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Press Releases

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  • 19 Jul 2017 2:40 AM | Stephanie Olegario (Administrator)

    TORONTO, 18 July – The California state legislature’s approval to extend the state’s cap and trade law until 2030 is a welcome boost for market confidence, says IETA.

    The state Senate and Assembly approved the extension of the market last night. In a bipartisan vote supported by two-thirds of each body, the approval brings to an end months of uncertainty over the market’s future and gives clarity to businesses operating in the state.

    “We applaud the effort by California Democrats and Republicans to secure passage of the legislation to continue the state’s carbon market until 2030,” says Dirk Forrister, IETA’s CEO and President. “Business needs clear rules and predictability, and that is what the California state policymakers have provided.”  

    California’s cap-and-trade program began in 2012, covering large power and industrial facilities, before broadening coverage in 2015 to include transportation fuels and natural gas. Today, the program caps 85% of the state’s total emissions. In 2014, it linked with Québec’s market, and it is expected to link to Ontario’s new cap-and-trade program in 2018. Other jurisdictions, such as Oregon, Nova Scotia and Mexico, are eyeing a link as well.  

    “Now that we have clarity on California’s future direction, efforts to expand the reach of the linked market can ramp up,” says Katie Sullivan, Managing Director for IETA. “There is a great opportunity to build a market with sizeable impact – one which can lead to meaningful emissions reductions at a lower cost than if each jurisdiction acted alone.”

    She adds: “IETA is ready to support the next wave of carbon markets in North America, and to help business uncover new opportunities in the low-carbon future.”


  • 05 Jul 2017 4:51 PM | Stephanie Olegario (Administrator)

    LONDON, 5 JULY - IETA congratulates the Pacific Alliance countries of Chile, Colombia, Mexico and Peru on the Cali Declaration, signed at their Presidential Summit on 30 June. The formal declaration seeks to strengthen regional climate action and cooperation, including the explicit move towards a regional voluntary carbon market.

    “We applaud Presidential leadership across these four countries for establishing an impressive high-level mandate to cooperate on greenhouse gas Measurement, Reporting and Verification (MRV) and voluntary market mechanisms to tackle climate change,” said IETA President and CEO, Dirk Forrister. “This initiative could lay the groundwork for deeper regional cooperation on carbon pricing to emerge – not only across Latin America, but also beyond”. Associate members of the Pacific Alliance currently include Australia, Canada, New Zealand and Singapore.”

    To date, more than 40 countries are implementing carbon pricing policies, according to the advance brief of the World Bank’s Carbon Pricing Watch 2017. Chile, Colombia and Mexico are the first three countries in Latin America to enact carbon pricing policies. Mexico has announced plans to launch a national pilot emissions trading system in 2018.

    “We hope that cooperation through the Pacific Alliance, and facilitated by the new Cali Declaration initiative, will lead to successful carbon pricing policy alignment and convergence of a regional carbon market in Latin America and around the Pacific Rim,” added Katie Sullivan, IETA Managing Director of the Americas.

    Download a PDF version of this press release.


  • 14 Jun 2017 4:45 PM | Anonymous member (Administrator)

    Contact: Katie Kouchakji, press@ieta.org  

    LONDON, 14 June – IETA regrets to announce that Jeff Swartz, Managing Director, is leaving the organisation.

    Jeff has been a part of the IETA team since 2011, spearheading our work on international climate policy, China and the Business Partnership for Market Readiness (B-PMR). He was instrumental in our work on how market mechanisms could be included in the Paris Agreement, which contributed to Article 6 of the final agreement.

    He will be leaving at the end of August to take up a post with South Pole Group as Director for Climate Policy and Carbon Markets.

    “Jeff has made a tremendous contribution to IETA, notably through his work in the run up to the Paris climate talks and via the B-PMR, which has opened the door to IETA in many new countries,” says Dirk Forrister, IETA’s President and CEO. “We wish Jeff all the best for his next move, and look forward to continuing to work with him as an IETA member.”

    IETA is recruiting now for his successor. The job posting is available on our website and the deadline for applications is 28 June.


  • 06 Jun 2017 5:54 PM | Anonymous member (Administrator)

    Contact: Katie Kouchakji, press@ieta.org  

    WASHINGTON, DC, 6 JuneIETA applauds the formation of the US Climate Alliance, a bipartisan coalition of governors from across the country.

    Following last week’s announcement by President Donald Trump that the United States will be withdrawing from the Paris Agreement,  the governors of 12 states, along with Puerto Rico, have announced their intention to work together to further climate actions.

    This builds on existing state efforts, including California’s carbon market and the north-east’s Regional Greenhouse Gas Initiative (RGGI) cap-and-trade system for power generators. Both of these efforts were formed in the wake Federal inaction on climate change.

    “RGGI states and California joining with several others to form the US Climate Alliance provides an opportunity for their existing state carbon markets to expand and potentially converge,” says IETA President and CEO Dirk Forrister. 

    “These governors recognise that businesses and governments working together can tackle the climate challenge as we continue to grow our economies and create jobs. IETA and its business members stand ready to help states take the lead and make the most of the opportunities before us.” 


  • 01 Jun 2017 10:20 PM | Anonymous member (Administrator)

    Contact Katie Kouchakji, press@ieta.org

    WASHINGTON, DC, 1 June – The Trump administration’s decision to pull out of the Paris Agreement is disappointing, says IETA.

    After several weeks of discussion, US President Donald Trump decided to withdraw the country from the 2015 agreement. According to the agreement’s provisions, the soonest any country can withdraw is 9 November 2020.

    “The decision to pull the US out of the Paris Agreement is disappointing, but we believe other international leaders will rally to advance this hard-won international deal,” says IETA President and CEO Dirk Forrister. “IETA will continue to engage with the rest of the international community on turning the agreement’s words into action.”

    He adds: “We encourage the US administration to consult with state officials and corporate leaders on an action agenda that can draw on the many successes around the country in tapping market forces for climate protection. US action remains important for the climate challenge, and it merits a market-based approach that leverages the country’s strengths of technology innovation, financial prowess and the entrepreneurial spirit.”


  • 01 Jun 2017 5:38 PM | Katie Kouchakji (Administrator)

    Contact Simon Henry, henry@ieta.org

    GENEVA, 1 June – ICROA analysis of voluntary carbon market data shows that 43.5 million carbon credits were retired1 in 2016 across the major voluntary market standards.

    The total volume retired is equivalent to removing 9.3 million cars from the road for one year. However, this is a slight dip in levels from 2015 which, at 45.9 million carbon credits across the same standards, was a record high for the voluntary market.

    “The voluntary carbon market continues to deliver strong results,” says ICROA Programme Director Simon Henry. “Credit retirement data is the clearest measure of the size of the market, and the data indicates volumes are very close to the record high we saw in 2015.”

    ICROA’s analysis uses data from the public registries of the major voluntary market standards: American Carbon Registry (ACR), Clean Development Mechanism, Climate Action Reserve (CAR), Gold Standard, and the Verified Carbon Standard (VCS). All these standards are endorsed within ICROA’s Code of Best Practice for Carbon Management Services.

    “ICROA is optimistic of future growth in the voluntary carbon market, particularly since there is an ambition gap in the Paris Agreement that requires more than has been pledged by countries so far,” Henry adds. “ICROA’s members are seeing that the private sector is willing to play a role in helping close that gap.”

    “The voluntary market will still have a role to play in engaging business in the climate fight even under the Paris Agreement,” says Dirk Forrister, IETA’s President and CEO. “It allows private sector actors from all over the world to step into a leadership role and find new ways of responding to climate change. 

    “There is a disconnect between where science says we need to be and how far the Paris Agreement will take us, and the voluntary carbon market will be crucial in bridging that gap.” 

    NOTES 

    1  A carbon offset credit is classed as retired when it is permanently removed from the marketplace, such as to voluntarily reduce or neutralise the emissions from an individual, government, corporate, or other organisation.

     

  • 01 Jun 2017 11:13 AM | Anonymous member (Administrator)

    Contact Katie Kouchakji, press@ieta.org

    BRUSSELS, 1 June – European policy-makers need to step up the pace of negotiations on reform to the EU Emissions Trading System (ETS) and reach a common position this summer, says IETA.

    This week's planned meeting for the negotiations between the Council and the European Parliament to strengthen the EU ETS was delayed at the last minute. Talks are now set to resume on 27 June, with British Conservative MEP Julie Girling taking over from Ian Duncan as the Parliament’s rapporteur.

    “We strongly encourage the new management to hasten the work on reform to the EU’s carbon market,” says IETA’s European policy director Julia Michalak. “Businesses are already making investment decisions for the period in which the changes will take effect and need the regulatory clarity that a compromise will bring.”

    “Both the Parliament and the Council should keep in mind that more time taken for these discussions now will mean less time for work on implementation,” she adds.

    More information on IETA’s position on the EU ETS Reform is available on our website.


  • 25 May 2017 3:29 AM | Kimberlee McGenerty (Administrator)

    FOR IMMEDIATE RELEASE
    Contact
    Katie Kouchakji, press@ieta.org

    BARCELONA, 24 May  Two-thirds of respondents to IETA’s annual GHG Market Sentiment survey think that the rise of populist political movements globally are a threat to action on climate change, despite a high level of executive engagement.

    Conducted by PwC, the survey of 135 IETA members from across the globe raised widespread concerns that an increase in nationalist policies could hinder an international response to climate change, with one respondent urging market participants to go on a “PR offensive” extolling the virtues of emissions trading.

    However, over three quarters (77%) of respondents said that climate change is a board-level priority – and 90% said board engagement on the issue has either increased or remained the same year-on-year.

    “The high of seeing the Paris Agreement enter into force last year was tempered by an increase in populist political movements that have pushed climate change down the agenda,” says IETA President and CEO Dirk Forrister. “While the changing political headwinds are cause for concern, we are encouraged by those that are stepping up to lead on climate action. Nationalism and isolationism won’t solve this global problem.”

    He adds: “International collaboration is essential to drive action under the Paris Agreement and, as we saw in Bonn these past two weeks, countries are continuing to work on the rules for implementing the Agreement. High levels of board engagement with climate change and action will only boost these efforts.”

    Survey respondents are more optimistic about national and sectoral efforts, such as China’s planned national emissions trading system, efforts across Canada, and a new market for aviation. In Canada, 69% of respondents expect the federal Pan-Canadian Framework on Clean Growth and Climate Change to drive action by the provinces and territories, while an overwhelming majority expect Ontario’s new market to link to those of Québec and California.

    Meanwhile, respondents’ Phase III EUA price expectations have fallen slightly this year, but remains in the €8-11 range, consistent with the past four years. Expectations for prices out to 2030 also dipped, while the majority of respondents agree that a carbon price floor is needed in the EU ETS.

    “When it comes to Brexit, 60% of respondents think that the UK will leave the EU Emissions Trading System. But linking UK climate policy to the EU ETS would be the most cost-effective approach according to some,” says Jonathan Grant, Director, PwC, who performed analysis on the survey.

     “EU carbon price expectations are still in the doldrums and once again IETA members have highlighted the yawning gap between current prices and what’s needed to achieve the Paris objectives. But despite global economic uncertainties, it’s encouraging to see that business is still focused on climate action and stepping up to support the Paris Agreement.”

    The survey report will be released at the Pitch Hub at Innovate4Climate in Barcelona on Wednesday 24 May at 11am CET. Hard copies will be available at the launch and it can also be downloaded from the IETA website.

    NOTES

    This year’s IETA survey was conducted among IETA members only, with more than one response per organisation possible, and open from Thursday 30 March 2017 to Wednesday 26 April 2017. We received responses from 135 IETA member representatives, from a broad range of locations and organisation types. Participants were given some freedom to select which sections and subject matter they answered on, and therefore a number of statistics are based on samples smaller than 135.

    Key findings from this year’s survey

    • 64% of respondents expect populist political movements to limit action on climate change. As quoted by respondents, “emissions trading needs to go on the PR offensive and advocate its achievements more strongly or it risks being undermined during times of political uncertainties.”
    • Climate change is a board-level priority for 77% of respondents. Furthermore, 90% of respondents have said that board-level engagement on climate change has either increased or remain unchanged in the last 12 months, indicating that corporates are stepping up.
    • 60% of respondents expect the UK to leave the EU ETS following Brexit. Many think the UK will implement a national market but link it back to the EU ETS.
    • 59% of respondents expect the EU ETS reform to be in line with the Paris goal of limiting warming to well below 2°C. However, majority of respondents think that the EU ETS needs a price floor.
    • China is seen as an emerging leader on climate action: 83% of respondents expect the Chinese ETS to encourage other countries to adopt a carbon price. The majority of respondents agree that the launch of the Chinese ETS will reduce competitiveness concerns in other countries.
    • State-level initiatives and the private sector are seen to continue to drive climate action in the US. Despite threats of litigation, 90% of respondents expect the California market to exist post-2025.
    • Canada’s carbon markets are expected to grow: 69% of respondents expect this to be driven by the recent Pan-Canadian Framework on Clean Growth and Climate Change. Moreover, 77% of respondents think that Ontario will link its cap-and-trade programme to the California-Québec market.
    • CORSIA is expected to be the second largest source of demand for international units after the Paris Agreement. Almost half of respondents think that the IMO will implement a carbon price, mainly inspired by CORSIA. 


  • 23 May 2017 7:17 PM | Kimberlee McGenerty (Administrator)

    FOR IMMEDIATE RELEASE
    Contact Katie Kouchakji, press@ieta.org

    BARCELONA, 22 May IETA is proud to release its first Carbon Market Readiness Training Guide, featuring corporate experts who share their market experiences through the Business Partnership for Market Readiness (B-PMR) global outreach.

    The guide, commissioned by the World Bank’s Partnership for Market Readiness (PMR), is aimed primarily at private sector actors in regions where carbon markets are planned or under development. Tackling issues such as offset strategies, competitiveness concerns, risk management, carbon accounting, and internal governance, each chapter was written by a private sector carbon market practitioner.

    Each author also filmed a brief video, highlighting their chapter. The videos are available on both on the training guide’s webpage and YouTube.

    “The BPMR has been helping businesses in developing countries prepare for emissions trading since its launch in 2012, and this guide is the next step in our outreach and educational efforts,” says Jeff Swartz, Managing Director at IETA who oversees the initiative. “We hope these resources will continue to be of use and value for years to come.”

    He adds: “IETA’s membership has a vast and diverse experience with the world’s carbon markets to date, and many valuable lessons to share. This guide draws on their years of being at the frontline of emissions trading and the best practice solutions they have found for their businesses.” 

    “For carbon pricing to be politically and operationally viable, efforts by governments and businesses cannot take place in isolation. We are pleased to be working with IETA’s B-PMR and its member companies to facilitate public-private interaction in countries pursuing such policies,” says Venkata Putti, Manager of the World Bank’s Carbon Markets & Innovation Unit, who oversees the PMR. “The training guide will be used in countries to train tomorrow’s corporate climate champions.” 

    NOTES

    IETA launched the B-PMR in 2012, to enhance the work of the PMR by educating the private sector in countries developing carbon markets. Through its outreach missions, the B-PMR brings representatives from businesses with experience in emissions trading in Europe, the US, Canada and Australia to share knowledge and best practice with local counterparts.


  • 22 May 2017 9:18 AM | Anonymous member (Administrator)

    Contact: Katie Kouchakji, press@ieta.org 

    BARCELONA, 22 May – IETA is proud to present its new quarterly publication, IETA Insights.

    As carbon pricing efforts ramp up around the world, spurred in part by the Paris Agreement, IETA Insights will provide a regular update on the latest developments, innovative approaches to the use of market-based mechanisms to cut emissions, and best practice solutions.

    “Promoting market mechanisms remains at the core of IETA’s ethos, and IETA Insights will allow us to shine a light on key developments and new ways of using market forces to fight climate change,” says Dirk Forrister, President and CEO of IETA. “This first edition also sets out IETA’s guiding principles on carbon pricing, and why we still believe market measures are the best tool to cut emissions at lowest cost.”

    Other articles in this first issue include an analysis of the legal options and obstacles for the US to exit the Paris Agreement – a move we oppose. It also offers an economic review of Canada’s national carbon pricing plans, a first-hand update on the EU ETS reform negotiations, and an update on how the aviation sector is rising to the challenge.

    The next edition will be released in July. For more information or content suggestions, please contact Katie Kouchakji on press@ieta.org. For sponsorship opportunities, please contact Lisa Spafford at spafford@ieta.org.


    NOTES

    IETA Insights replaces IETA’s annual GHG Market Report, typically published ahead of the UN climate negotiations towards the end of the year. An editorial committee, drawn from IETA’s membership, advises on the content and performs peer review. The 2017 editorial committee are: Kavita Ahluwalia, Uniper; Evan Ard, Evolution Markets; Jessica Butts, Delphi; Jean-Yves Caneill, EDF; Sophie Lu, BNEF; Mark Proegler, IETA Fellow; Judith Schröter, ICIS; Naomi Swickard, VCS; and Li Yifeng, Shanghai Zhixin. 


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