Carbon Markets Dominate U.N. Climate Talks

Here is today’s Foreign Policy brief: Climate negotiators debate carbon markets as the U.N. COP25 conference winds down in Madrid, U.S. House Democrats lay out impeachment articles against Trump, and the Czech prime minister faces another mass protest.

If you would like to receive Morning Brief in your inbox every weekday, please sign up here.

The U.N. COP25 climate conference in Madrid is in its final days, with negotiators focused on breaking the deadlock over rules for carbon markets, which allow major carbon emitters to buy carbon credits from countries that haven’t exceeded their emissions targets under the Paris Agreement. Carbon markets are appealing for countries that could take longer to reach those targets, such as Brazil, India, and China.

The negotiations are complicated. Experts must work how to address the billions of carbon credits created according to commitments under the Kyoto Protocol, as well as set rules for U.S. companies participating in carbon markets despite the U.S. withdrawal from the Paris Agreement. Critics say that carbon markets get in the way of more aggressive policies to reduce emissions.

Not fast enough. Some say the talks aren’t addressing the urgency of the climate crisis. One top climate scientist, Johan Rockstrom, told the Guardian that the issue of just how quickly the world needs to reduce emissions hasn’t received enough attention. “We are at risk of getting so bogged down in incremental technicalities at these negotiations that we forget to see the forest for the trees,” he said.

Arctic warming. The annual Arctic report card was released on Tuesday, and the results are alarming: Average temperatures in the region for the year ending in September were the second warmest on record. The rising temperatures have led to low sea ice, concerns about rising sea levels, and effects on the regional ecosystem.

The findings, produced by the U.S. National Oceanic and Atmospheric Administration, are of particular concern to researchers because the Arctic is warming twice as fast as the rest of the globe. Temperatures in the region have reached record highs for the last six years.

Trump to face impeachment vote. U.S. House Democrats announced on Tuesday they would pursue two articles of impeachment against President Donald Trump, charging him with of abuse of power and obstruction of Congress. The articles relate to allegations that he misused his power to withhold military aid to Ukraine unless it agreed to investigate a political rival. The Judiciary Committee is debating the charges, which could be sent to the rest of the House for a vote as soon as Thursday. Trump would be the first U.S. president to face impeachment in an election year, FP’s Amy Mackinnon and Robbie Gramer report.

Czech prime minister under fire, again. The Czech Republic’s top prosecutor has reopened a case against Prime Minister Andrej Babis, alleging the billionaire leader committed subsidy fraud. A separate audit by the European Commission leaked last week found that a conflict of interest between his political position and his business holdings, which he still controls. The developments caused tens of thousands to protest in Prague on Tuesday, demanding his resignation. But outside of the capital, Babis’s populist party remains the most popular by far.

New Zealand volcanic island still unsafe. Emergency authorities in New Zealand are still waiting to be cleared to return to White Island, where at least six people died in a volcanic eruption on Monday. (Eight more are feared dead.) The authorities have not given a timeline for a recovery mission, as experts say the active volcano is still at risk of another eruption or tremor. Among the survivors, 25 patients are in critical condition with severe burns. New Zealand has opened an investigation, with some locals saying tourists shouldn’t return to White Island.

The new NAFTA. As House Democrats unveiled the impeachment articles, they also gave Trump a political victory on Tuesday—at last agreeing to an update to the North American Free Trade Agreement. The new U.S.-Mexico-Canada Agreement (USMCA) will secure the status quo after three years of uncertainty for U.S. farmers and manufacturers, FP’s Keith Johnson explains.

The return of Peronism. Leftist leader Alberto Fernández was sworn in as Argentina’s president on Tuesday, marking the return of Peronism—including former leader and now Vice President Cristina Fernández de Kirchner. There are challenges ahead: Argentina faces rampant inflation and fear that the country will default on its debt.

Scotland’s swing seats. In Scotland, U.K. Prime Minister Boris Johnson is so unpopular that politicians from the Scottish National Party (SNP) see him as a gift on the campaign trail. Jamie Maxwell reports from Scotland’s ultimate swing seat, the constituency of Stirling, where the Conservatives won by just 148 votes (out of over 66,000) in 2017 and the SNP is campaigning hard—focusing on the promise of independence and opposition to Brexit—to win it back, along with 12 other seats held by Johnson’s Conservatives.

Iran-U.S. tensions. The ongoing protests against rising gas prices in Iran, coupled with a surprise prisoner exchange over the weekend, could mean the beginning of a new chapter in the country’s domestic politics. But it’s not likely to lead to a thaw in its relations with the United States, Ariane Tabatabai argues in FP.

A ski resort in Kyrgyzstan has erected an 8-foot tall statue of Russian President Vladimir Putin, after its owner received a $1.2 million loan from a Russian-sponsored fund. Monuments to other leaders, including Vladimir Lenin, stand on the grounds of the resort in former Soviet Kyrgyzstan. Along with the landscape, Putin’s likeness is drawing tourists, the owner said.

That’s it for today. 

For more from FP, visit foreignpolicy.com, subscribe here, or sign up for our other newsletters. Send your tips, comments, questions, or corrections to morningbrief@foreignpolicy.com.