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  • 17 Jun 2019 7:00 AM | Anonymous member (Administrator)

    PARIS and GENEVA, 17 June - Delegates from more than 190 countries meet in Bonn this week to continue negotiations over the implementation of Article 6 of the Paris Agreement.

    Article 6 provides a policy foundation for trading in emissions reductions between states, a critical element for business in the drive to achieve net zero emissions by the second half of the century.

    Parties were unable to find agreement on Article 6 at COP24, resulting in the absence of its rules from the Katowice Climate Package. Instead, they forwarded negotiating texts to Bonn that will serve as a starting point for discussions this week, led by Paul Watkinson (France), Chair of the UNFCCC’s Subsidiary Body for Science and Technical Advice (SBSTA).

    “We believe the business community’s ability to deliver ambitious targets with large scale investments depends on strong, clear rules on market mechanisms,” said Dirk Forrister, IETA’s President and CEO. “With clarity on Article 6, they can invest with confidence in the vast opportunities for reductions and removals that are spread around the globe – and trade together to achieve net zero emissions.”

    “Article 6 is crucial to all businesses, big and small, from all sectors of the economy and from all countries” said Majda Dabaghi, Director of Inclusive & Green Growth at the International Chamber of Commerce (ICC). “Our members – 45 million businesses from over 100 countries – are eagerly awaiting clarity on Article 6 rules, which are essential to provide strong and consistent pricing signals to shift investment towards low carbon solutions.”

    Earlier this month UNFCCC Executive Secretary Patricia Espinosa told an international carbon markets conference “Never have we needed the support of international carbon markets as we do right now.”

    Forrister added: “We need clear guidance on how to account for transfers of emissions reductions, on the type of projects that can earn reductions and on measurement and verification rules. Absent that guidance, the private sector will not have the clarity it needs to deploy the billions - even trillions in capital expenditure that are needed.”

    IETA and ICC are among the signatories of a declaration on the need to promote robust accounting rules for international carbon markets, which was released at COP24.

    “The declaration is more relevant than ever, in light of the COP24 outcome, and we urge Parties to work constructively to ensure a good outcome at COP25 in Santiago,” explained Dabaghi.

    Negotiators will meet for two weeks in Bonn. The outcomes of the talks will be forwarded for final decision at the 25th Conference of Parties in December in Santiago, Chile.

    .


  • 24 May 2019 1:37 PM | Anonymous member (Administrator)

    GENEVA, 24 May - IETA welcomes the formal launch next week of South Africa’s carbon tax and offset law, the first such measure in Africa.

    The tax of R120 (US$8) per tonne of CO2 equivalent will be assessed on greenhouse gas emissions from industrial plants in the country. This obligation can be met partially by surrendering certified carbon credits from approved standards.

    “We welcome the climate leadership shown by the government of South Africa, for what is a first of its kind on the continent,” said Dirk Forrister, CEO of IETA. “The flexibility will help to ensure rapid reductions in emissions in a cost-effective manner.”

    South Africa’s tax forms part of its Nationally Determined Contribution to achieving the goals of the Paris Agreement, which under which nations have agreed to reach net zero emissions in the second half of the century.

    South Africa’s tax will allow emitters to use carbon credits to meet between 5-10% of their obligations under the tax.

    In the first phase of the tax, only South African-based credits developed under the UN’s Clean Development Mechanism, Verra’s Verified Carbon Standard or the Gold Standard will be eligible for compliance. A future national carbon standard will also be considered. Carbon credits from projects registered and / or implemented before the introduction of the carbon tax regime will be accepted subject to certain conditions.

    The official Act is available here in the government gazette of South Africa.

    IETA organised a webinar on this topic in April, with participation from the National Treasury of South Africa. You can access the recording and presentations here on the IETA website.


  • 08 Mar 2019 2:25 PM | Anonymous member (Administrator)

    LONDON — (March 8) IETA welcomes the decision by the International Civil Aviation Organisation Council to approve a set of emissions units criteria — guidelines that will help determine eligible emissions units under the Carbon Offsetting and Reduction System for International Aviation (CORSIA). The text includes provisions to ensure delivery of real and verifiable emissions reductions, as well as preventing the double-counting of reductions.

    “Preventing double-counting of reductions is essential to build market confidence,” Eva Weightman, IETA’s aviation policy director, said. “Investors need to know that they have clear title to reduction units - and that there can be no competing claims.”

    The ICAO Council also approved the formation of a Technical Advisory Body (TAB) to select which emissions reduction standards and programmes will be eligible for its global carbon market.

    “We’re pleased and encouraged that ICAO has taken the next step towards the operationalisation of CORSIA,” said Weightman.

    “Time is of the essence,” Robert Stevens, head of IETA’s Aviation Task Force added. “Generating emissions reductions often takes years — from the start of construction of a project through to the first issuance of carbon credits — so it’s important that the TAB starts work as soon as possible.”

    The TAB will be empowered to select emissions standards and programmes that will be eligible for CORSIA, and will make important decisions including a start date for eligibility. Emissions reductions generated prior to this start date will not be eligible for the market.

    “This week, CORSIA took a big step forward, but more work is needed to bring it into commercial operation,” said Dirk Forrister, IETA’s CEO. “We stand ready to provide further input into ICAO’s stakeholder engagement process to ensure that it benefits from the experience and expertise of carbon market professionals as CORSIA kicks into gear.”


  • 18 Feb 2019 5:38 PM | Anonymous member (Administrator)

    IETA supports the Council of the European Union’s conclusions on climate diplomacy, in which it “welcomed the European Commission’s strategic long-term vision for a prosperous, modern, competitive and climate-neutral economy.”

    We are particularly heartened that Ministers reiterated their belief that “carbon pricing and fossil fuel subsidy reform are key steps in creating an enabling environment for making finance flows consistent with a pathway towards safe and sustainable low greenhouse gas emissions and climate-resilient development”.

    “We’re pleased that ministers have taken pains to underline the EU’s ambition for a climate-neutral future,” said Simon Henry, IETA’s Director of Carbon Market Development. “Our main concern now is that Europe’s efforts should take place in the context of global ambition, underpinned by strong market mechanisms.”  

    IETA is concerned that there is no reference in the Council conclusions to the urgent need for all nations to complete the work on Article 6 of the Paris Agreement. An agreement on Article 6 would unlock significant financial support for climate protection measures worldwide.

    About Article 6

    Under Article 6, countries may undertake cooperative measures to reduce emissions which generate Internationally Transferable Mitigation Outcomes (ITMOs), tradable instruments that can be put towards the achievement of national climate targets.

    Such market mechanisms need robust rules governing accounting, monitoring and verification in order to give private and public participants confidence in the outcome of funding activity.

    At the last Conference of the Parties in Katowice in December 2018, nations were unable to agree a set of guidelines for these mechanisms under Article 6, while all remaining parts of the so-called Paris Rulebook were agreed.

    A priority for 2019

    Despite the lack of progress on this critical issue, some private and public sector actors are already moving ahead with experimental initiatives to test the market-based mechanisms established by the Paris Agreement.

    For example, Switzerland’s Klik Foundation has issued a tender to buy ITMOs and is inviting international emissions reduction projects to qualify for its programme. The World Bank is also working to test how nations may transfer ITMOs between themselves.

    The Katowice climate talks concluded that work on Article 6 needs to be complete by the next meeting, in late 2019 or early 2020, in time for countries to be ready to implement the rules when the Paris Agreement takes effect in 2021.

    IETA urges all Parties to the UN Framework Convention on Climate Change to redouble their efforts to complete this vital building block of the Paris Agreement.

  • 04 Feb 2019 9:04 PM | Anonymous member (Administrator)

    GENEVA, 4 February - On the occasion of its 20th anniversary, IETA is delighted to announce the appointment of three new honorary Fellows.

    The new honorees are:

    Christiana Figueres, former Executive Secretary of the UN Framework Convention on Climate Change – and an early supporter of IETA’s work. Christiana was instrumental in the negotiations leading to the signing of the Paris Agreement in 2015. Before being appointed Executive Secretary, Christiana held a number of key roles in the governance of the UNFCCC, including the Clean Development Mechanism.

    Dr. Richard Sandor, one of the original contributors to the UN Conference on Trade and Development’s Carbon Forum series that led to the creation of IETA. In addition to being a pioneer in financial markets, Richard founded the Chicago Climate Exchange and the European Climate Exchange.

    James Cameron, founder of Climate Change Capital, one of the pioneering climate finance institutions in the early days of the global carbon market. James has been involved in climate change and carbon market issues for many years, as an advisor to the Alliance of Small Island States and to two COP Presidencies, and an advisor to the EU on the creation of the EU Emissions Trading System. He also established Baker & McKenzie’s Global Climate Change and Clean Energy Practice.

    IETA honours three individuals each year for outstanding contributions to IETA’s mission of advancing market-based solutions to climate change.

    Christiana Figueres said:

    “I’d like to express my gratitude to IETA. I’m delighted to join your long line of trailblazers who have shown both vision and determination, creative resources which we need to urgently strengthen.”

    Richard Sandor said:

    “I am honoured and privileged to have been at the founding moment of this organisation over twenty years ago. New markets require the institutions that help to educate market users and policymakers. IETA was fundamental in helping build the infrastructure for carbon markets worldwide.”

    James Cameron said:

    “I am delighted to have been made an IETA fellow, alongside others I admire and in a line of pioneers. Creativity and constraint are connected: the law limits emissions, exchange values reduction and innovation delivers in the material world. We need IETA’s mission to succeed to increase our chances of staying below the 1.5 degree target.”

    A full list of IETA Fellows can be seen on our website.

    IETA awards honorary fellowships to individuals in recognition of their contributions to developing market-based solutions to climate change and in strengthening the role of the IETA in building the profession. IETA Fellows are named each year.


  • 21 Jan 2019 3:33 PM | Anonymous member (Administrator)

    Following its Annual General Meeting in December, the International Emissions Trading Association is pleased to announce the election of two new Council members.

    Joining the Council are:

    Elisabeth (Lisa) DeMarco, of DeMarco Allan LLP in Toronto.

    Lisa DeMarco is a senior partner at DeMarco Allan LLP (Toronto, Canada) with over two decades of experience in law, regulation, policy and advocacy relating to energy and climate change. Lisa represents several governments and leading energy companies before various regulatory agencies. She regularly attends and advises on United Nations climate negotiations.

    Mary Grady of American Carbon Registry (ACR).

    Mary is Deputy Director of ACR (Sacramento, California) and is responsible for its strategic development. Before joining ACR in 2008, she worked for 16 years in the renewable energy industry, most recently as operations leader at Clipper Windpower.

    The AGM also confirmed that Rick Saines will continue as Chairman, with Jonathan Grant (PwC) and Christine Faure Fedigan (Engie) to serve as Vice Chairs.

    In addition, the following Council members were reappointed for another term:

    Paul Dawson – RWE Supply & Trading
    Christine Fedigan – Engie
    David Hone – Shell
    Abyd Karmali – Bank of America Merrill Lynch
    Ed Ma - Suncor
    Rick Saines – Baker McKenzie
    Jonathan Shopley – Natural Capital Partners


  • 15 Dec 2018 10:35 PM | Anonymous member (Administrator)

    KATOWICE (December 15) - IETA is deeply disappointed that climate negotiators failed to fulfil their mandate to deliver rules for market cooperation as part of the Paris Agreement "rule book” at COP 24 in Katowice today. 

    In a year when the scientific community urged governments to scale up action to address climate change towards achieving a 1.5 degree Celsius goal, negotiators delayed decisions on rules that would have delivered a valuable signal to business.

    These decisions would have offered guidance on how international markets could be harnessed to enhance ambition. Instead, negotiations stalled, and Parties deferred this item for further work in 2019, missing an opportunity to inspire businesses to accelerate action. 

    “If countries want to ramp up climate action, they must get more serious about international cooperation through market incentives,” said Dirk Forrister, IETA President and CEO. “But we should not let this slow us down - we don’t have time to waste. While we wait for the rules to firm up, committed countries and businesses should team up to start building cooperative markets - and the rule writers can catch up later.”

    “Sound environmental accounting is the bedrock of market-based climate policies,” said Stefano De Clara, IETA’s Director for International Policy. “Nearly every country recogni
    ses this essential element. Yet a slim minority blocked agreement in Katowice and insisted that the new crediting mechanism should not require a project host to properly reflect exports in their Nationally Determined Contributions." 


    “This would invite double-counting and erode confidence in both the public and private sector. So it is a good thing that the majority rejected this weakening measure.”

    At COP24, IETA and Environmental Defense Fund launched the Katowice Declaration on Sound Carbon Accounting to highlight the need for a robust system to avoid the double-counting of emission reductions.

    The likely impacts of the delayed decisions on emissions markets are unclear. The UNFCCC’s new mechanism planned under Article 6.4 will remain closed until rules are agreed. This means project developers, who aim to apply to the UNFCCC for carbon credit approvals under the Paris Agreement, will remain on hold. 

    However, they may pursue the growing markets being run by individual governments, or voluntary markets served by independent standards organisations. In addition, markets set up under the Kyoto Protocol will remain open, although their future, meant to be defined by the rule book, is uncertain. 

    Importantly, Article 6.2 of the Paris Agreement allows countries to link markets “consistent with” UN guidance. In the absence of such guidance, they are free to set up market systems that link together to meet targets and accelerate action at lower cost. 

    A number of countries have already banded together to explore market harmonisation and future linkages under Article 6.2. Voluntary markets are also growing more vibrant as corporate leaders respond to investor and customer interest in climate responsibility. Domestic and international action through markets will continue to grow and deliver emission reductions, despite the anti-climatic end of COP24.


  • 14 Dec 2018 10:11 PM | Anonymous member (Administrator)

    KATOWICE, 14 December - The International Emissions Trading Association and the Climate Markets and Investment Association are delighted to present the Carbon Pricing Champion Award, sponsored by ALLCOT Group and CRX, to the Secretariat of the Carbon Pricing Leadership Coalition.

    Our award salutes those who demonstrate true leadership by taking action and inspiring others to leverage the power of carbon pricing for the global good.


    IETA CEO Dirk Forrister presents the Carbon Pricing Champion award to Angela Churie Kallhauge, head of the CPLC Secretariat.

    “We’re thrilled to recognise the work of the CPLC Secretariat in supporting those jurisdictions who are committed to putting a price on carbon,” said Dirk Forrister, CEO of IETA. “The CPLC team helps bring together business and governments, environmental NGOs and academics to build momentum for carbon pricing that works."

    “CPLC is a really important initiative,” said Margaret-Ann Splawn, Executive Director of CMIA. “The Secretariat’s accumulation of experience, data and knowledge is a valuable tool for the success of the Paris Agreement, as the CPLC expands the use of carbon pricing policies.”

    Inaugurated in Paris in 2015, the CPLC groups 33 national and sub-national governments with more than 160 private sector companies and business groups dedicated to advancing the carbon pricing agenda.

    IETA and CMIA would like to thank sponsors ALLCOT Group and Climate Resources Exchange for supporting the Carbon Pricing Champion Awards.


    ABOUT THE CARBON PRICING CHAMPION AWARDS:

    CMIA and IETA launched the Carbon Pricing Champion Awards at the Paris COP in 2015. Over the last three years this award has recognised California, Ontario, Quebec, New Zealand, Chile and Colombia for their progress on market-based instruments to address climate change.

    ABOUT INTERNATIONAL EMISSIONS TRADING ASSOCIATON:

    IETA is the voice of business on carbon markets around the world. Established in 1999, IETA's members include global leaders in the electricity, oil/gas, cement, aluminium, chemical, mining, technology, standards, verification, broking, trading, legal, finance, accounting and consulting industries.

    ABOUT CLIMATE MARKETS & INVESTMENT ASSOCIATION:

    CMIA is a non profit trade association with the mission to stimulate a shift in the direction and scale of private and public financial flows into investments which are consistent with the objectives of the Paris Agreement.

    ABOUT ALLCOT GROUP:

    ALLCOT develops, manages and trades in all sectors related with climate change mitigation. The company is a leader in greenhouse gas (GHG) emissions, management tools and strategies for businesses of all sizes.

    ABOUT CLIMATE RESOURCES EXCHANGE:

    CRX offers services in engineering consulting & carbon consulting. These include energy efficiency projects, carbon profiling, carbon offsets, sustainability reporting, renewables project origination and corporate social strategising.


  • 10 Dec 2018 10:32 AM | Anonymous member (Administrator)

    KATOWICE, 10 December - The International Emissions Trading Association and the Climate Markets and Investment Association are delighted to present the Carbon Pricing Champion Award, sponsored by ALLCOT Group and CRX, to the Republic of Colombia.

    Our award recognises the leadership of the Colombian government in the promotion of carbon pricing and offsetting as instruments to address climate change.

    “IETA is delighted to recognise yet another country using market mechanisms to advance the goals of the Paris Agreement,” said Dirk Forrister, CEO of IETA. “Since the Agreement was signed, we are seeing significant growth in emissions markets.”

    “This award recognises how government policy is helping to drive technological advances, by incentivising innovation and investment in low-cost abatement projects,” said Margaret-Ann Splawn, Executive Director of CMIA. “This is what carbon pricing using market mechanisms is all about.”


    (L to R): Dirk Forrister, CEO of IETA; Sebastian Carranza, Specialist, Ministry of Environment and Sustainable Development of Colombia;  Ricardo Jose Lozano, Minister of Environment and Sustainable Development of Colombia; Margaret-Ann Splawn, Executive Director of CMIA; Alexis L. Leroy, CEO and Founder of ALLCOT Group; Tommi Neuvonen, Managing Director, ALLCOT Group.

    The government of Colombia, led by the Ministry of Environment, has made a significant effort to promote robust accounting, environmental integrity and transparency to avoid double counting. 

    This has increased confidence in market-based instruments as one of the options to support mitigation action for achieving Nationally-Determined Contributions.

    IETA and CMIA’s award is also intended to highlight Colombia’s work on a full regulatory package that includes a domestic offsetting program for the country’s carbon tax (Decree 926/2017), and a regulation on monitoring, reporting and verification (Resolution 1447/2018) which is based on registry, accounting and additionality aspects.

    IETA and CMIA would like to thank sponsors ALLCOT Group and Climate Resources Exchange for supporting the Carbon Pricing Champion Awards.




    ABOUT THE CARBON PRICING CHAMPION AWARDS:

    CMIA and IETA launched the Carbon Pricing Champion Awards at the Paris COP in 2015. Over the last three years this award has recognised California, Ontario, Quebec, New Zealand and Chile for their progress on market-based instruments to address climate change.

    ABOUT INTERNATIONAL EMISSIONS TRADING ASSOCIATON:

    IETA is the voice of business on carbon markets around the world. Established in 1999, IETA's members include global leaders in the electricity, oil/gas, cement, aluminium, chemical, mining, technology, standards, verification, broking, trading, legal, finance, accounting and consulting industries.

    ABOUT CLIMATE MARKETS & INVESTMENT ASSOCIATION:

    CMIA is a non profit trade association with the mission to stimulate a shift in the direction and scale of private and public financial flows into investments which are consistent with the objectives of the Paris Agreement. 

    ABOUT ALLCOT GROUP:

    ALLCOT develops, manages and trades in all sectors related with climate change mitigation. The company is a leader in greenhouse gas (GHG) emissions, management tools and strategies for businesses of all sizes.

    ABOUT CLIMATE RESOURCES EXCHANGE:

    CRX offers services in engineering consulting & carbon consulting. These include energy efficiency projects, carbon profiling, carbon offsets, sustainability reporting, renewables project origination and corporate social strategising.



  • 06 Dec 2018 3:30 PM | Anonymous

    GENEVA, 6 December - Next week the UK Parliament will vote on the draft Withdrawal Agreement and the political declaration on the country’s future relationship with the European Union.

    This decision has massive implications for British and European climate policy, since a rejection of the draft agreement could lead to the UK effectively leaving the EU ETS at the end of this year.

    Such a move could plunge the European carbon market into uncertainty and lead to a significant carbon price decrease, as UK installations liquidate their holdings of un-needed EU Allowances.

    IETA and our members strongly believe that the UK should either continue to participate in the EU ETS as it currently does, or create its own, linkable domestic UK carbon market. IETA notes that several non-EU countries currently participate in the EU ETS.

    IETA believes cap-and-trade is the best method of implementing a carbon price because it meets two key requirements for any government policy: it is capable of delivering its environmental objective and it is highly cost-efficient.

    "Linking a UK carbon market to the EU’s system would boost liquidity and widen the scope for emissions reductions available to UK industry," said Simon Henry, IETA's EU Policy Director. "A fully-linked market would also ensure a common price for carbon, thereby ensuring a level playing field for industry in a competitive environment."

    IETA and its members believe the UK’s 2019 EU Allowances auctions and free allocation to industry should be postponed if there is is still uncertainty at the start of 2019 over the UK's participation in the market. 

    Under current EU regulations, if there is no deal on the terms of the UK’s withdrawal before the end of this year, any allowances issued by the UK in 2019 will be marked so that they can subsequently be invalidated.

    "The solution is to postpone UK auctions and free allocation, not to mark EUAs," Simon Henry said. "Marking UK allowances would merely create a two-tiered market, as companies in other EU member states would avoid buying UK-issued EUAs." 

    IETA members would be very concerned by such a development, as this would create price distortions. UK-issued allowances would likely trade at a significant discount on the secondary market, and there may be a high risk of UK auctions failing as stakeholders choose not to participate in them.

    IETA's position paper on Brexit and the EU ETS can be found here

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