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Oct. 30, 2020 — LONDON — Collapsing climate and plunging employment — the world’s supposedly smartest politicians still don’t seem to get it. Desperate to deal with a global pandemic that’s shuttered huge chunks of their economies, governments are STILL favoring the fossil fuels that are threatening the future health of their voters and the pleasant existence of the climate as we know it. This fascinating chart from Wartsila, the Finnish energy-technology company, shows just how dire the situation is: Don’t get me wrong. I fully realise fossil fuels are needed for years, even decades, to come. Many environmentalists don’tContinue reading “U.S. and U.K. Coronavirus Stimulus Money Focuses on Fossil Fuels Rather Than Clean Energy, Missing a Jobs Rebound”

Oct. 25, 2020 — LONDON — Listen to climate activist Greta Thunberg (and many others), and you’d think the world is way too greedy and selfish to save the climate. Global cooperation is close to dead, they say. And until now, I might have agreed … but something’s happening in the world of United Nations climate politics to make me much less certain. What’s cool is that Switzerland and Peru, for instance, are allowing at least some international — UN level — scrutiny of a trail-blazing carbon-trading arrangement, according to the contract published on the Swiss-government website. Sure, things areContinue reading “Here’s How Proper Climate Action Can Help Right a Few of the World’s Wrongs, Including Racism and Protectionism (3)”

— Seven Countries on a Fast-Track Energy Transition Will Boost Demand For Compliance AND Voluntary Carbon Credits —Agribusiness and Mining Companies Can Tap Even Cheaper Loans if They Buy UN, Gold Standard and Other Carbon Credits By Mathew Carr Oct. 20, 2020 — LONDON — A $1 billion finance package to help cut emissions in seven emerging countries has been structured also to stoke demand in struggling carbon markets. It shows how at least some governments are inclined to try new types of relationships with industrial companies, development institutions and private banks to win finance that will speed up theContinue reading “The Game-Changing Carbon Pricing Program That Nearly Didn’t Get Off the Ground (1)”

Oct. 20, 2020 — LONDON — Rich countries’ preference for offering climate finance via loans and carbon markets is seen getting in the way of an ambitious global climate deal next year. When developed nations promised in 2009 to pay $100 billion of climate assistance a year by 2020 to developing countries, the emerging nations mostly expected to get the money in the form of grants, Tracy Carty, senior policy adviser, climate change, at charity Oxfam, said in an interview. Instead, the true value of money provided by developed countries to help developing nations respond to the climate crisis mayContinue reading “Rich World Seen on Notice to Justify its Frugal Climate-Finance Habit”

By Mathew Carr Oct. 13, 2020 — LONDON: The future of energy and climate policy around the world is still hazy, but it’s coming into much sharper focus. That’s a relief for investors, who are pushing politicians and industry leaders to become more brave and more ambitious as they consider climate action. A global template is beginning to fall into place. Politicians in Europe have used a mix of policies to achieve big reductions in emissions the past few decades. Germany subsidised solar power, while Britain supported offshore wind generation. While this government assistance was indeed costly, those forms ofContinue reading “Taking the Political and Financial Fear Out of Climate Action — How Carbon Pricing Will Help Decarbonise Asia Like It’s Already Cleaning Europe (2)”

SHORT REPORT:Oct. 9, 2020 – London – The European Union has about 1 trillion euros of “shovel ready” green projects in its pipeline that could reach financial close within two years, according to a survey by management and accounting firm EY. The survey covered respondents including about a quarter of the top 30 European construction companies and demonstrates the opportunity available to politicians and investors from the coronavirus pandemic recovery: Climate & Strategy Chief Executive Peter Sweatman, speaking at an online OECD green finance event on Friday about the EY study. The EU is seeking to shift away from fossilContinue reading “Europe Has About 1 Trillion Euros of Green Projects Ready to Go Within Two Years: EY (2)”

By Mathew Carr Oct. 7, 2020 — London — European carbon allowances fluctuated after members of the European Parliament voted for the world’s biggest trade block to adopt a 60% emission-reduction target for 2030. The target, versus 1990 levels, would be 5 points tighter than that proposed by the European Commission. EU carbon allowances immediately surged more than 4%, then erased the increase by the close of the market at 5pm London time, partly because of concern about Brexit negotiations, according to newsletter Carbon Pulse. Finland was among nations immediately on board with the higher level of ambition for 2030,Continue reading “EU Carbon Allowances Jump Briefly After Parliamentarians Push Nations to Adopt Surprisingly Ambitious 2030 Target (2)”

By Mathew Carr Oct. 7, 2020 — London — Traders are making record bets on North American carbon and renewable futures, as Joe Biden leads in polls ahead of next month’s presidential vote. Open interest, a measure of trades that have not yet been closed, is at record levels for the time of year, according to data from ICE, the exchange group with most environmental business. See this snip of a chart on ICE’s website: The chart shows open positions and trading volume for California carbon allowances, Regional Greenhouse Gas Initiative contracts and Renewable Energy Certificates, by month. While theContinue reading “Open Bets on Carbon Futures in North America Are at Record Levels Ahead of Presidential Election”

Oct. 6, 2020 — London: The panel overseeing the main United Nations carbon market delayed key decisions that would have overcome a potential gap in the market’s operation at the end of the year. The Clean Development Mechanism Executive Board considered the implications of the postponement of UN climate talks to November next year because of the coronavirus pandemic, it said in a report detailing the outcome of meetings that took place during the past two weeks in Bonn and virtually. The panel would further consider at a meeting scheduled through Dec. 14 whether emission credits generated “on or after”Continue reading “Risk of Gap in UN Carbon Markets Persists After Panel Delays Key Decisions”

By Mathew Carr London — Oct. 2: Patricia Espinosa, executive secretary at the UNFCCC, said Friday the Kyoto Protocol would be extended through this year. The missive shows multilateral climate talks have not completely fallen off track. With the extension (known as the Doha amendment) secure, UN climate envoys can more easily finish the complicated task of agreeing international accounting and carbon-trading rules under the Paris climate deal. This will stop two countries claiming the same emission reduction, for instance. At talks in Madrid late last year, UN envoys considered allowing a certain portion of emission credits created during theContinue reading “The Paris Climate Deal Might be About to Get a Bit Bitey … Finally (2)”

REPORT SHORT:Oct. 2, 2020 — London — More money in a small United Nations loan program to encourage renewable energy in developing nations was written off than repaid. The Clean Development Mechanism Loan Scheme was launched in April 2012. About $1.6 million was written off, while $1.3 million was repaid, according to a report being considered through Monday at a meeting of administrators of the CDM, the UN carbon offsetting market. A fundamental assumption underpinning the program was that once the CDM projects had achieved registration, the loans would be repaid using the proceeds from selling Certified Emission Reduction creditsContinue reading “Attempt to Loan Money Against UN Emission Credits Hit by Defaults”