COP25: Growing voluntary carbon market seeks stay from Paris-era rules
The voluntary carbon market is seeking a 5-10 year stay from emissions auditing rules to prevent a collapse in clean investment, a risk some governments say is unfounded and could even slow national climate action.
Read MoreCOP25: Roundup for Monday, Dec. 9
UN climate negotiations in Madrid shift into high gear this week with the arrival of ministers from most of the nearly 200 countries attending the COP25 talks tasked with finalising work on emissions trading rules under the Paris Agreement’s Article 6. Below is a running summary of those efforts, as well as other happenings at the summit.
Read MoreCOP25: Chile ETS study, CO2 tax changes may stall as beleaguered gov’t changes tack on climate action
Plans for a Chilean cap-and-trade programme and the passage of carbon tax reforms may stall as the country’s beleaguered government rolls out a sweeping economic recovery plan and backtracks on other its other climate action efforts in response to mass protests over living costs.
Read MoreCOP25: Aviation offset stakeholders hit back at report criticising CORSIA applicants
A recent study challenging the carbon credit standards that have applied for the global CORSIA aviation offsetting scheme made questionable interpretations of the programme’s environmental criteria, and also ran counter to UN body ICAO’s own guidance in the process, developers and brokers said Friday.
Read MoreCOP25: Major powers show signs of compromise on Article 6 -sources
Major powers were showing signs of compromise on negotiating the international emissions trade rulebook under the Paris Agreement’s Article 6 on Friday, boosting prospects that a deal can be reached by the end of next week as UN talks near their halfway point.
Read MoreCOP25: With the rules still in flux, governments and businesses scramble to pioneer Paris carbon markets
Businesses and governments on the sidelines of the Madrid climate talks are busy building the foundations for a Paris era international carbon market and carving out a role for themselves, even as delegates remain gridlocked in negotiations over the rules.
Read MoreCOP25: Voluntary carbon market doubles to near-record volume in 2018, though prices flat -report
Voluntary carbon trade worldwide doubled in 2018 to approach record levels at near 100 MtCO2e, as forest projects took a lead amid heightened demand but offset prices remained flat, researchers found in a report published on Thursday.
Read MoreECOSYSTEM MARKETPLACE – Shades of REDD+: Should forest offsets be eligible for CORSIA?
When operating details of the Kyoto Protocol’s CDM were negotiated from 2001-03, many voiced concerns about forest carbon credits and their high risk of reversals, potential to displace emissions, and the difficulties in accurately quantifying emission reductions. Nearly two decades on, it is worthwhile to reconsider the question of whether or not forest mitigation could be ready for carbon markets. The question is back on the table as ICAO sets up a scheme for reducing emissions from international air travel.
Read MoreSpain’s Repsol to consider forestry offsets for net zero emissions pledge
Fossil fuel company Repsol may purchase nature-based credits in pursuit of its 2050 net zero goal announced Monday, coming as part of a broader suite of interim CO2 intensity targets, internal carbon pricing updates, and renewable energy commitments.
Read MoreCOP25: UN climate conference hosts snub Article 6 in push for ambition
This year’s UN climate summit hosts declined to reference Article 6 as COP25 got under way on Monday, instead launching a push on governmental ambition that observers say could give them cover should carbon trade talks flounder.
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