UK off target to meet 2030 clean power goal by two years -report
The UK is set to fall short of its target for 95% clean power by 2030 by a margin of 12 percentage points, though could achieve the full target by 2032 provided more renewables come online and grids are upgraded, said a consultancy in a new report.
Read MoreBRIEFING: UK’s first CCUS projects seen as test case for second wave
Projects under Track 1 of the UK’s carbon capture, usage, and storage (CCUS) strategy must move ahead with construction to prove the model is repeatable and attract private capital for the next wave, experts said at a webinar on Monday.
Read MoreLCAW26 roundup: Hope floats for climate action while London drips in heatÂ
Scorching heat dominated this year’s London Climate Action Week – even amid talk of new challenges and ideas, ranging from the hopes and fears posed by AI, to the need and opportunity to quickly stem ultra-potent superpollutants.Â
Read MoreNew framework monetises the environmental value of leaving fossil reserves untouched
A digital infrastructure company has proposed a new framework to monetise the environmental value of leaving commercially recoverable carbon resources untouched, with the preservation capital then directed towards restoration and reclamation activities such as cleaning up legacy coal waste.
Read MoreLCAW26: CBAM is the stick, Article 6 the carrot, and market instruments the tool to implement, says commodities trader
The clearest route to scaling carbon markets is to penalise emissions using carbon border fees and reward low-carbon intensity products through the use of market instruments such as book-and-claim and environmental attribute certificates (EACs), according to a representative of a global commodities trading house.
Read MoreLCAW26: New mechanism to mitigate very long-term project risk launching this year
Mitigating reversal risk in carbon markets beyond the standard project life horizon will be possible with a new market-wide ‘Permanence Trust’ mechanism to be piloted later this year, said experts at London Climate Action Week.
Read MoreLCAW26: Voluntary and compliance markets will continue to co-exist, with some linkages -registry
The widespread expectation that voluntary carbon markets will eventually fold into compliance is unfounded, according to the president of a removals registry, who instead sees both markets continuing to co-exist, with some linkages.
Read MoreLCAW26: Integrating removals is way of “future-proofing” UK ETS, official says
The forthcoming integration of domestic carbon removals (CDR) into the UK’s Emissions Trading Scheme (ETS) is a way of incentivising investment in the market and “future-proofing the ETS”, regardless of fluctuations in political appetite on net zero over time, a UK government official said at London Climate Action Week.
Read MoreFEATURE: Corporates excited about new SBTi climate standard’s nod to market instruments
Companies are “excited about finally having clarity” on using market instruments to show progress towards their climate targets under the newly released Science Based Targets initiative’s (SBTi) Corporate Net-Zero Standard, say consultancies referring to the standard’s “incredible ripple effect”.
Read MoreEvery dollar a company invests in emissions reduction generates up to $7 in return -report
Every dollar that a company invests in emissions reduction generates an average of $2.40 in return, and in some cases up to $7 over its lifetime, according to the latest report by an environmental disclosure non-profit.
Read More