COP 18: We won a game of poker on the Titanic

Carbon Market Watch criticizes COP18 for failing to secure new mitigation pledges and for leaving carbon market loopholes open, despite some progress on limiting 'hot air' and restricting market access to Kyoto second period Parties.

• COP18 failed to address the 'billion tonne gap' required to prevent catastrophic climate effects, as no new mitigation pledges were established and most loopholes persisted.
• Some positive outcomes included agreements to prevent the creation of new 'hot air' in the next Kyoto commitment period, limiting the use of 13 billion tonnes of existing 'Hot Air' from the first period, and restricting access to the Clean Development Mechanism (CDM), Joint Implementation (JI), and International Emissions Trading to Parties with commitments under the second Kyoto period.
• The outlook for carbon markets is described as 'grim' due to a price collapse caused by a combination of oversupply from lenient rules and a lack of demand resulting from insufficient mitigation pledges.

APA

Carbon Market Watch (2012). COP 18: We won a game of poker on the Titanic. https://carbonmarketwatch.org/publications/carbon-market-watch-analysis-cop-18-we-won-a-game-of-poker-on-the-titanic/

Chicago

Carbon Market Watch. COP 18: We won a game of poker on the Titanic. 2012. https://carbonmarketwatch.org/publications/carbon-market-watch-analysis-cop-18-we-won-a-game-of-poker-on-the-titanic/.

Wikipedia

{{cite press release |author=Carbon Market Watch |title=COP 18: We won a game of poker on the Titanic |date=21 December 2012 |url=https://carbonmarketwatch.org/publications/carbon-market-watch-analysis-cop-18-we-won-a-game-of-poker-on-the-titanic/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{carbonmarketwatch2012cop, author = {{Carbon Market Watch}}, title = {{COP 18: We won a game of poker on the Titanic}}, publisher = {Carbon Market Watch}, year = {2012}, month = dec, url = {https://carbonmarketwatch.org/publications/carbon-market-watch-analysis-cop-18-we-won-a-game-of-poker-on-the-titanic/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }