU DHABI, UAE, August 1, 2023/EINPresswire.com/ — With COP28 looming on the horizon, EcoConsortium Research feels it’s the right time to release their Feasibility Study on An Islamic Nations Climate Club. The feasibility study examines challenges faced by climate clubs and identifies key principles necessary for their success.

While it uses the Islamic nations to chalk out an ideal subset using various data driven arguments, the guidance it provides is applicable to any diverse groups of nations coming together in Climate Clubs that adhere to a basic requirement to cooperate and meet/exceed their National Development Contributions (NDCs) without watering down the few key principles this feasibility study outlines.

Braham Singh, Chairman of Verdana and head of EcoConsortium Research, says, “it’s almost certain the global average temperature will rise by 1.5°C between 2030 and 2035.” He goes on to add, “Against this dismal backdrop, the Paris Accord signatories recently attended the United Nations Bonn Climate Conference in June. The outcome however, was once again disappointing — marked by lots of debate and little progress. Using various models from different research papers, our feasibility study looks into why this keeps happening in the face of impending disaster.”

The Paris Accord is undoubtedly a vast improvement over the Kyoto Protocol, with its Article 6 showing a clear path forward to Net Zero. Yet, it faces serious obstacles. Quoting the Nobel Prize winner William Nordhaus and using his models, the feasibility study showed the Kyoto Protocol was doomed from the start and could not sustain cooperation because it could not mandate or impose penalties. The Paris Accord similarly struggles to get countries to make significant emissions reductions.

Using an “Islamic Nations Climate Club” (INCC) as a model, EcoConsortium Research concluded that establishing climate clubs to facilitate compliance with the Paris Rules can be a solution, if structured properly. Climate Club members benefit through collective interaction while subjecting themselves to mandates and penalties, resulting in better outcomes than going it alone. In a club serious about its mandate, ambitions around their NDCs increase proportionally to their use of Article 6 trades, and this will help drive increased ambition over time.

According to Asad Sultan, Verdana and EcoConsortium Group CEO, “The Islamic world is a perfect composition of countries that could collectively benefit from participating in a Climate Club. Countries like Indonesia, Bangladesh, Maldives, Pakistan could sell carbon credits to the UAE, Saudi, Bahrain, Kuwait to mutual benefit while collectively compiling with Paris Rules.” The INCC would be a mini-Paris ‘Club’, with a similar diversity on a manageable scale across a subset of committed countries who jointly agree to a few basic immutable principles — something difficult to achieve under the Westphalian Paris Accord.

A sectoral focus on managing energy consumption in commercial and residential facilities, particularly in the Middle East and Southeast Asia, would be a key aspect of the INCC’s efforts. By addressing energy efficiency in these sectors, member nations can reduce emissions and generate carbon credits, contributing to their NDC ambitions.

Furthermore, the feasibility study introduces a “ratchet” mechanism to enhance collective ambitions over time. Members agree to increase their NDC ambitions based on the volume of Internationally Transferred Mitigation Outcome (ITMO) transactions undertaken within the club. This mechanism accelerates emissions mitigation and aligns with the goals of the Paris Agreement.

The INCC’s institutional architecture includes the establishment of a digital platform that connects member nations’ sovereign carbon registries. This platform enables secure and transparent transactions of ITMOs among members. It also ensures the tracking of emissions reductions, the avoidance of double counting, and compliance with the Paris Rulebook.

Climate clubs represent a significant step forward in global climate cooperation. The concept demonstrates the power of collaboration among nations sharing common goals and values. Climate clubs like the INCC would make a meaningful difference in addressing climate change and promoting sustainable development amongst member countries.

NGOs and government bodies may contact EcoConsortium at contact@ecoconsortium.io, for the digital model and processes developed from this research.

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EcoConsortium is AsiaPac’s first digital carbon registry. With a focus on advancing the carbon market, EcoConsortium aims to simplify, secure, and digitize the industry through innovative technology. By providing efficient digital support to national carbon registries and standard bodies, EcoConsortium is committed to help nations and the private sector meet their net zero targets.

Note to editors: Please find the full white paper “Feasibility Study on an Islamic Nations Climate Club”:
https://www.abudhabireporter.com/article/647520166-ecoconsortium-research-announces-release-of-their-feasibility-study-on-an-islamic-nations-climate-club