The voluntary CO2 market (VCM) plays an initial role for novel CDR demands and in the finance of storage of carbon dioxide, but will ultimately remain too small. The mandatory, regulatory CO2 market, like the EU ETS, is indispensable to deliver the amount of removals necessary. By 2040 CDR should be supported by dedicated policies…
Author: jc
consutting attorney emissions trading
EU deal on climate neutral claims and use of verified offsets
Recently, the EU Council and the EU Parliament reached agreement on the European Commission’s proposal for a Directive on “Empowerment Consumers for the Green Transition (ECGT). While we wait for the final agreed legal text, the direction is clear. This proposal amends two existing directives, the Consumer Rights Directive (CRD) and the Unfair Commercial Practices…
Countries should take cooling targets
I believe that in addition to emission reduction targets, which only take effect after years, countries should also make temperature reduction commitments and start cooling their countries and cities. For example greening of about 1/3 of the EU’s urban areas would reduce urban summer temperatures by 2.5–6°C! In its latest report, the IPCC warned of…
CO2 deals important for Paris Accord
Switzerland and Thailand in February 2023 further elaborated their initial deal and agreed that Switzerland will invest $100mln in Thailand in CO2 reduction projects. Thailand can transfer credits, such as 1,5 Mt of an E-Bus project, to Switzerland as #ITMOs if the cuts go beyond the Thai NDC target. Switzerland can then meet part of…
IPCC: global failure and hope
This weekend the Synthesis Report was adopted in Interlaken, Switzerland, of 6 recent IPCC reports on science, impacts, mitigation, landuse and oceans. It is a summary agreed by governments that sums up what governments can do to prevent the worse effects of climate change. The Synthesis will also be used in this years’ climate summit…
Tightening EU ETS leads to zero emissions before 2040
The tightened and expanded ETS CO2 trading system is part of the so-called ‘Fit for 55’ package and helps to achieve the total CO2 target of 55% reduction in 2030 (laid down in the European Climate Act). The new ETS is gratifying news: it leads to zero emissons already by 2039. With full implementation, the…
EU Outcomes on Climate #Fitfor55
High level outcome of various recent agreements by EU on #climate: ETS, ETS2, CBAM, removals, shipping, aviation, municipal waste, carbon removals, CCS, CCUSE etc #ambition #flexibility #FitFor55. Lacking is still making use of global carbon market to increase ambition further, while limiting cost. That potential is given in Art 6 of the Paris Agreement (International…
We have the Fund, 7 years rest to close the emissions gap; the CO2 market can help bridge it
The CoP27 climate talks in Sharm el Sheik ended in agreements, but the consensus rule made it extra hard this year, as many nations suffer climate disasters, war and energy crisis. I was not at the CoP this year, but was involved via the International Emissions Trading Association. Groundbreaking was, against the background described before,…