Views on framework for various approaches referred to in paragraph 6 of document FCCC/SBSTA/2014/L.10

The FVA needs to support for transparency of INDCs. Since INDCs cover Economy-wide emission reduction targets (GHG targets) as well as Non-GHG targets such as energy targets, policy and project implementation, the scope of the FVA includes accounting framework for not only international transactions but also mitigation targets or actions under INDCs. Therefore, in this case, the FVA might cover non-market-based approach in addition to market-based approach. The FVA needs to be developed through bottom-up process with support by UNFCCC secretariat and could be coordinated with other UNFCCC process such as IAR and ICA.