The Global Stocktake Text gives a complete package to keep the 1,5 Degrees target within sight. It introduces a goodbye to fossil fuels use and countries promise to triple renewables power capacity, double energy efficiency, and reduce methane emissions. And it also asks to accelerate work on Article 6, including the carbon market and carbon removals….
Author: jc
consutting attorney emissions trading
European emissions system determines meeting agreed CO2 targets, fossil subsidies secondary
Abstract Many pleas for abolishing fossil subsidies fail to recognize the existence of the European Emissions Trading System: that system ensures that we meet agreed CO2 targets even before 2040. Fossil fuel subsidies do nothing to change that, while abolishing them could even lead to more overall greenhouse emissions and harm the competitive position 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,…
Nations develop strategies for a smart use of the global carbon market to help meet Paris goals
The Paris Agreement Parties adopted at CoP-26 in Glasgow in 2021 Art 6.2 guidelines, to make use of international carbon trading to help meet the Paris goals and a new centralized carbon credit issuing mechanism (Art 6.4). Parties are now preparing to operationalize these guidelines and to setup the Supervisory Body for Art 6.4, to…