European carbon market reform Must Succeed in Reality

by CMWEU carbon marketPosted on Comments are Disabled

In February members of the European Parliament voted to start the reform of the EU’s carbon market by 2019, and put almost 1.4 billion pollution permits that were due to come back to the market by 2020 directly into the new market stability reserve (MSR). Unfortunately the reform does not provide a structural solution for the lacking environmental effectiveness of the EU ETS, as around 800 million surplus allowances are allowed to flow back to the market again before 2030, diluting the EU’s 2030 target by 3%.

European Commission publishes vision on the Paris Protocol to tackle climate change

by CMWAviation, EU carbon market, Global markets, Land use and forestryPosted on Comments are Disabled

Today, the European Commission (EC) has published a first glimpse of the mitigation contributions the EU intends to contribute to the Paris Protocol. The Communication launched today entitled “The Paris Protocol – A blueprint for tackling global climate change beyond 2020” includes a proposal for the EU’s proposed Intended Nationally Determined Contribution (INDCs) prepared in …

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European Parliament takes a step to knock out Europe’s toxic tonnes…later than sooner

by CMWEU carbon marketPosted on Comments are Disabled

Brussels 24 February. Today the European Parliament’s environment committee took the first steps to reform the EU’s Emissions Trading System. Following intense pressure from forward looking investors and civil society, policymakers agreed to curb the total amount of pollution permits in the system that would otherwise flood the market by 2020. This is expected to result in a stronger carbon price signal in order to let the polluter pay and support climate friendly investments in Europe. Policymakers unfortunately failed to agree to a timely start of the new Market Stability Reserve which will only become operational by 2019.

Command-and-control measures pending negative ETS reform vote

by CMWEU carbon marketPosted on Comments are Disabled

On Tuesday 24 February, Members of the European Parliament will cast a crucial vote on the future of Europe’s flagship climate instrument, the EU’s Emissions Trading System (EU ETS). Failure to reform Europe’s carbon market could sink the emerging network of global carbon trading systems and have profound consequences for the success of the international climate summit in Paris at the end of this year.

Carbon offsets from Alberta’s tar sand operations threaten integrity of EU’s new fuel standards

by CMWEU carbon marketPosted on Comments are Disabled

In December 2014 implementing rules to achieve the CO2 reduction target of oil suppliers in Europe were adopted. The newly adopted fuel standard opens doors for oil companies to use questionable offsets, including from heavily contested activities related to tar sand exploitation in Alberta. It is now up to EU Member States to take the red pen when transposing the rules into national law and avoid the CO2 reduction target to be severely undermined.

Launch of Korean ETS underlines the need for linking safeguards

by CMWEU carbon marketPosted on Comments are Disabled

This month, South Korea became the second Asian country after Kazakhstan to officially start a national carbon market. The first carbon allowances that were traded on the Korea Exchange were sold at a similar price to that in Europe’s emissions trading system (EU ETS). South Korea’s ETS could therefore be a good candidate for linking with EU’s carbon market now that the EU is looking at linking as replacement for the barred use of international offsets. While linking can have significant consequences for the integrity of the EU ETS, the European Parliament is currently not in a position to scrutinize the linking negotiation process.

Press Release: New report shows carbon offsets from Alberta’s tar sands jeopardize EU fuel quality rules

by Femke de JongEU carbon marketPosted on Comments are Disabled

Brussels, 17 December 2014. Today, the European Parliament adopted the proposal to implement the Fuel Quality Directive (FQD), opening doors for the use of offsets associated with Alberta’s tar sands. A report launched today shows how the oil companies’ lobby succeeded in watering down the measure, allowing their activities in Alberta’s tar sands to count towards achieving their EU decarbonisation obligations.

Media statement: EU leaders broker climate deal at expense of climate integrity and tax payers

by CMWEU carbon marketPosted on Comments are Disabled

24 October 2014, Brussels. Today’s decision on a 40% greenhouse gas reduction target by 2030 is contaminated by excess emission allowances from the current system that will water down the real-world reduction to 31%. EU leaders agreed on new trading options that avoid necessary mitigation measures in important sectors such as transport and buildings. At the same time they agreed on subsidies to manufacturing industries in the form of free pollution permits that could reach up to €300 billion between 2021-2030.

Media advisory: Integrity of Europe’s 2030 climate target in limbo over choice of flexibility options

by CMWEU carbon marketPosted on Comments are Disabled

Scroll down for French and German Brussels, 20 October. This week EU Heads of State are expected to agree on new headline targets for the EU’s 2030 climate and energy framework, including a target to reduce the EU’s greenhouse gas emissions by at least 40% by 2030 within the EU’s territory. Flexibility options to make …

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