There has been much talk at the International Climate Change Talks in Doha about the Framework for Various Approaches (FVA), New Market Mechanisms (NMM) and NAMAs – Nationally Appropriate Mitigation Actions. Madlen King, Global Head of Climate Change & Sustainability at Lloyd’s Register Quality Assurance (LRQA), explains what these terms actually mean and how they relate to each other;
As international agreement regarding how we address GHG emissions globally has been so difficult to come by, we have increasingly had for many years now a bottom-up approach to climate change mitigation. Individual nations are quite rightly not waiting for something which may never be achieved and are taking actions to address their domestic emissions. What this results in is a variety of different schemes and regulations, with differing approaches, scopes and methodologies. These can be referred to as Nationally Appropriate Mitigation Actions or NAMAs.
The international climate change talks have also spoken of a New Market Mechanism. A singular mechanism was referred to, to begin with, which is now being referred to as New Market Mechanisms in the plural. As new mechanisms and schemes are being developed around the world, these could also now potentially being considered as New Market Mechanisms. Whether this will be the approach or if there will simply be one New Market Mechanism that operates globally, has yet to be seen.
With such complexity and fragmentation, approaches are becoming unharmonised. As such there is a clear need for a Framework under which these various approaches must operate to ensure consistency, transparency and accuracy for global mitigation actions and ultimately, we hope, fungibility of credits across schemes to enable global trade of carbon.
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