GLOBALLY NETWORKED CARBON MARKETS
|
|
- Shonda Barber
- 5 years ago
- Views:
Transcription
1 1 GLOBALLY NETWORKED CARBON MARKETS December 2013 Chandra Shekhar Sinha, World Bank
2 2 Are the benefits of a Global Carbon Market beyond reach? Global Carbon Market Widely-used price on carbon Improved price predictability Scale Cost efficiency Strong signal to the market The Trend: A bottom-up, rather than a top-down mandate The bottom-up approach has dual drivers climate change and other domestic priorities Leading to heterogeneous, fragmented markets Prag, Briner, and Hood 2012
3 Market instruments driven by domestic policy Examples of Global Connectivity in 2012 Development of the China ETS Chile, Costa Rica and others looking at ETS systems A carbon tax based offset systems being developed in South Africa, Mexico, Colombia White and green certificate programs (e.g. India) with linkages to CO2 markets being considered 3 Source: Adapted from Prag et al (2012)
4 4 Forms of Connectivity Type Definition Example Full Compliance unit in one jurisdiction is accepted without restriction in the linked jurisdiction Planned linking of EU-ETS with the Swiss (from 2015). Linking Limited Market participants may transfer units between markets, but restrictions may limit the direction of transaction, the amount and quality/sector of units. Planned linking of EU-ETS with the Australian ETS (until 2018). Indirect Markets are not linked directly, but have access to the same third carbon market. Both the EU-ETS and the voluntary Japanese System allow the use of CERs. Networking Fungibility of units across schemes facilitated by a rating system and discounting. Currency and bond markets.
5 Networking Carbon Markets Networking Carbon Markets 5 Definition The connection of one carbon market system with another. The systems might be: cap and trade schemes, offset generating schemes, Nationally Appropriate Mitigation Actions (NAMAs) or some other type of carbon market system. Key benefits 1. Political: connecting carbon market systems signals a common effort to reduce greenhouse gas emissions (GHG). 2. Economic: 1. Lowers aggregate costs of achieving GHG reductions by changing the distribution of mitigation activities to achieve GHG reductions at the lowest possible cost. 2. Can increase market liquidity and price stability. 3. Reduces the problem of leakage of economic activity to jurisdictions that do not regulate emissions in the same way. 3. Administrative: allows regulators to share best practices in program administration including procedures for MRV, tracking systems as well as overall program design.
6 6 Idea: Globally-networked Carbon Markets Independent rating system and independent rating agencies risk-based approach to rate the environmental integrity and climate change mitigation value of carbon assets in the international market. International Carbon Reserve Convert ratings into discounts and exchange rates Help in achieving predictable international carbon price Help in addressing market risks and failures International Settlement Platform Track cross-border trades and possible clearing house function
7 7 Idea: A Globally-networked Carbon Markets Jurisdiction B Jurisdiction C A Jurisdiction A A B F A B C Ratings of assets D C Jurisdiction D E D Ratings Independent Private Rating Agency 1 Independent Private Rating Agency 2 Independent Private Rating Agency 3 Ratings A B Opt-In Opt-In Information Opt-In (Carbon assets or $$$) International Carbon Reserve (ICAR) International Settlement Platform Opt-In Rules: Use rating as basis for Carbon exchange rate Benefits of ICAR available to opt-in jurisdictions All international trading registered in the International Settlement Platform Asset / $ Flow Information Flow A Carbon Asset Class
8 8 Idea: A Globally-networked Carbon Markets Jurisdiction B Jurisdiction C Jurisdiction A A A B F E A D B C Δ in deposit Δ in Ratings New Rating Independent Private Rating Agency 1 Independent Private Rating Agency 2 Independent Private Rating Agency 3 D C Jurisdiction D A B New Opt-In International Carbon Reserve (ICAR) International Settlement Platform Opt-In Rules: Use rating as basis for Carbon exchange rate Benefits of ICAR available to opt-in jurisdictions All international trading registered in the International Settlement Platform Change in rating impacts exchange rate could trigger adjustment in deposit and or agreed domestic measures Asset / $ Flow Information Flow A Carbon Asset Class
9 9 Independent Rating of the environmental integrity and climate change mitigation value of carbon assets a paradigm shift A ton of CO 2 emitted is a ton of CO 2 anywhere A ton of CO 2 reduced is not a ton of CO 2 everywhere Common top-down standards used to get to a ton is a ton Binary In or Out Discounting / exchange rates rather than pass / fail (race to the top) Transparent approach to addressing risk and uncertainty Transparent approach to addressing subjectivity The asset value incorporates consideration of jurisdiction-level overall approach
10 10 Independent Rating of the environmental integrity and climate change mitigation value of internationally-traded carbon assets International fungibility requires: Environmental integrity Perceived appropriate level of effort Common frame of reference Environmental integrity (activity / program / mechanism: real, measurable, long term, additional) Credibility: will sum of policies, implementation, track record achieve stated goal and is the sectoral coverage reasonable? Ambition: is stated goal good enough? By Whom: Independent, private sector rating agencies For Whom: Decision-makers in any opt-in jurisdiction Private sector market participants The International Carbon Reserve
11 Roadmap for the rating system Protocol development Piloting Scale-up Development of 3 modules through a consultation process In partnership with by DNV 3-5 programs (NAMAs, PoAs) or ETS jurisdictions for piloting Linked to market making function of Carbon Reserve Managed by independent rating agencies Global Agreement International allowance units replace offsets and allowances Rating is a measure of risk re activity and credibility (because now all country targets are based on agreed allocations - no difference between country targets and what target should be - only a question of whether the country is on track to meet the target - ICAR assets either retired (end of game) or converted to international allowance units if international reserve function is deemed useful.
12 12 The International Carbon Reserve Exchange rates based on ratings International carbon prices Address market risks and failures
13 13 International Carbon Reserve would: Convert the independent rating information to discount rates and determine the exchange rates at which it would manage and trade assets from participating jurisdictions. Be the mechanism for opting in to the globallynetworked carbon market. Provide performance feedback via ratings impact on value of units deposited in the reserve. Have rules / conditions which jurisdictions would agree to when opting in (including willingness to use ratings as basis for discounting / exchange rates)
14 14 International Carbon Reserve could: Provide functions that help manage certain market risks and market failures, in conjunction with jurisdiction-level mechanisms Provide a source of liquidity and a liquidity and shared high price buffer function might be important for smaller, emerging carbon markets; Provide a back-up for domestic reserves in some of the larger markets; Provide a market maker function might be of interest to jurisdictions intending to focus on offset assets. Support a stable international carbon price Provide market surveillance and information Other?
15 15 Principles Opt-in approach: jurisdictions participate if they see value. Respect Sovereignty: facilitate the most efficient trading up to the level that each jurisdiction chooses to engage. Compatible with a top-down global agreement when this is achieved. Encourage participation: learning by doing, and race to the top. Private sector friendly. Environmental integrity.
16 16 Why jurisdictions might choose to opt in Gives their private sector access to greater market opportunities ( selling countries ) Attracts financing that otherwise would not flow ( buying countries ) Addresses consumer concerns that carbon price could go too high ( selling countries ) Access to reserve functions ( buying and selling countries )
17 Mid /16 Post Roadmap for the Carbon Reserve Pilot Fund 3-5 Countries -establishes rating approach, -market maker for new assets - Possibly housed at World Bank or IFC Pre-Reserve More countries - a track record for rating Possibly still housed at the World Bank/IFC ICAR Large enough to make an impact in terms of establishing an international price on carbon Housed outside the World Bank Global Agreement International allowance units replace offsets and allowances Rating is a measure of risk re activity and credibility (because now all country targets are based on agreed allocations - no difference between country targets and what target should be - only a question of whether the country is on track to meet the target - ICAR assets either retired (end of game) or converted to international allowance units if international reserve function is deemed useful.
18 18 Immediate Next Steps with input / active involvement from WG members: Further work on developing and testing the rating protocol Progress the development of an Ambition Index Advance thinking and modeling of options / costs / benefits for an ICAR. Re-convene Working Group early CY2014. Pilot ratings approach with a pilot market maker fund in 2014.
19 Summary Summary Linking low carbon development systems is a big undertaking. Linking reduces national control over domestic policies. Networking/ connecting carbon markets have similar benefits: a. Political: connecting markets systems signals a common effort b. Economic: i. Lowers aggregate costs of achieving GHG reductions ii. Can increase market liquidity and price stability. iii. Reduces the problem of leakage of economic activity c. Administrative: allows regulators to share best practices 19 A practical Rating system can be the basis for networked/ connected carbon markets An International Carbon Reserve can help with exchange rates and common market functions
20 THANK YOU. 20
21 Recognition of allocations from other trading schemes for compliance (allowing trade between ETS systems) Two-way linking: two cap-andtrade regimes allow trading between covered firms in each scheme Allowances One-way linking: a cap-and-trade system recognizes allowances from a foreign ETS or emission reductions (i.e. credits or offsets) from a project-based system (e.g. CDM) System with high abatemen t cost Equalizes marginal abatement costs System with Low Abateme nt cost ETS Lowers cost of complianc e Offset system (e.g. CDM) or other ETS Funds Key Considerations Linking can lower aggregate costs of achieving emissions reductions Linking can increase market liquidity and price stability Linking with systems without appropriate measurement and verification may harm the environmental integrity of the ETS Linking ay reduce national control over domestic climate change policies
22 Connecting Carbon Markets 22 Full harmonization is not necessary to make linking possible Some design features must be compatible to facilitate linking disparate ETS jurisdictions Must have mutual design compatibilities Nature of the cap (e.g. fixed, dynamic, etc.) Cost-containment mechanisms Time-flexibility measures (banking, borrowing) Robust monitoring, reporting & verification systems Desirable to have mutual design compatibilities Coverage and scope Point of obligation (i.e. upstream or downstream) Method of allocation (i.e. gratis vs auctioning) Compatible registry systems Fungiblity of GHG units (i.e. interchangeability of allowances and offsets in different jurisdictions) Compliance periods Based on Mehling (2009)
GLOBALLY NETWORKED CARBON MARKETS COMMON FRAME OF REFERENCE AND APPROACH FOR CLIMATE CHANGE MITIGATION VALUE
1 GLOBALLY NETWORKED CARBON MARKETS COMMON FRAME OF REFERENCE AND APPROACH FOR CLIMATE CHANGE MITIGATION VALUE February 2014 Wendy Hughes, World Bank 2 Outline: Looking ahead efforts to link markets will
More informationMajor Economies Business Forum: Examining the Effectiveness of Carbon Pricing as an Approach to Emissions Mitigation
Major Economies Business Forum: Examining the Effectiveness of Carbon Pricing as an Approach to Emissions Mitigation KEY MESSAGES Carbon pricing has received a great deal of publicity recently, notably
More informationModalities and procedures for the new market-based mechanism
Environmental Integrity Group (EIG) 09.09.2013 Liechtenstein, Mexico, Monaco, Republic of Korea, Switzerland Modalities and procedures for the new market-based mechanism SBSTA 39 The Environmental Integrity
More informationIETA Response to UNFCCC: FVA/NMM. September 2, 2013
IETA Response to UNFCCC: FVA/NMM September 2, 2013 2 Section 1: The Framework for Various Approaches (FVA) UNFCCC Call for Input: What is the purpose and scope of the FVA, including its role in ensuring
More informationDeep Dive into Policy Instruments Emissions Trading Schemes. Pablo Benitez, PhD World Bank Hanoi, Vietnam March 14, 2014
Deep Dive into Policy Instruments Emissions Trading Schemes Pablo Benitez, PhD World Bank Hanoi, Vietnam March 14, 2014 bout this Lesson In this lesson, you will review: n overview of emissions trading
More informationThe Framework for Various Approaches and New Market Mechanisms (FVA/NMM) in a post- Doha context: IETA s Perspective
March 2013 The Framework for Various Approaches and New Market Mechanisms (FVA/NMM) in a post- Doha context: IETA s Perspective 1. Background IETA views the Framework for Various Approaches (FVA) as a
More informationMorocco Final Market Readiness Proposal
Morocco Final Market Readiness Proposal MRP Objective and Focus Implementation of a scaled-up crediting mechanism in three key sectors of the economy (electricity generation, cement production, and phosphate
More informationregulation approach incentive approach
Mr. Takashi Hongo is a Senior Fellow at Mitsui Global Strategic Studies Institute(MGSSI). Before joining MGSSI, he served for Japan Bank for International cooperation (JBIC). He led the drafting the Environment
More informationRMIA Conference, November 2009
THE IMPLICATIONS OF THE CARBON POLLUTION REDUCTION SCHEME FOR YOUR BUSINESS RMIA Conference, November 2009 AGENDA Now Important concepts Participating in the CPRS: compliance responsibilities Participating
More informationMajor Economies Business Forum: Green Climate Fund and the Role of Business
Major Economies Business Forum: Green Climate Fund and the Role of Business KEY MESSAGES In the Cancún Agreement, developed nations pledged to mobilize $100 billion 1 per year by 2020 to fund efforts in
More informationLow-carbon Development and Carbon Finance at the IDB Maria Netto Sustainable Energy and Climate Change Unit (ECC)
Low-carbon Development and Carbon Finance at the IDB Maria Netto Sustainable Energy and Climate Change Unit (ECC) 11th Annual Workshop on Greenhouse Gas Emission Trading Oct 3 rd, 2011 Context for IDB
More informationArticle 6 of the Paris Agreement Implementation Guidance An IETA Straw Proposal
Article 6 of the Paris Agreement Implementation Guidance An IETA Straw Proposal This document outlines IETA s proposed thinking on Article 6 of the Paris Agreement in a negotiated text format that we call
More informationSUBMISSION BY IRELAND AND THE EUROPEAN COMMISSION ON BEHALF OF THE EUROPEAN UNION AND ITS MEMBER STATES
SUBMISSION BY IRELAND AND THE EUROPEAN COMMISSION ON BEHALF OF THE EUROPEAN UNION AND ITS MEMBER STATES This submission is supported by Albania, Croatia, Bosnia and Herzegovina, Iceland, the Former Yugoslav
More informationTRANSFORMATIONAL NAMAS, CLIMATE FINANCE & TRANSITIONING TO A 2015 AGREEMENT
TRANSFORMATIONAL NAMAS, CLIMATE FINANCE & TRANSITIONING TO A 2015 AGREEMENT Ned Helme November 18, 2013 Dialogue. Insight. Solutions. SHARED VISION ON TRANSFORMATIONAL NAMAS Developed and developing countries
More informationFinancing Low Carbon Projects
Financing Low Carbon Projects Odin K. Knudsen Real Options International December 14, 2011 Odinknudsen@gmail.com Real Options International Inc. Advising on Low Carbon Strategies and Finance Restructuring
More informationADB Support to Thailand on the Development of Emissions Trading; Project synopsis
ADB Support to Thailand on the Development of Emissions Trading; Project synopsis Asia Pacific Carbon Forum, Bangkok 14 th December 2017 Mark Johnson Scope of work Policy objectives NDC alignment International
More informationLinking Emission Trading Schemes around the world: critical analysis and perspectives
Linking Emission Trading Schemes around the world FESSUD workshop 8 September 2014 Linking Emission Trading Schemes around the world: critical analysis and perspectives Prof. Massimiliano Montini Università
More informationUPDATE ON FINANCING CLIMATE MITIGATION IN DEVELOPING COUNTRIES AND THE ROLE OF THE WORLD BANK CARBON FINANCE UNIT
UPDATE ON FINANCING CLIMATE MITIGATION IN DEVELOPING COUNTRIES AND THE ROLE OF THE WORLD BANK CARBON FINANCE UNIT INTERNATIONAL MARITIME ORGANIZATION MARCH 30, 2011 SCOTT CANTOR CARBON FINANCE UNIT THE
More informationMitigation Actions and Measurement, Reporting and Verification in a Post-2012 Climate Agreement
Mitigation Actions and Measurement, Reporting and Verification in a Post-2012 Climate Agreement Elliot Diringer Vice President, International Strategies Pew Center on Global Climate Change at UNFCCC Media
More informationTheory and Practice of Emission Trading Systems
Theory and Practice of Emission Trading Systems Luca Taschini Grantham Research Institute, LSE 15 February 2017 Agenda Agenda Government intervention and instrument choice. The theory of Emission Trading
More informationPEPANZ Submission: New Zealand Emissions Trading Scheme Review 2015/16
29 April 2016 NZ ETS Review Consultation Ministry for the Environment PO Box 10362 Wellington 6143 nzetsreview@mfe.govt.nz PEPANZ Submission: New Zealand Emissions Trading Scheme Review 2015/16 Introduction
More informationEU ETS Structural Reform
EU ETS Structural Reform The Option for an Auction Reserve Price Paris, March 13 th 2015. Based in Paris, The Shift Project (TSP) is a Europe-wide think tank working towards an economy free from the constraints
More informationALLOWANCES 6TH SOUTH EAST EUROPE ENERGY DIALOGUE, MAY 2012 PANTELIS MANIS, HEAD THESSALONIKI STOCK EXCHANGE CENTER
GREENHOUSE GAS EMISSION ALLOWANCES 6TH SOUTH EAST EUROPE ENERGY DIALOGUE, MAY 2012 PANTELIS MANIS, HEAD THESSALONIKI STOCK EXCHANGE CENTER GHG Emissions: History 2 GHG Emissions: Participation of countries(kyoto)
More informationDRAFT EU ETS Linkages with other trading schemes Legal Issues
DRAFT EU ETS Linkages with other trading schemes Legal Issues ECCP, Brussels June 14, 2007 M.J. Mace FIELD London 1 Project: Analysing the legal and organisational issues arising from linking the EU ETS
More informationCarbon Pollution Reduction Scheme - Business Implications & Opportunities for Actuaries. Peter Eben
Carbon Pollution Reduction Scheme - Business Implications & Opportunities for Actuaries Peter Eben Agenda Introduction Overview of CPRS Sectoral and business level impacts Opportunities for actuaries Introduction
More informationCARBON PRICING PRINCIPLES. Prepared by the ICC Commission on Environment and Energy
CARBON PRICING PRINCIPLES Prepared by the ICC Commission on Environment and Energy Document No. 213/121 ABH October 2016 Carbon Pricing Principles 1 The Paris Agreement accommodates and encourages a broad
More information4 th PA PMR. EU ETS and Australian CPM Linking Sydney October 2012
4 th PA PMR EU ETS and Australian CPM Linking Sydney 22-25 October 2012 Marco Loprieno European Commission DG Climate Action James White Department of Climate Change and Energy Efficiency The EU ETS in
More informationEMISSIONS TRADING IN PRACTICE Pasos 4 y 5: Flexibilidad temporal y offsets. Mariza Montes de Oca León
EMISSIONS TRADING IN PRACTICE Pasos 4 y 5: Flexibilidad temporal y offsets Mariza Montes de Oca León ICAP-PMR ETS Handbook International Carbon Action Partnership 2 International Carbon Action Partnership
More informationCLIMATE-FRIENDLY ECONOMY: REDUCING EMISSIONS AND LIMITING CLIMATE CHANGE
CLIMATE-FRIENDLY ECONOMY: REDUCING EMISSIONS AND LIMITING CLIMATE CHANGE The International Climate Initiative (IKI) of the Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU)
More informationKorea s Emission Trading System
Korea s Emission Trading System : An Attempt of Non-Annex I Party Countries to Reduce GHG Emissions Voluntarily 2015.03.12 Junwon Hyun* and Hyungna Oh** *Fellow, Korea Legislation Research Institute: hyon@klri.re.kr
More informationOntario s Climate Change Action Plan: Implications for companies and government
Ontario s Climate Change Action Plan: Implications for companies and government Ontario s economy is entering a new low-carbon era through a cap and trade program and climate change strategy and action
More informationGHG EMISSIONS TRADING SYSTEMS RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK
GHG EMISSIONS TRADING SYSTEMS RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK Emission trading systems: definition and rationale Regulation where the government establishes a
More informationSubmission to the UNFCCC on FVA and NMM
Submission to the UNFCCC on FVA and NMM This submission draws on discussions that took place in the Carbon Market Forum (CMF) at CEPS. The CMF provides a neutral space where policy-makers and regulators
More informationAD HOC WORKING GROUP ON LONG-TERM COOPERATIVE ACTION UNDER THE CONVENTION Resumed seventh session Barcelona, 2 6 November 2009
AD HOC WORKING GROUP ON LONG-TERM COOPERATIVE ACTION UNDER THE CONVENTION Non-paper No. 42 1 06/11/09 @ 17:15 CONTACT GROUP ON MITIGATION Subgroup on paragraph 1(v) of the Bali Action Plan Various approaches
More informationReview of the EU Emissions Trading System. Jos Delbeke DG Environment European Commission
Review of the EU Emissions Trading System Jos Delbeke DG Environment European Commission Objectives of EU ETS review Cost-effective contribution to -20% GHG target for 2020, or to stricter target under
More informationCanada s Submission on SBSTA Item 11(a): Article 6, Paragraph 2 October, 2017
Canada s Submission on SBSTA Item 11(a): Article 6, Paragraph 2 October, 2017 1. Canada is pleased to present views on the content of the guidance, including the structure and areas, issues and elements
More informationCarbon and ESG What does it mean for portfolio managers?
Carbon and ESG What does it mean for portfolio managers? Corli le Roux Head of SRI Index Shameela Ebrahim Senior Strategist 10 September 2009 Copyright JSE Limited 2008 Introduction: Two crises The one
More informationConsultation on revision of the EU Emission Trading System (EU ETS) Directive
Case Id: 8bcb1f40-1d7b-4f5f-a7ef-5305bb9e2771 Consultation on revision of the EU Emission Trading System (EU ETS) Directive Fields marked with * are mandatory. Introduction On 24 October 2014, the European
More informationBlockchain and Emerging Digital Technologies for
Public Disclosure Authorized Public Disclosure Authorized Blockchain and Emerging Digital Technologies for Enhancing Post-2020 Climate Markets Public Disclosure Authorized Public Disclosure Authorized
More informationETS International Cooperation and MRV
ETS International Cooperation and MRV Marco LOPRIENO European Commission DG EU ETS Compliance Conference Brussels 6 November 2014 Agenda International Carbon Market EU Cooperation Approach Multilateral
More informationRoundtable: Oversight of Carbon Market Services for Turkish Banks
Roundtable: Oversight of Carbon Market Services for Turkish Banks - Gediz Kaya, GAIA Carbon Finance - Baran Gen, Gen & Temizer, Ozer - Egbert Liese, Climate Focus ISTANBUL, 21 October 2015 Introduction
More informationDurban Debrief: New Start or More of the Same?
Durban Debrief: New Start or More of the Same? Global Governance Programme Seminar 23 January 2012, Firenze Barbara K. Buchner Director, CPI Venice BEIJING BERLIN RIO DE JANEIRO SAN FRANCISCO VENICE +39
More informationConsultation on revision of the EU Emission Trading System (EU ETS) Directive
Case Id: f9000a43-c6e8-42ef-92c7-ad367f6f5673 Consultation on revision of the EU Emission Trading System (EU ETS) Directive Fields marked with * are mandatory. Introduction On 24 October 2014, the European
More informationCreating Green Bond Markets Insights, Innovations,
Sustainable Banking Network (SBN) Creating Green Bond Markets Insights, Innovations, and Tools from Emerging Markets October 2018 Executive Summary Sustainable Banking Network Executive Summary The emergence
More informationA Framework for Various Approaches under the UNFCCC: Necessity or luxury?
A Framework for Various Approaches under the UNFCCC: Necessity or luxury? Submission to the AWG-LCA by Andrei Marcu 5 October 2012 Executive Summary The Framework for Various Approaches (FVA) under the
More informationParis Agreement- Markets
Paris Agreement- Markets February 18, 2016 Andrei Marcu 1 2/22/2016 Centre for European Policy Studies (CEPS) 2 Paper on Art 6 of Paris Agreement Carbon Market Provisions in the Paris Agreement (Article
More informationNational Climate Registries and the CIF. David Reed
National Climate Registries and the CIF David Reed National Development Plan(s) Adaptation: NAPAs Strategic Plans for Climate Resilience or equivalents Mitigation: NAMAs CTF and SREP Investment Plans Low
More informationTechnical Workshop Corporate Climate Change Reporting: Towards consistent and targeted schemes OECD (Paris) 15th February 2012
Technical Workshop Corporate Climate Change Reporting: Towards consistent and targeted schemes OECD (Paris) 15th February 2012 Lois Guthrie, Executive Director, The Climate Disclosure Standards Board Climate
More informationEU ETS Legal & Institutional Framework
EU ETS Legal & Institutional Framework Chile Study Tour to Germany Berlin, 11 December 2017 Alexander Handke Emissions Trading Division Federal Ministry for the Environment, Nature Conservation, Building
More informationMarket-based Policy Instruments for Climate Change IEST5011: Managing the Greenhouse, July Iain MacGill
Market-based Policy Instruments for Climate Change IEST5011: Managing the Greenhouse, July 2005 Iain MacGill Energy market regulation Regulation to ensure imperfect market means lead to desired societal
More informationCOUNCIL OF THE EUROPEAN UNION. Brussels, 11 May /10 ECOFIN 249 ENV 265 POLGEN 69
COUNCIL OF THE EUROPEAN UNION Brussels, 11 May 2010 9437/10 ECOFIN 249 ENV 265 POLGEN 69 NOTE from: to: Subject: The General Secretariat of the Council Delegations Financing climate change- fast start
More informationSwiss ETS. Jurisdictions: Switzerland. Federal Office for the Evironment (FOEN)
1 5 International Carbon Action Partnership Swiss ETS General Information Summary Status: ETS in force Jurisdictions: Switzerland The Switzerland (Swiss) ETS started in 2008 with a five-year voluntary
More informationClimate Finance, Carbon pricing and linkage of mitigation efforts in a fragmented world
Climate Finance, Carbon pricing and linkage of mitigation efforts in a fragmented world Jean-Charles Hourcade Comparison and Linkage of Mitigation Efforts in a New Paris Regime Harvard Kennedy School May
More informationPossible future linkage among emissions trading systems in East Asia
International Cooperation in East Asia to Address Climate Change Possible future linkage among emissions trading systems in East Asia Hyungna Oh* and Il-Young Oh** (*h.oh@khu.ac.kr; ** oiyoiy@hanmail.net)
More informationGHG EMISSIONS TAX RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK
GHG EMISSIONS TAX RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK Carbon taxes often higher then ETS prices Source: World Bank, State and Trends of carbon Pricing 2015 2 Tax on
More informationScaling voluntary action within the framework of the paris agreement
1 Scaling voluntary action within the framework of the paris agreement 2 Scaling Voluntary Action within the Framework of the Paris Agreement February 2017 ICROA Rue Merle-d'Aubigné 24, 1207 Genève, Switzerland
More informationCARBON PRICING: PERSPECTIVES FOR THE EU EMISSIONS TRADING SCHEME BY 2030
CARBON PRICING: PERSPECTIVES FOR THE EU EMISSIONS TRADING SCHEME BY 2030 French Pavilion COP 21, PARIS Benoit Leguet, Managing Director I4CE- Institute for Climate Economics 10 th December 2015 Outline
More informationWHAT DOES WCI LINKAGE MEAN FOR ONTARIO INDUSTRIES?
WHAT DOES WCI LINKAGE MEAN FOR ONTARIO INDUSTRIES? By John McCloy, Canadian Clean Energy Conferences In the run-up to the 2nd Annual Ontario Cap and Trade Forum on April 18-19 at the Beanfield Centre in
More informationAAU sales and Green Investment Schemes: Towards implementation in Ukraine
AAU sales and Green Investment Schemes: Towards implementation in Ukraine Grzegorz Peszko Senior Environmental Economist, Europe and Central Asia 24 April, Kyiv Overview 1. Strategic allocation and management
More informationASIL Insight February 12, 2010 Volume 14, Issue 3 Print Version. The Copenhagen Climate Change Accord. By Daniel Bodansky.
ASIL Insight February 12, 2010 Volume 14, Issue 3 Print Version The Copenhagen Climate Change Accord By Daniel Bodansky Introduction Since the Kyoto Protocol's entry into force in 2005, attention has focused
More informationPMR Turkey Request for Additional Funding
Republic of Turkey Ministry of Environment and Urbanization General Directorate of Environmental Management PMR Turkey Request for Additional Funding Mehrali ECER Head of Climate Change Department National
More informationChile Final Market Readiness Proposal. Ignacio Fernandez Ministry of Energy March 11, 2013
Chile Final Market Readiness Proposal Ignacio Fernandez Ministry of Energy March 11, 2013 Progress since last PMR Meeting Key themes: Consideration of feedback from PMR Assembly on Draft MRP Institutional
More informationWORLD INVESTMENT M REPORT
UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT WORLD INVESTMENT M REPORT IN A LOW-CARBON ECONOMY New York and Geneva, 2010 TABLE OF CONTENTS PREFACE ACKNOWLEDGEMENTS ABBREVIATIONS KEY MESSAGES OVERVIEW
More informationThe UK's policy proposal for a small emitter and hospital opt out from the EU ETS according to Article 27, as notified to the European Commission
The UK's policy proposal for a small emitter and hospital opt out from the EU ETS according to Article 27, as notified to the European Commission 19 December 2011 2 The UK's policy proposal for a small
More informationSupported NAMA Template Discussion Draft
Supported NAMA Template Discussion Draft Michael Comstock, Manager, International Climate Dialogue Stacey Davis, Senior Program Manager Center for Clean Air Policy (CCAP) ********* Mitigation Action Implementation
More informationConsultation on revision of the EU Emission Trading System (EU ETS) Directive
Consultation on revision of the EU Emission Trading System (EU ETS) Directive Transparency register ID: 50679663522-75 EUROPEX Rue Montoyer 31 Bte 9 BE-1000 Brussels T. : +32 2 512 34 10 E.: secretariat@europex.org
More informationCLIMATE. Q&A on accounting for transfers from outside of NDCs under Article 6 of the Paris Agreement to avoid double counting
CLIMATE Q&A on accounting for transfers from outside of NDCs under Article 6 of the Paris Agreement to avoid double counting December 2018 Background The scope of current emissions targets in countries
More informationThe Carbon Partnership Facility
The Carbon Partnership Facility Objectives, features and Current Status June 2009 World Bank www.carbonfinance.org Towards a new approach: objectives of the CPF Use carbon markets to catalyze a transformation
More informationOur challenges and emerging goal State of affairs of negotiation towards Copenhagen Possible agreement in Copenhagen Conclusion: emerging feature of
Our challenges and emerging goal State of affairs of negotiation towards Copenhagen Possible agreement in Copenhagen Conclusion: emerging feature of post-2012 regime 2 Our Challenges(1) Some scientific
More informationDesign Options for an International Carbon Asset Reserve
Networked Carbon Markets A Knowledge Series Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Design Options for an International Carbon Asset Reserve July 2015 Public
More informationEvaluation of the Pilot Project of Domestic Emissions Trading Scheme
Evaluation of the Pilot Project of Domestic Emissions Trading Scheme 1. General Outline of the Project July 12, 2004 Climate Change Policy Division Global Environment Bureau Ministry of the Environment,
More informationEUROCHAMBRES response to the consultation on the Emission Trading System (ETS) post-2020 carbon leakage provisions
EUROCHAMBRES response to the consultation on the Emission Trading System (ETS) post-2020 carbon leakage provisions I. General: competitiveness, carbon leakage and present free allocation rules 31 July
More informationLinking Heterogeneous Climate Policies
Working Paper Series Linking Heterogeneous Climate Policies (Consistent with the Paris Agreement) Michael A. Mehling, Gilbert E. Metcalf, and Robert N. Stavins November 2017 CEEPR WP 2017-021 M A S S A
More informationResponse to UNFCCC Secretariat request for proposals on: Information on strategies and approaches for mobilizing scaled-up climate finance (COP)
SustainUS September 2, 2013 Response to UNFCCC Secretariat request for proposals on: Information on strategies and approaches for mobilizing scaled-up climate finance (COP) Global Funding for adaptation
More informationMANDATORY GREENHOUSE GAS EMISSION TRADING SCHEMES OPERATING IN AUSTRALIA, CALIFORNIA, EUROPEAN UNION AND QUÉBEC July 2013
MANDATORY GREENHOUSE GAS EMISSION TRADING SCHEMES OPERATING IN AUSTRALIA, CALIFORNIA, EUROPEAN UNION AND QUÉBEC July 2013 Jurisdiction Australia California Québec European Union Scheme name Carbon Pricing
More informationSupporting carbon pricing policies through crediting and RBCF. Frédéric Gagnon-Lebrun May 2016
Supporting carbon pricing policies through crediting and RBCF Frédéric Gagnon-Lebrun May 2016 World Bank supported Huge amount of detail, analysis, (ongoing) thinking Starting point Policy-based crediting
More informationTHE WORLD BANK CARBON FINANCE APPROACH TO DETERMINING PRICE RANGES FOR ERPAS
THE WORLD BANK CARBON FINANCE APPROACH TO DETERMINING PRICE RANGES FOR ERPAS In order to fully commit the funds already entrusted to the World Bank by carbon fund Participants, the Carbon Finance Unit
More information9719/16 SH/iw 1 DGE 1B
Council of the European Union Brussels, 3 June 2016 (OR. en) Interinstitutional File: 2015/0148 (COD) 9719/16 CLIMA 59 ENV 380 ENER 231 TRANS 210 IND 125 COMPET 349 MI 408 ECOFIN 534 CODEC 802 NOTE From:
More informationSession SBI41 (2014)
Session SBI41 (2014) Session started at 01-09-2014 00:00:00 [GMT+1] Session closed at 28-11-2014 23:59:59 [GMT+1] A compilation of questions to - and answers by Portugal Exported 29/11-2014 by the UNITED
More informationPRIORITIES FOR INTERNATIONAL CLIMATE POLICY - In view of the Cancún Conference
POSITION PAPER 26 November 2010 PRIORITIES FOR INTERNATIONAL CLIMATE POLICY - In view of the Cancún Conference European companies support action to combat climate change and are committed to taking their
More informationCarbon Market Institute. Submission - Emissions Reduction Fund: Safeguard Mechanism
Carbon Market Institute Submission - Emissions Reduction Fund: Safeguard Mechanism April 2015 ABOUT THE CARBON MARKET INSTITUTE The Carbon Market Institute (CMI) is an independent membership-based not-for-profit
More informationConsultation on the 2015 International Climate Change Agreement
Consultation on the 2015 International Climate Change Agreement Response by Scottish and Southern Energy plc (Transparency register number: 64436972598-17) 1. How can the 2015 Agreement be designed to
More informationFinancing Climate Change Adaptation and Mitigation in Africa: Key Issues and Options for Policy-Makers and Negotiators.
Financing Climate Change Adaptation and Mitigation in Africa: Key Issues and Options for Policy-Makers and Negotiators Policy Brief Paper prepared for: The Third Financing for Development Conference on
More informationEU ETS MARKET STABILITY RESERVE
EU ETS MARKET STABILITY RESERVE POSITION PAPER 1. Foreword The Shift Project is initiating an EU ETS Working Group starting with this position paper on the Market Stability Reserve (MSR) and will issue
More informationWith this in mind, Carbon Market Watch makes the following recommendations to the development of guidance for Article 6, paragraph 2.
Carbon Market Watch views on guidance on cooperative approaches referred to in Article 6, paragraph 2, of the Paris Agreement FCCC/SBSTA/2016/2, para. 96 September 2016 The accredited organization Nature
More informationKorea Emissions Trading Scheme
1 5 International Carbon Action Partnership Korea Emissions Trading Scheme General Information Summary Status: ETS in force Jurisdictions: Republic of Korea On 1 January 2015, the Republic of Korea launched
More informationEUROSAI WGEA Seminar: Auditing Climate Change Switzerland
EUROSAI WGEA Seminar: Auditing Climate Change Switzerland Workshop 1, Copenhagen / March 23+24, 2010 Swiss Federal Audit Office (SFAO) / Martin Koci 1 National Audit on Climate Change Objectives Audit
More informationPotential and exemplar financial. Makoto Kato
Potential and exemplar financial schemes for NAMAs Makoto Kato OECC 1 Outline 1. NAMAs and Finance international negotiation context 2. Schemes that can be used for financing NAMAs 3. Important Note 2
More informationCARBON TRADING IN SOUTH AFRICA
REPORT CARBON TRADING IN SOUTH AFRICA TRADING OFFSETS AGAINST THE PROPOSED CARBON TAX MARCH 2014 ww.promethium.co.za 1 P a g e Tel : +27 11 706 8185 Fax: +27 86 589 3466 EXECUTIVE SUMMARY This report presents
More information12 Years of EU-ETS Lessons learned
12 Years of EU-ETS Lessons learned Partnership for Market Readiness Turkey Project Roadmap for The Consideration of Establishment and Operation of A Greenhouse Gas Emissions Trading System in Turkey Closure
More informationPARTNERSHIP FOR MARKET READINESS (PMR)
PARTNERSHIP FOR MARKET READINESS (PMR) CARBON MARKETS: FROM CURRENT PRACTICE TO THEIR ROLE IN THE NEW CLIMATE REGIME Summary of 10 th PMR Technical Workshop March 12-13, 2015 London, United Kingdom INTRODUCTION
More informationFormulas for Quantitative Emission Targets
Formulas for Quantitative Emission Targets Prof. Jeffrey Frankel MR-CBG, KSG, Harvard University Architectures for Agreement: Addressing Global Climate Change in the Post Kyoto World New Directions in
More informationFebruary 2012 REDD+ FINANCING GAP
February 2012 Submission to the UNFCCC-LCA on behalf of the Amazon Environmental Research Institute, Conservation International, Environmental Defense Fund, Natural Resources Defense Council, Rainforest
More informationCan Capital Markets Bridge the Climate Change Financing Gap? Project leaders: Research Analyst: Additional Contact: Underwriting Ltd
2010 Can Capital Markets Bridge the Climate Change Financing Gap? Project leaders: Julian Richardson - Parhelion, London Phone: +44 (0)20 7645 8331 Email: JHR@parhelion.co.uk Michael Wilkins - Standard
More informationFinancing the LAC NDCs
Financing the LAC NDCs From actions to investments: financing needs and investment opportunities 6/28/16 Dr. Amal-Lee Amin Inter-American Development Bank Infrastructure and Environment Sector Climate
More informationDECENTRALIZED AUTONOMOUS ORGANIZATION INTEGRAL PLATFORM FOR CLIMATE INITIATIVES
DECENTRALIZED AUTONOMOUS ORGANIZATION INTEGRAL PLATFORM FOR CLIMATE INITIATIVES Blockchain ecosystem for carbon markets, societal costs mitigation instruments, environmental assets, rights and liabilities
More informationThe role of Exchanges in accelerating the growth of the Green Bonds Market: the South African case
The role of Exchanges in accelerating the growth of the Green Bonds Market: the South African case A Presentation to the Colloquium on Climate Finance (Townhouse Hotel, Cape Town) By: Shameela Soobramoney
More informationMobilizing climate investment: project preparation and financing
Mobilizing climate investment: project preparation and financing UNEP Risø Center Low-Carbon Development Group Lilongwe, 26 September 2013 The Big Picture Climate change is a "real" phenomenon, which cannot
More informationClimate Action Martin Kaspar Policy Officer Climate Development Finance DG CLIMA European Commission
Clima South seminar on Climate Finance Barcelona, 9.3.2016 Climate Action Martin Kaspar Policy Officer Climate Development Finance DG CLIMA European Commission Elina Bardram, DG Climate Action elina.bardram@ec.europa.eu
More informationSOUTH AFRICA: A MARKET-BASED CLIMATE POLICY CASE STUDY
SOUTH AFRICA: A MARKET-BASED CLIMATE POLICY CASE STUDY Last Updated: 2016 South Africa: A Market-Based Climate Policy Case Study 2 Background South Africa emitted an estimated 544 Mt of carbon dioxide
More information