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  • 20 Jul 2022 5:38 PM | Anonymous member (Administrator)

    SAN FRANCISCO (20 July) – Washington state and California share an interest in eventually linking their carbon markets, according to a paper by the International Emissions Trading Association (IETA) and the Environmental Defense Fund (EDF). 

    Washington’s rulemaking already adopts many practices from California, including rules governing the use of offsets and the use of a common auction platform to sell allowances. These alignments show substantial coordination and significant forethought, according to the IETA-EDF paper.

    The IETA-EDF paper argues that linking is best achieved after alignment of key program designs. To that end, Washington State’s new carbon market could further facilitate a link with California’s carbon market by making changes to its noncompliance penalties, price ceiling mechanisms, and cap setting processes. 

    “A carefully designed link between California and Washington would reduce costs and enhance ambition”, says Clayton Munnings, Strategic Advisor at IETA.

    “By linking carbon markets, states can boost the benefits of climate action, clean air and the clean energy economy,” said Katelyn Roedner Sutter, Senior Manager for US Climate at EDF.

    “With climate impacts bearing down on communities across the West, we need climate leaders like Washington and California to leverage opportunities that ramp up ambition, and unifying carbon markets across jurisdictions would do just that."

    Regulators in Washington state are presently drawing up rules for the market’s launch next year, after the legislature passed the Climate Commitment Act in April 2021. California’s system has been in place since 2013 and has been linked with Quebec’s carbon market since 2014.

    The paper can be found on IETA's website.

  • 21 Jun 2022 7:08 AM | Anonymous member (Administrator)

    GENEVA, 21 June - Carbon markets around the world are set to continue growing rapidly as countries double down on climate ambition, and as corporates continue to pursue net-zero goals, finds IETA’s latest annual Market Sentiment Survey.

    The growth is expected to extend to the Voluntary Carbon Market, where efforts are underway to scale up supply of offsets to meet growing global demand, according to the survey, carried out by PwC UK's Sustainability and Climate Change team.

    The full report is available at the IETA website

    Prices in the EU Emissions Trading System (ETS) have more than doubled since the beginning of March 2021, when Europe was beginning to emerge from the shadow of coronavirus. Prices in other carbon markets have also risen, though by smaller increments.

    “Europe’s market has shown that carbon markets can be resilient to energy price shocks,” says IETA’s CEO and President Dirk Forrister. “The continued strength of the EU ETS throughout the Ukraine crisis demonstrates that climate ambition can be advanced in a way that reinforces energy security.”

    "This year’s survey reveals bullish sentiment for carbon pricing globally, as price expectations hit record highs across all emission trading schemes surveyed,” says Ian Milborrow, PwC Partner. 

    “Carbon pricing initiatives - which already cover over one-fifth of global GHG emissions - represent a critical lever to deliver the emissions reductions required to keep warming to below 1.5°C.”

    The conflict in Ukraine and the resulting concerns over energy security are likely to lead Europe to adopt more ambitious climate targets. Around half those surveyed this year said they expect Europe to strengthen its “Fit for 55” climate package and this, along with measures to cut Russian imports of fossil fuels and speed up the deployment of renewables, is expected to drive EU carbon prices to an average price of almost €100 in the period 2026-30.

    Most respondents to the survey believe that the agreement reached at the climate talks in Glasgow last year is insufficient to achieve the global goal of net zero emissions by the middle of the century. 52% of survey respondents also say there has not been enough progress in translating commitments into action since COP26.

    “At COP26, consensus was reached to finalise the Paris Rulebook. However, as the survey shows, stronger, more ambitious national commitments will be required to achieve the goals of the Paris Agreement,” Milborrow adds.

    On voluntary markets, nearly three-quarters of respondents – up from two-thirds in 2021 – expect the market to partition between credits for carbon avoidance or reduction on one side, and carbon removals on the other by 2030. Most of those polled plan to use nature-based offsets in their market growth strategy.

    “The voluntary carbon market has a critical role to play in directing private finance towards climate mitigation and nature-based projects. Improving the integrity and transparency of the market will be critical to guarantee its credibility and enable action at scale from the private sector,” says PwC UK’s Ian Milborrow.

    More than 60% of respondents said the voluntary carbon market will be able to accommodate the growth in demand needed to meet net zero commitments.

    “When the UNFCCC launched the Clean Development Mechanism in 1997, there was some doubt that demand would scale up to support the new system,” Forrister says. “That experience taught us that if we do build an ambitious mitigation framework, investment will come, and it will come to the VCM as well.” 

    The survey covers recent progress and expectations for compliance and voluntary markets across several geographies, as well as ahead of COP27.

    Key findings from this year’s survey:

    1. Increased optimism on carbon price expectations as climate ambitions ramp up. Expected prices for 2022-25 and 2026-30 have increased for every market surveyed, in comparison to last year’s survey. 
    2. Just 8% of respondents said the agreement reached in Glasgow at COP26 will be sufficient to achieve the goals of the Paris Agreement.
    3. The largest share of respondents expect the Article 6.4 mechanism to become operational between 2024 and 2025, with another 31% predicting it will start operating between 2026 and 2028.
    4. The US is still unlikely to implement a federal carbon price, despite the expectation that other jurisdictions will launch Carbon Border Adjustment Mechanisms. 
    5. Respondents were cautiously optimistic that the recent initiatives to streamline the voluntary carbon markets and enhance quality – such as the IC-VCM and VCMI – will bring greater transparency and standardisation. 


  • 08 Jun 2022 7:09 AM | Anonymous member (Administrator)

    GENEVA, 8 June - The world’s carbon markets are adapting to meet governments’ strengthened Paris Agreement goals and net zero ambitions, with changes over the past year captured in the new 2022 edition of IETA’s Carbon Market Business Briefs.

    Climate negotiators are gathering in Bonn, Germany to progress talks on implementing the market provisions of the Paris Agreement. Meanwhile, over the past 12 months lawmakers have continued to develop new systems and reform existing ones to meet future goals, a trend that is expected to continue as 2030 draws ever nearer. The updated Business Briefs capture all developments in the 12 months to May 2022.

    IETA’s Carbon Market Business Briefs is a collection of market summaries covering major news and developments across compliance-driven emissions trading, designed to offer executives a quick and accessible overview of all key components and trends in the world’s carbon markets.

    These include briefs on developing markets in Singapore and Germany, the start of China’s national ETS, the latest on Australia’s Safeguard Mechanism, and planned reforms to the EU ETS. The updated collection is available now on the IETA website.

    “For many countries, carbon markets will play a pivotal role in achieving net zero goals, as we are beginning to document in the Business Briefs,” says Dirk Forrister, IETA’s President and CEO.

    “As both governments and the private sector ramp up their net zero ambitions, carbon markets will continue to grow and expand – we won’t reach net-zero without carbon pricing,” adds IETA Managing Director Katie Sullivan.

    “There are some great strong foundations laid and we call on policymakers to keep building on these to deliver the future promised by the Paris Agreement.”

    The IETA Carbon Market Business Briefs outline the coverage, deadlines, penalties, flexibilities, pricing/trading dynamics and other features for each market. The briefs provide commentary from local IETA members and partners on recent market developments and outlooks, including on policy decisions and price movements.

    On 9 June, IETA will be hosting two free webinars as part of its IETA LIVE Series to discuss highlights from the updated Business Briefs and answer questions about carbon markets worldwide. The recordings will be available online after the events. 


  • 25 May 2022 12:04 PM | Anonymous member (Administrator)

    GENEVA, 24 May - IETA, ICROA and ITN Productions collaborate to produce a news-style programme "Net Zero: The Integrity Pathway”.

    Climate change is the most pressing issue of our time and reducing emissions has become vital, but decarbonisation represents a huge challenge for companies. Globally, organisations have a responsibility to act if the Paris Agreement’s climate protection goals of achieving net zero by 2050 are to be achieved.

    The pathway to net zero follows a mitigation hierarchy, which states that organisations should have both long and short-term science-based targets to address greenhouse gas emissions, not only from their own supply chain (insetting), but also offsetting unavoidable emissions by investing in carbon projects.

    IETA, ICROA and ITN Productions Industry News are producing a news-style programme, “Net Zero: The Integrity Pathway.” Anchored by author and presenter Claire Nasir from ITN’s London studios, the programme will educate on best practices in corporate GHG mitigation, including high integrity carbon offsetting and insetting, and why a responsible approach to net zero considers avoiding, removing, and reducing emissions.

    The programme will raise awareness of best practices in carbon reduction and offsetting, showcase the organisations performing well in this area and highlight the benefits and impacts these activities have to individuals and communities on the ground. The programme will also explore the difference between compliance markets and voluntary markets and the latest technological advances and innovations surrounding the trajectory to net zero.

    Featuring expert interviews, news items and reporter-led sponsored editorial profiles from leading organisations filmed on location, the programme will launch in early November 2022 and will be supported by an extensive campaign targeting IETA members and professional networks.

    “Building on last year’s success with ITN Productions in showing how carbon markets work, this year we hope to illuminate public understanding of how businesses are embracing the net zero challenge – with innovation, enthusiasm and the “can do” entrepreneurial spirit of our community," said Dirk Forrister, CEO and President of IETA.

    "We want to feature “the do-ers” who are already showing success on the net zero journey.”

    Nina Harrison-Bell, Head of ITN Productions Industry News said: “We are delighted to be working with IETA and ICROA to make a programme that raises awareness and demonstrates the importance of setting new global standards for high integrity carbon offsetting to help reduce and remove greenhouse gas emissions and shows the organisations who are accelerating progress in the role carbon markets play.”

    For further information or if your organisation has a story to share please contact:
    Lukasz Biernacki, Communications Director at ICROA;
    Jeff Blackmore, Programme Director at ITN Productions or
    Jamie Connolly, Programme Director at ITN Productions.

    About ICROA

    The International Carbon Reduction and Offset Alliance (ICROA) represents the interests of service providers in promoting emissions reductions and offsetting to the highest standards of environmental integrity and in support of the Paris Agreement. ICROA provides an Accreditation Programme and represents its members through advocacy and action-oriented activities aimed at advancing best practice in the Voluntary Carbon Market (VCM). ICROA is a non-profit initiative housed within the International Emissions Trading Association (IETA). www.icroa.org

    About ITN Productions

    ITN Productions produces bespoke creative and commercial content for broadcasters, businesses, brands, rights holders and digital channels. Industry News forms part of this offering and is a communications tool for leading industry bodies and national associations produced in a broadcast news-style programme format, including interviews, news items and sponsored editorial profiles. www.itnproductions.co.uk



  • 28 Mar 2022 10:45 AM | Anonymous member (Administrator)

    Today the European Securities and Markets Agency (ESMA) published its final report on the EU emissions trading system (EU ETS), in which it concluded that the market is working well.

    The report found "no major deficiencies in the functioning of the EU carbon market", but recommended a number of improvements with regard to market transparency and monitoring

    The recommendations include: 

    • extending position management controls over EU Allowance (EUA) derivatives;
    • changes to EUA position reporting;
    • tracking chains of transactions in regulatory reports required under the Markets in Financial Instruments directive; and
    • providing ESMA with access to primary (auction) market transactions.

    Furthermore, the ESMA report identified possible courses of action for the European Commission to consider related to position limits and enhanced market monitoring.

    IETA welcomes ESMA's report, noting that it confirms that the EU ETS is working as intended and that carbon price developments reflect market fundamentals. 

    We support clear and efficient monitoring of the market. Any  additional market oversight proposals should seek to assure proper market functioning without damaging liquidity or increasing price volatility. 

    IETA stands ready to engage in dialogue with the European Commission and other stakeholders about market oversight policy options following the publication of the report.

    The full report can be found here.


  • 15 Feb 2022 11:17 AM | Anonymous member (Administrator)

    GENEVA, 15 February - Last week, the IETA Council‘s Task Group on Integrity in Digital Climate Markets began its review of new digital market developments. Today, it announced plans to continue its consultations during February 2022 and to present findings and recommendations at a public webinar on 9 March 2022. Pre-registration is required – and is available here.

    “The Task Group is hearing views from market leaders and digital innovators as we form a set of guiding principles for integrity in digital carbon markets,” said Lisa DeMarco, CEO of Resilient LLP and Chair of the IETA Council. “Our starting point is to ensure that the potential of digital markets is harnessed to help support the goals of the Paris Climate Agreement, delivering ambition with integrity and transparency.”

    “Used properly, digital offerings offer exciting potential to broaden the effectiveness, efficiency and accessibility of carbon markets.,” said Dirk Forrister, IETA President and CEO. “Our aim is to develop a set of principles that will help assure public trust in these new market offerings.”

    The Task Group is examining four key questions:

    • What are the opportunities for digital tools (digital monitoring/reporting/verification, distributed ledger technology and/or tokenised carbon credits) to improve market efficiency and broaden market access to new and developing parties?

    • What consumer and other risks should digital offerings address in providing new market services?

    • How do digital offerings in the carbon market relate to the Article 6 guidance agreed at COP 26 in Glasgow – and how can they be used to deliver the goals and objectives of the Paris Climate Agreement?

    • What market integrity principles and/or regulatory recommendations should IETA support for digital market participants and service providers?


  • 20 Jan 2022 11:28 AM | Anonymous member (Administrator)

    GENEVA, 20 January - The IETA Governing Council today announced the formation of a Task Group to examine the new trends in digital carbon markets and recommend steps to ensure integrity in this growing field. The group will be led by the IETA Council Chair Lisa DeMarco. 

    “Digital innovations offer powerful new approaches to carbon market design and performance, and we are eager to explore the expansion of their proper use,” said Dirk Forrister, President and CEO of IETA. 

    Digital tools hold the potential to revolutionise monitoring, reporting and verification, and they offer new means for highly secure, transparent and globally accessible registry infrastructure. There are also innovations in asset formation, such as issuing carbon credits in the form of digital credits or native tokens secured on a public blockchain.

    “Like any aspect of carbon markets, the efficacy of digital tools depends on their ability to engender broad public and market confidence, rooted in high environmental integrity,” Forrister said.

    “A wide spectrum of different types of digital assets are beginning to trade in voluntary markets, and we know that many digital platforms, market operators and service providers are interested in following high integrity principles and practices, similar to those in the ICROA Code of Best Practice.”

    The IETA Council will organise IETA’s new work on digital market issues, along with guidance for members and other market practitioners on digital market integrity. 

    It will undertake a review of market developments and make recommendations for principles of best practice in the development and use of digital markets and assets. The process will involve inputs from experts within the IETA membership and the wider carbon market community. 

    More information will be made available in a webinar (date to be confirmed) in February 2022.


  • 16 Dec 2021 5:14 AM | Anonymous member (Administrator)

    GENEVA, 16 December – IETA is pleased to release its GHG Market Report 2021, which examines the carbon market body, capturing the various components that combine to form the vibrant – and growing – market, and how it is kept healthy.

    The Anatomy of the Carbon Market is structured around the market’s nerve centre, connective tissue, and health measures, covering topics such as key trends in emissions trading, how to maximise climate ambitions, and how to grow a robust voluntary carbon market. The report also includes an overview of Blue-Sky Thinking, a project conducted jointly with ITN Productions Industry News on the race to net-zero emissions, which also encompasses the different parts of the carbon market.

    Some of this year’s authors will be discussing their contributions at a special launch event later on Thursday – participation is free, and registration is available online.

    “This has been a pivotal year for emissions trading, with existing markets racing to record high prices, and growth in coverage as other jurisdictions breathe life into new systems,” says IETA President and CEO Dirk Forrister. 

    “Interest is only going to continue to surge, especially now that the rules for international cooperation under the Paris Agreement have been finalised, and as ever more corporates adopt and act on net-zero pledges,” he continues. “At this critical juncture, this year’s report takes a step back and dissects the various drivers and components for carbon markets around the world, and how we can ensure robust, healthy growth.”

    Other highlights include how markets can help the move to net-zero emissions, the role of the financial sector in the carbon market, how Article 6 can be used, and why transparency is vital.


  • 16 Nov 2021 8:00 AM | Anonymous member (Administrator)

    GENEVA, 15 November - At its Annual General Meeting on November 9, the International Emissions Trading Association elected a slate of Council members, with Lisa DeMarco as the new Chair of its governing Council, and Enric Arderiu and Mary Grady as Vice Chairs.

    Lisa DeMarco is the first woman to serve as IETA Council Chair. She is a senior partner at Resilient LLP, based in Toronto, Canada, and has more than two decades of experience in law, regulation, policy and advocacy relating to energy and climate change.

    “I am delighted to lead the IETA Council in this critically important time, when national and corporate net zero plans are enhancing integrity and ambition,” said Ms. DeMarco. “With a potential breakthrough on Article 6, IETA’s work in scaling up ambition through markets will become critical in attracting private sector finance to fully implement the Paris Agreement.”

    Mary Grady is CEO of the American Carbon Registry, and Enric Arderiu is global head of environmental products at Mercuria.

    IETA also honoured Jos Delbeke and Mary Nichols as IETA Fellows for their leadership in market-based climate policies. This appointment is IETA’s highest honour for leaders who have made an outstanding contribution to carbon

    Jos led the development and operation of the EU ETS during his time as Director General of the European Commission’s Directorate General of Climate.

    Mary was the longstanding Chair of the California Air Resources Board, where she led the development and implementation of California’s climate law and emissions trading programme, including its market linkage with Quebec.

    The AGM elected 4 new Council members:

    Leslie Durschinger, Terra Global Capital

    Leslie founded Terra Global Capital in 2006 to promote results-based approaches to sustainable landscape management through climate smart agricultural and reducing deforestation. She is Chair of IETA’s Natural Climate Solutions Working Group. Based in San Francisco, she brings deep experience in climate and finance.

    Enric Arderiu, Mercuria

    Enric is the Global Head of Environmental Products at Mercuria in Geneva, Switzerland. He leads a global team covering a range of environmental products both in compliance and voluntary markets. Previously, he served on the IETA Board in his capacity as BP’s carbon trading head.

    Belinda Ellington, Citigroup

    Belinda is Managing Director and General Counsel at Citi, based in London, where she leads the Global Commodities legal team and ESG in Global Markets legal support. Belinda has been involved in the carbon markets since pre-launch of the EUETS in 2005, the original World Bank Prototype fund, the CDM and JI mechanisms and the secondary markets in all types of emissions and renewables certificates globally.

    Ingrid Parramon, BP

    Ingrid is the Vice President for Low Carbon Trading at bp in London. She heads up a team looking at compliance and voluntary carbon markets. Ingrid joined BP in 2004 and traded physical and financial oil products in Europe and Africa. Prior to her current job, Ingrid managed the origination team focusing on cross-commodity deals.

    The following 7 Council members were re-elected to a two-year term, reflecting IETA’s global reach:

    Daniele Agostini, Enel Group (Italy)

    Federico DiCredico, ACT Financial Solutions (The Netherlands)

    Jonathan Grant, Rio Tinto (United Kingdom)

    Arthur Lee, Chevron (US)

    Takashi Hongo, Mitsui (Japan)

    Liv Rathe, Norsk Hydro (Norway)

    Hendrik Rosenthal, CLP (Hong Kong)


  • 13 Nov 2021 9:10 PM | Anonymous member (Administrator)

    GLASGOW, 13 November - World leaders today adopted the Glasgow Climate Pact, a package of decisions at COP26 in Glasgow that includes completion of the carbon market elements of the Paris Rulebook. The guidance for Article 6 sets up a new structure for carbon markets to work in the service of the Paris Agreement goals.

    The decisions provide clear accounting guidance for emissions trades between countries, and launch a new crediting mechanism that will give market access to all countries interested in attracting green investment through the global carbon market. Other forms of non-market approaches are also encouraged, with the creation of a new Glasgow Committee on Non-Market Approaches to begin work in 2022.

    “This is a solid and ambitious outcome, because it establishes an integrity framework to support the expansion of carbon markets to help governments and businesses deliver higher climate ambitions,” says Dirk Forrister, IETA CEO.

    “It will now be up to the private sector to channel green investment using these new market structures and accelerate the race to net zero.”

    On the key political issues on Article 6, negotiators made a series of compromises:

    • Corresponding adjustments will ensure no double-counting of units in both Article 6.2 and Article 6.4 mechanisms. IETA supports this decision because it assures integrity in the accounting system for the markets and mechanisms advanced in Article 6. 
    • Certified Emission Reductions produced between 2013–20 may be used against countries’ first Nationally Determined Contributions. While this may not be the most ambitious outcome, it allows the carryover of a limited supply of pre-2020 units. IETA believes this will maintain the flow of finance to developing nations until the new mechanism is up and running.
    • To assure an overall mitigation in global emissions from the Article 6.4 mechanism, a 2% discount will be cancelled from issuances from that mechanism. However, this factor was not applied to Article 6.2 market linkages.
    • On the Share of Proceeds (SoP) for adaptation, negotiators agreed on a rate of 5% to be taken from issuances in the new Article 6.4 emissions crediting programme, but no fixed rate will apply to Article 6.2 transactions. Instead, countries using Article 6.2 are encouraged to contribute voluntarily to the Adaptation Fund.

    IETA congratulates the UK Presidency and the Article 6 negotiators for such a significant success in Glasgow. In the lead-up to COP26, carbon markets surged in many jurisdictions, as businesses contemplated the enhanced ambitions of many countries. This included growth in every carbon market in 2021, with a near doubling of voluntary market transactions and the launch of China’s national ETS. Markets in Europe, California, Quebec, New Zealand, Australia and RGGI have seen record prices in the past month.

    “Now we’re committed to build on the success of Glasgow,” says Andrea Bonzanni, IETA’s International Policy Director. “We look forward to working with countries to develop national strategies and policy frameworks for how to use Article 6 to further their climate ambitions – and to make new carbon market systems grow even stronger in pursuit of the Paris goals.”


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