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…
IPCC: “Net-Zero” approach helps meet temperature goal
Eventually all global emissions must be zero but we can win time with a “net” approach if we do a proper climate accounting. The report of Working Group III of the IPCC says “meeting the long-term temperature objective in the Paris Agreement implies a rapid turn to an accelerating decline of greenhouse gas emissions towards…
Glasgow Outcome: Ambitious Carbon Market Rules
Glasgow Outcome in bullets …. accelerating efforts towards the phase-down of unabated coal power and inefficient fossil fuel subsidies, recognizing the need for support towards a just transition; On general ambition: See cover Decision 1/CMA.3 ‘Glasgow Climate Pact’, New country and group pledges on targets for 2030 and net zero in 2050 and on forest…
Six tips to make the climate summit to a success
The annual climate summit, after a year of Corona postponement, is happening in Glasgow as CoP26, the first two weeks of November. I will attend the CoP for Climate Neutral Group. And I give hereby my six tips for the summit summarized in a few words: you get more ambition with more flexibility. My tips…
Quick Assessment EUs Fit for 55 Plan #FF55
See: EU Commission site