With the COP26 UN climate change conference postponed due to COVID-19, Three Crowns partner Kathryn Khamsi offers thoughts on the international linking of domestic emissions trading schemes in this blog for the European Journal of International Law.
OVERVIEW
In April, the COP26 UN climate change conference set to take place in Glasgow in November was postponed due to COVID-19. One consequence: agreement on the rules for a global emissions trading scheme under Article 6 of the Paris Agreement will be deferred again, to at least 2021.
As agreement under Article 6 has been delayed in the past, various groups have advocated for increased linking of domestic schemes. The thinking is that this would both encourage the creation of a global carbon market and thus the harmonization of regulatory standards, and lower the costs of reducing emissions globally.
In that context, Khamsi briefly considers existing international and domestic schemes, as well as the risks to market actors as those schemes evolve and interact, before suggesting how these risks can be mitigated, thus maximizing the intended benefits of internationalization.
ABOUT KATHRYN KHAMSI
Khamsi, a partner in the Paris office of Three Crowns, acts for states and corporate clients in disputes ranging from investment treaty to commercial to state-to-state. Her practice has a particular emphasis on the energy and natural resource sectors.
Clients have commended Khamsi’s “grasp of the technical detail, and her ability to identify and articulate game changing arguments.” She is recommended by Who’s Who Legal as a leader in the energy field, as well as by The Legal 500. Khamsi regularly lectures on energy sector arbitration at Sciences Po law school in Paris.
ABOUT THREE CROWNS
Three Crowns is a firm committed to excellence in international arbitration and international law. Founded by practice leaders with decades of experience across many different international firms, it is widely regarded as an industry leader. Its clients—including Fortune 10 companies and sovereign states—entrust the firm with their most important arbitrations.
During this challenging time, the Three Crowns team across the globe is here to listen to the issues you are facing and provide advice surrounding arbitration and disputes, whether directly related to COVID-19 or otherwise. Please do not hesitate to reach out to talk through ways we can help.
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