Opinion by Mathew Carr
Dec. 13 — The climate won’t be saved without market incentives to drive investment in emission-reduction projects.
The voluntary carbon markets are too complicated and not fit for purpose. Investors need carbon demand signals, preferably demand signals from the biggest countries and for credits with a UN stamp!
Article 6 of the Paris climate deal can provide the global gravitas to make the markets work better. 6.2 covers bilateral cooperation between nations or groups of nations. 6.4 covers a new global carbon market. 6.8 covers not markets such as carbon taxes (which will still have market impacts).
LinkedIn:
UN envoys don’t give up. Sticking to the 1.5C global carbon budget is important. So is the post-2050 carbon budget.
What is the post 2050 carbon budget? Let’s assume the world gets to net zero by 2050 …what is the maximum emissions per year we can have globally after 2050 to keep to net zero? That is, what is the maximum that the world can absorb each year if we get removals working as hard as possible by the middle of the century?
Royal Dutch Shell’s 2050 sky2050 scenario suggests emissions of about …17 billion tons a year …THAT is the number that investors need?!
https://carrzee.org/2023/12/01/why-phasing-out-fossil-fuels-makes-no-sense-in-2023-phasing-down-does-shell-analyst-hone/
David Hone (Shell) do you want to comment …I know the scenario is not a prediction?
I’m not saying 17 billion tons a year because of this chart … https://wordpress.com/posts/carrzee.org?s=pincer
I’m saying it because David Hone said fossil fuels will probably still be about one third of current levels in 2050 (it’s not a prediction but a scenario). This is just what net-zero means.
And I’m saying this because I’m being told by smart people that you can’t create a global carbon currency because the carbon budget … which defines the scarcity … can be gamed (in the period through 2050).
I’m not saying it can’t be gamed … what I’m saying is that even if it is gamed …we should still try…and we now have a little time to try …right? And, then we have post 2050 to repair any flaws.
IISD: As of Tuesday night: http://enb.iisd.org/united-arab-emirates-climate-change-conference-cop28-12Dec2023
OK sinks probably can’t jump this much this quickly…but you get the idea! Article 6 rules will help!
IISD snips
