latest from CPLC
Carbon pricing – in the form of a carbon tax or an emissions trading system – has become a tool increasingly used by governments to address climate change. There’s also growing momentum in the private sector. The latest C2ES report, “The Business of Pricing Carbon,” finds that companies across sectors and geographies are increasingly adopting internal carbon pricing as one tool to prepare for the business-related physical and transition risks of climate change and take advantage of the opportunities in a low-carbon future. As an indicator of this trend rising on the corporate agenda, as of 2017, almost 1,400 companies disclosed to the CDP that they are currently using an internal carbon price or plan to do so in the following two years.
When on Wednesday evening I left the Carbon Forum North America (CFNA) I felt a rare sense of hope and intellectual excitement. It was not only the inspiring commitment of many political and business leaders to meaningfully tackle carbon emissions or the shared agreement displayed in many panels on the way forward. There was a belief that despite the results achieved in many businesses, national and subnational realities, there is a lot more that can be done if we use the right key(s). The type of keys I am looking at are behavioral ones.
The momentum for climate action is strengthening across the financial sector, with pension funds, banks and asset managers embedding climate change impacts into mainstream finance activities. On the one hand, the financial industry is reacting to carbon pricing regulations, which exposes investments in fossil-fuel companies and other carbon-intensive industries to previously unforeseen costs. On the other hand, the recognition that physical climate change impacts are becoming a systemic risk across the broader economy makes powerful stakeholder groups, risk departments and valuation teams more attentive to the link between a changing climate and asset value. Finally, the need to disclose climate change-related risks by corporates is also being advocated or required by regulators, encouraged by the Financial Stability Board’s Task Force on Climate-related Financial Disclosures. Given the Turkish government’s considerations of introducing national carbon pricing legislation at some point, the case for pricing exposure to carbon for an institution like Garanti Bank is apparent.
The Latin America and the Caribbean region is moving quickly to introduce market incentives as a component of their climate change mitigation policy, for example, 24 countries have identified fiscal measures as a tool to implement their Nationally Determined Contributions (NDCs). However, without a doubt, the Pacific Alliance countries are leading the region.
Mexico City, Mexico, 18 October 2017 – Achieving the goals of the Paris Climate Change Agreement and true sustainable development will take broad-based engagement, especially by the private sector to drive innovation and investment, participants at the opening of Latin American and Caribbean Carbon Forum (LACCF) in Mexico City were told.
8 November 2017, London – At a Global Maritime Forum roundtable in London yesterday, the Carbon Pricing Leadership Coalition and global NGO Carbon War Room, worked with shipping leads from major global financial institutions to explore the challenges of decarbonisation for ship financing.
Putting a value on emissions can lower energy use, write Kenneth Gillingham, Stefano Carattini and Daniel Esty. In July, Yale became the first university to launch a carbon-price programme across its campus. More than 250 buildings, together accounting for nearly 70% of the institution's emissions, will be charged US$40 per tonne of carbon dioxide that they emit as a result of energy use. Buildings that reduce their emissions more than the average will receive a share of the funds collected.
Washington, DC, November 1, 2017 — More and more countries and sub-national jurisdictions are putting a price on carbon but the level of action must ramp up significantly to help the world meet its Paris Agreement targets, says a new World Bank report.
Launched just ahead of the UNFCCC’s Climate COP23 in Bonn, the annual review: State and Trends of Carbon Pricing 2017, presents good and not-so-good news.
A consultative dialogue was organized by the Carbon Pricing Leadership Coalition (CPLC) in collaboration with the African Development Bank, the UNFCCC and the German Ministry of Environment on Oct 5-6, 2017, to discuss the role and potential for carbon pricing instruments in African economies. It gathered about 25 public and private sector experts from various African countries, including Benin, Cameroon, Democratic Republic of Congo, Cote d’Ivoire, Ethiopia, Kenya, Senegal, South Africa, Zambia, and Zimbabwe.
The findings, interpretations and conclusions expressed here do not necessarily reflect the views of the Carbon Pricing Leadership Coalition (CPLC). Many of the links on this blog will take you to sites operated by third parties. CPLC cannot guarantee the accuracy or reliability of any information, data, opinions, advice or statements meant on these sites.