At the recent Climate Summit in Baku, November 2024, world leaders took a bold step toward tackling the climate crisis. The summit gave the official green light for the use of carbon markets under Article 6 of the Paris Agreement, a mechanism designed to help nations meet their climate commitments while mobilizing much-needed climate finance…
Category: English
Countries should take cooling targets
While we passed the 1,5° Degrees, as the IPCC predicted an overshoot, and reductions will bring temperatures down later, I believe that in addition to emission reduction targets, which only take effect after years, countries should additionally make temperature reduction commitments and start cooling their countries and cities. For example greening of about 1/3 of…
Whether ETS-2 will be effective in achieving the CO2 targets remains to be seen
To help achieve the EU’s 55% target for 2030 and 0 in 2050, the EU has determined that the EU Emissions Trading System for industry, energy, air and maritime shipping (ETS-1) will get a little brother as of 2027: ETS-2. This includes CO2 emissions from the combustion of fuels in traffic and for heating and…
Hague Court of Appeal will not establish an absolute reduction percentage for Shell
In its judgement on appeal the Court, November 12, 2024, considered the question whether Shell has the obligation under Duch Law to reduce all its global CO2 emissions by 45% by 2030 relative to 2019 levels. Milieudefensie et al. have sought a court order to this effect on the basis that Shell acts unlawfully if…
Updates and the future of carbon trading
Last week I joined for Anthesis the 24th annual GHG Trading Workshop by IEA-IETA-EPRI. I gave a presentation on the future of the carbon market, particularly EU #ETS after 2040. I highlighted how the EU ETS can get a #negative emissions target, gradually introducing carbon #removals from EU and global projects. Stephanie La Hoz Theuer of ICAP…
Outcome of CoP28 and difference between Art 6.2. country-to-country CO2 deals & Art 6.4. credit trade
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….
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…