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  • 16 Mar 2020 2:30 PM | Anonymous member (Administrator)

    LONDON, 16 March - The International Emissions Trading Association (IETA) welcomes the decision by the Council of the International Civil Aviation Organisation (ICAO) to approve the first six programmes that will provide the Eligible Emissions Units for compliance use in its Carbon Offset Reduction Scheme for International Aviation (CORSIA).

    The six programmes are:
    • American Carbon Registry (ACR)

    • China GHG Voluntary Emission Reduction Program
    • UNFCCC Clean Development Mechanism (CDM)
    • Climate Action Reserve (CAR)
    • The Gold Standard
    • Verified Carbon Standard Program (VCS).

    “We’re delighted that ICAO has now created the clarity that airlines need in order to source emission reduction units for compliance.  Investors can ramp up to begin supplying these reductions to the new market mechanism,” said Dirk Forrister, IETA chief executive officer.

    “ICAO’s focus on high quality carbon reductions will act as a strong incentive to operators of other such programmes to set the bar high when it comes to compliance instruments.”

    The ICAO Council also gave conditional approval to two further offset standards, subject to certain amendments to their rules.

    For the first phase (also known as the pilot phase) of the CORSIA mechanism, which lasts from 2021 to 2023, only emission reductions issued to projects that started their first crediting period from 1 January 2016 and emissions reductions that occurred through 31 December 2020 will be eligible for use.

    “The Council’s adherence to robust emissions unit criteria combined with the imposed restriction on historical emissions reductions brings the high environmental integrity we have been calling for,” said Eva Weightman, IETA’s Director for Aviation.

    The full text of the Technical Advisory Body’s recommendations on CORSIA eligible emissions units that was approved by the Council can be found here.


  • 13 Feb 2020 2:50 PM | Anonymous member (Administrator)

    IETA welcomes the news that lawmakers in the state of Virginia yesterday voted to approve legislation that paves the way for the state to join the Regional Greenhouse Gas Initiative, the oldest greenhouse gas cap-and-trade market in the United States.

    “This is great news for the climate, coming in a year that focuses on greater ambition around the world,” said Dirk Forrister, IETA’s CEO. “It’s further evidence that market mechanisms are the most efficient and low-cost way to achieve the greenhouse gas cuts that must be made if we’re to stay in line with the Paris Agreement goals.”

    The Virginia Clean Economy Act instructs the state’s Department of Environmental Quality to implement cap-and-trade rules and prepare to auction emission allowances “consistent with the RGGI programme.”

    Previous legislation set the state-wide limit on emissions from power generation at 27.16 million short tons a year in 2021, a cap that will decline at 3% a year in line with the RGGI Model Rule that all participating states adopt.

    “The passage of these bills opens the way for Virginia to fully join RGGI and will lead to greater liquidity and market activity,” Justin Johnson, IETA consultant said. “This is good news for utilities and consumers alike.” 

    The RGGI market expanded from nine to ten member states at the start of 2020, as New Jersey re-joined the market after an hiatus of eight years. 


  • 09 Jan 2020 3:42 PM | Anonymous member (Administrator)

    GENEVA, 9 January - The Governing Council of the International Emissions Trading Association is delighted to announce the appointment of three carbon market pioneers as IETA Honorary Fellows. 

    Vikram Widge, International Finance Corporation. Until recently, Mr. Widge served as the Global Head of Climate Finance and Policy at the International Finance Corporation (IFC), the private sector focused arm of the World Bank Group. During his 25-year tenure, he developed and managed IFC’s carbon finance business, including delivering products like the Carbon Delivery Guarantee to bridge credit risk between emerging market sellers and European buyers, and the award-winning Forests Bond that linked interest payments to forestry carbon credits. For a period, he oversaw the Group’s cross-cutting carbon market development work, including the Partnership for Market Readiness (supporting countries preparing carbon pricing programmes), the initiative on the next generation of Networked Carbon Markets, and the Pilot Auction Facility. He is currently affiliated with the Arsht-Rockefeller Resilience Center at the Atlantic Council in Washington, DC. 

    Karen Degouve, Natixis. Ms Degouve is Head of Sustainable Business Development at Natixis, a major French financial institution active across 38 countries. She is a former board member of IETA and led the growth of Natixis’ climate finance business from the outset of the carbon market in 2005. She managed the pioneering European Carbon Fund at Natixis, which was one of the first private-sector led investment initiatives focused on delivering emissions reductions under the Kyoto Protocol. Karen currently coordinates sustainability strategies across the full range of Natixis’ business lines. 

    Dan Dudek, Environmental Defense Fund. Dan Dudek is EDF’s Vice President for Asia. For most of the past 20 years, he has worked to build EDF’s programme in China that explores how market-based approaches can advance its emissions objectives. Dan is widely credited with developing the cap-and-trade model that the Bush Administration adopted in the early 1990’s to control sulfur dioxide in the United States. That programme succeeded in reducing emissions below target levels and at a fraction of the predicted costs. More recently, he was a member of California’s advisory committee on the cap-and-trade program for greenhouse gases, which is now in operation and delivering climate benefits.

    Each year IETA honours three individuals as Honorary Fellows in recognition of their outstanding contributions to IETA’s mission of advancing market-based solutions to climate change.

    “Over the years, these three leaders were part of a broad business movement that delivered climate solutions through the innovation of markets,” said Dirk Forrister, IETA President and CEO. “We’re proud to recognise their contributions as inspiration for those working to develop the next generation of climate innovations.”

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

  • 15 Dec 2019 12:12 PM | Anonymous member (Administrator)

    MADRID, 15 December - Today in Madrid, nations failed to agree a set of rules governing international emissions markets after 2020. 

    “This is a huge disappointment,” said Dirk Forrister, CEO of IETA. “The fact is that countries’ ability to deliver stronger targets in line with net zero goals will depend on having access to international market cooperation.”

    After more than two weeks of talks to flesh out market rules under Article 6 of the Paris Agreement, Parties (countries) could not reach consensus on how to treat emissions reductions that were created under the Kyoto Protocol, the predecessor to the Paris treaty, nor could they agree on accounting rules to track the flow of emissions reductions between Parties in future markets.

    Studies show that robust international markets can save $320 billion per year by 2030 compared with a scenario in which nations work independently,” Forrister added. “These savings could double the amount of reductions at the same cost.”

    “It will be more difficult for Countries to commit to stronger targets without having confidence that the economic fundamentals are secure – and that market cooperation will enable achievement.”

    The collapse of the Article 6 talks in Madrid means that the task of piloting the new markets that were set out in the Paris Agreement falls to individual nations. 

    “The failure in Madrid won’t stop countries from cooperating on building the high integrity markets of the future,” Forrister said. “Since the UN climate process has stalled, the opportunity will move to bilateral and regional markets, where pilot systems are already in formation.”

    “These bilateral and regional markets can help inform the process for Glasgow next year, and we urge the incoming UK COP Presidency to make Article 6 its top priority.”


  • 12 Dec 2019 9:53 AM | Anonymous member (Administrator)

    BRUSSELS, 12 December – The European Commission yesterday published a proposal for a European Green Deal, setting the EU on the course to reach the climate neutrality target by 2050. Such a target brings the EU into line with the goals of the Paris Agreement.

    Several initiatives will be unveiled in the course of the next two years to deliver the European Green Deal, and these will have implications for the EU’s carbon market. 

    IETA calls on the EU to consult closely with business and industry when considering their likely impact on the operation of the EU ETS.

    “We applaud the EU’s desire to bring its climate ambition into line with the goals of the Paris Agreement, but it will need to embrace international markets and natural climate solutions to deliver in a way that protects competitiveness ,” said Dirk Forrister, CEO of IETA.

    An increase in the EU’s 2030 climate target will require the reopening of the rules governing the EU ETS. IETA urges that any review of the EU ETS Phase 4 regulations should be done in a way that provides market participants with maximum transparency on the likely impact.

    Proposals for changes to the EU ETS that will be presented in 2021 will include the extension of the EU’s carbon market to new sectors, an overhaul of rules protecting energy intensive industries against the risk of carbon leakage, as well as a review of renewable and energy efficiency laws that have an impact on the functioning of the EU ETS.

    “IETA believes that the EU’s carbon market should play the key role to deliver on the EU's objective to reach climate neutrality by 2050 in an economically efficient manner,” Forrister said.

    “We urge the Commission to carry out its rule making in a transparent manner, so as to offer certainty and clarity to the market.” 

    The European Commission today published a proposal for a European Green Deal, setting the EU on the course to reach the climate neutrality target by 2050. Such a target brings the EU into line with the goals of the Paris Agreement.

    Several initiatives will be unveiled in the course of the next two years to deliver the European Green Deal, and these will have implications for the EU’s carbon market. 

    IETA calls on the EU to consult closely with business and industry when considering their likely impact on the operation of the EU ETS.

    “We applaud the EU’s desire to bring its climate ambition into line with the goals of the Paris Agreement, but it will need to embrace international markets and natural climate solutions to deliver in a way that protects competitiveness ,” said Dirk Forrister, CEO of IETA.

    An increase in the EU’s 2030 climate target will require the reopening of the rules governing the EU ETS. IETA urges that any review of the EU ETS Phase 4 regulations should be done in a way that provides market participants with maximum transparency on the likely impact.

    Proposals for changes to the EU ETS that will be presented in 2021 will include the extension of the EU’s carbon market to new sectors, an overhaul of rules protecting energy intensive industries against the risk of carbon leakage, as well as a review of renewable and energy efficiency laws that have an impact on the functioning of the EU ETS.

    “IETA believes that the EU’s carbon market should play the key role to deliver on the EU's objective to reach climate neutrality by 2050 in an economically efficient manner,” Forrister said.

    “We urge the Commission to carry out its rule making in a transparent manner, so as to offer certainty and clarity to the market.” 


  • 11 Dec 2019 3:47 PM | Anonymous member (Administrator)

    MADRID, 11 December – Environmental organisations and businesses are reinforcing their call for robust accounting rules under Article 6 of the Paris Agreement.

    Sixty-four individual groups and companies representing more than 1 billion workers in 130 countries have signed up to the Katowice Declaration on Sound Carbon Accounting, as negotiators in Madrid grapple with accounting rules for future market-based mechanisms under the Paris Agreement.

    Launched at last year’s UN climate talks in Katowice, Poland, the declaration – spearheaded by IETA and Environmental Defense Fund – calls on governments to establish environmentally robust rules for the accounting of emissions reductions. This includes rules surrounding corresponding adjustments and double-counting, which remain contentious at the ongoing negotiations in Madrid.

    Negotiations over market mechanisms under Article 6 of the Paris Agreement have once again been slowed by disagreements over robust accounting provisions. Countries have until Friday to deliver a set of strong guidelines that will underpin the flow of billions of dollars in private finance.

    “Without clear, robust rules, investors will be wary of getting involved in the transformative projects that we need to realise the Paris Agreement’s environmental objectives,” says IETA President and CEO Dirk Forrister. “It is vitally important that there is a clear chain of ownership for any asset, and even more so when it comes to something as critical as emissions reductions.”

    He adds: “The Paris Agreement has the potential to unleash billions of dollars of clean investment – but investors need confidence in the rules in order to deploy this capital.”

    “As the Madrid climate talks enter the home stretch, companies and groups are resending a message to countries with more urgency: the Paris Agreement rulebook must ensure the environmental integrity of carbon markets and prevent double counting,” said Nathaniel Keohane, Senior Vice President for Climate at Environmental Defense Fund.

    “International cooperation is critical for solving the climate crisis, and carbon markets are the key to effective cooperation. Markets can unlock greater ambition by enabling countries and companies to make deeper, faster cuts to climate pollution. But because markets depend on clear rules to work well, countries must provide strong guidance on carbon accounting that clearly prohibits double counting of emissions reductions wherever they occur and however they are used.”

    The number of signatories has grown from 40 at last year’s launch to 64 as of 11 December. This reflects growing concern among non-state actors that double counting of emissions reductions could derail the climate objectives of the Paris Agreement.


  • 11 Dec 2019 11:39 AM | Anonymous member (Administrator)

    MADRID, 11 December - Following its Annual General Meeting on December 10, the International Emissions Trading Association is pleased to announce the election of Jonathan Grant, principal advisor, climate change at Rio Tinto, as new chair of the Council and Elisabeth (Lisa) DeMarco, senior parter at DeMarco Allan LLP, as co-vice chair.

    Grant, formerly Director of Sustainability & Climate Change at PwC United Kingdom, previously served as a co-vice chair of IETA in addition to a number of other senior roles. He succeeds Rick Saines of Pollination Capital, who will continue to serve as a director.

    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. DeMarco was elected to the Council in 2018.


    The AGM also confirmed that Christine Faure Fedigan of ENGIE will continue to serve as co-vice chair.

    Christine Faure Fedigan is Head of ENGIE corporate climate policy. She started in the sales department of Bouygues in charge of promoting new innovative urban heating solutions to the new cities around Paris. She then worked with EDF-GDF and Gaz de France. She is now in charge of the corporate climate policy for ENGIE and represents the group in the climate negotiations. She is on the Steering Committee of the Carbon Pricing Leadership Coalition.

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

    • Daniele Agostini, ENEL Group

    • Enric Arderiu, BP

    • Federico Di Credico, ACT Financial

    • Takashi Hongo, Mitsui

    • Arthur Lee, Chevron

    • Liv Rathe, Norsk Hydro

    • Hendrik Rosenthal, CLP Group

    • Fiona Wild, BHP Billiton

  • 05 Dec 2019 4:39 PM | Anonymous member (Administrator)

    MADRID, 5 December - The International Emissions Trading Association today launches the Markets for Natural Climate Solutions (NCS) Initiative.

    NCS draw on the power of nature to actively manage land use emissions, remove carbon from the atmosphere and store it in natural systems.

    The initiative aims to build a global market for carbon credits generated from NCS projects from forests, soil and wetlands, enabling private sector investment at scale. Markets for NCS will support the transition to a low-carbon economy and promote increased ambition on climate action.

    “Markets for Natural Climate Solutions represents the best opportunity (yet) to make NCS an investable asset class,” said Dirk Forrister, IETA’s CEO. “We want to rapidly scale up private sector finance and leverage the potential of nature to help achieve the Paris Agreement goals,” said Dirk Forrister, IETA’s CEO.

    NCS are potentially one of the most cost-effective forms of CO2 management and can make a critical contribution to meeting the Paris Agreement’s goal of net zero emissions by the second half of the century. However, at present, only a fraction of the financing aimed at addressing climate change is allocated to these activities.

    Despite increasing interest from the private sector, barriers still remain to invest in NCS at large scale. To address this challenge, IETA is working in collaboration with members and stakeholders to establish an effective policy roadmap and market strategy.

    “The global effort on emissions reduction has so far focused mainly on cutting CO2 from industrial activity,” said Simon Henry, director of carbon market development at IETA. “Markets for NCS aims to extend our ambitions to using nature in its entirety as a way to both remove greenhouse gases and to manage land use emissions.”

    IETA has already gathered a core group of private sector enterprises to help drive the work of establishing NCS as a critical component of the fight against climate change.

    The initiative will focus on achieving high environmental integrity, accounting certainty between systems and price transparency, whilst working to empower and benefit local communities involved. 

    Key to the initiative are a robust set of rules governing Article 6 of the Paris Agreement, particularly regarding market mechanisms, which are expected to be agreed at this year’s COP.

    In 2018, the world’s carbon markets soared to a record value of €144 billion. Inclusion of NCS in carbon markets would significantly increase this value further by unlocking additional investment whilst contributing to mitigation efforts necessary in meeting the goals of the Paris Agreement.

    IETA’s Markets for NCS Initiative is led by Simon Henry, IETA’s Director of Carbon Market Development. More details about the initiative may be found at www.ncs.ieta.org.

    Founder members of the Markets for NCS Initiative include the Arbor Day Foundation, BHP, BP, Chevron, Shell and Woodside Energy.

    Arbor Day Foundation

    “Markets for Natural Climate Solutions is an exciting and essential collaboration to scale natural climate solutions. Together we are using the power of markets and private sector value chains to create a better future. If ever there was a time for trees, now is that time.” Dan Lambe, President of Arbor Day Foundation.

    BHP

    “Conserving, avoiding deforestation and restoring high-carbon ecosystems like forests can provide at least 30 percent of the mitigation action needed to meet the goals of the Paris Agreement.

    “Very little climate finance is allocated towards these natural climate solutions. BHP is pleased to support this initiative to increase the scale of private sector investment in NCS and to add cost-effective decarbonisation to policy frameworks.” Dr Fiona Wild, Vice President Sustainability & Climate Change, BHP.

    BP

    “This IETA initiative will review and recommend policy and commercial tools to help unlock the barriers to develop large scale compliance markets for Natural Climate Solutions.” Paul Jefferiss, BP.

    Chevron

    “Chevron is looking forward to participating in this initiative to further our understanding of natural climate solutions in terms of their environmental and social benefits and also the needs for a well-designed market in which carbon offsets resulting from natural climate solutions could be traded.” Arthur Lee, Chevron Fellow and Senior Technical Advisor on Climate Change.

    Shell

    “Natural climate solutions are scalable now and offer significant opportunity for carbon dioxide removal. For this to happen, the world needs a widely recognised robust market to channel capital to nature-based projects, while ensuring the highest standards of carbon accounting.” David Hone, Shell's Chief Climate Change Adviser and IETA Board member. 

    Woodside Energy

    “Over the last decade, Woodside has invested over A$100 million dollars in biosequestration across Australia. We are excited to be able to collaborate on this initiative to build the market for natural climate solutions internationally.” Shaun Gregory, Executive Vice President Sustainability, Woodside Energy.


  • 04 Dec 2019 7:02 PM | Anonymous member (Administrator)

    Madrid, 4 December - The United Kingdom was today presented with a Net Zero Award in recognition of its outstanding approach to enabling private sector finance to meet a net zero emissions goal. 

    The award was presented at a ceremony during the COP25 Climate Summit in Madrid, and was received on behalf of the UK by a member of the country’s delegation. The Net Zero Award is delivered by the International Emissions Trading Association (IETA), supported by Natural Capital Partners.

    “The U.K. has a long history of innovation in market-based mechanisms and in climate ambition forged in a bipartisan spirit,” said Dirk Forrister, CEO of IETA. “They were an early adopter of emissions trading, they have advocated for market mechanisms at home and abroad for many years, and they have legislated a net zero goal for 2050.” 

    Natural Capital Partners’ Managing Director, External Affairs, Jonathan Shopley, commented, “We all know there’s a big gap between the current NDC commitments and the 1.5 degree goal. This award also recognises the U.K.’s understanding of the important role the private sector can play in closing that gap if countries establish strong mechanisms to harness that power and meet net zero targets.” 

    A judging panel comprising 13 business climate specialists selected the UK to receive the Net Zero Award for a few key reasons. Earlier this year, the UK set a national net zero emissions target, enshrined by law, which made it the first country to have binding legislation on absolute emission reductions. A member of the judging panel called it the “most robust net zero commitment of any G20 country.” 

    The UK has a long track record in emissions management, with its early involvement in the EU Emissions Trading Scheme (ETS), shifting from coal, electricity market reform and support of domestic forest protection schemes like the Woodland Carbon code. In addition, the UK has laid out its intentions to promote further carbon market mechanisms and continue to advocate for similar action in other countries.

    About the International Emissions Trading Association (IETA)

    IETA is a non-profit business organisation created in June 1999 to establish a functional international framework for trading in greenhouse gas emission reductions. Its membership includes leading international companies from across the carbon trading cycle. IETA members seek to develop an emissions trading regime that results in real and verifiable greenhouse gas emission reductions, while balancing economic efficiency with environmental integrity and social equity.

    About Natural Capital Partners

    Natural Capital Partners is harnessing the power of business to create a more sustainable world. With more than 300 clients in 34 countries and a network of partners providing the highest quality projects, Natural Capital Partners delivers solutions to make real change possible – reducing carbon emissions, generating renewable energy, building resilience in supply chains, conserving forests and biodiversity, and improving health and livelihoods. 

    It created The CarbonNeutral Protocol in 2002 to provide a clear set of guidelines for businesses to achieve carbon neutrality. Every year since then it has continued its commitment to providing a robust framework for credible carbon neutral action, updating the Protocol to reflect the latest scientific, industry and business best practice.


  • 03 Dec 2019 9:00 AM | Anonymous member (Administrator)

    Contact press@ieta.org 

    MADRID, 3 December – IETA is today releasing its 2019 GHG Market report, focusing on the organisation’s 20th anniversary and the markets of tomorrow.

    The report, available online and at the IETA Business Hub at COP25, includes the key lessons from the past 20 years, prepared by IETA Fellow and climate policy veteran Bill Kyte, a history of IETA’s origins by Frank Joshua, who was instrumental in establishing the association in 1999, and a look at the Voluntary Carbon Standard’s development, including IETA’s role in its conception.

    Other highlights include a piece by Annie Petsonk from Environmental Defense Fund on the programmes bidding to supply the future aviation market, Refinitiv on how the EU is already inherently on track for a more ambitious 2030 target, and a summary of how a robust Article 6 mechanism could accelerate emissions reductions under the Paris Agreement, based on IETA’s work with the University of Maryland. It also includes an article from the Chilean government, which is presiding over this year’s UN climate talks, on how Article 6 can transform the world’s economy.

    “The events of 2019 will have a strong influence on the pathway forward, and this year’s GHG Market Report captures the present but also looks at how our experiences of the past can guide the future,” says IETA President and CEO Dirk Forrister. “From how the new European Commission tackles the bloc’s long-term climate ambitions, to what shape the rules for Article 6 of the Paris Agreement take, to the myriad of regional carbon markets – all of these can draw from the 20 years of emissions trading knowledge we have accumulated and practiced.”

    The report also includes the latest carbon pricing approaches across North America, an innovative approach to value nature in carbon markets, how Article 6 can benefit African nations, an outlook for EU ETS prices, and a look at pilot market efforts in Asia.


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