Update 1 July: Verra published a statement in response to this report, questioning its findings and accusing it of using flawed methodologies. Our response to Verra is available here. Executive summary The Colombian government adopted a carbon tax of approximately US$5/tCO2e covering fossil fuels in 2016. Companies can avoid paying the tax by purchasing carbon …
Article submitted by Carbon Market Watch and published in issue #6 of ECO – the COP 21 NGO daily Newsletter ECO understands that several Parties are trying to get the high score for the new video game CAPMAN–our cute climate superhero fighting against Hot Air villains. Today’s winners are five EU countries (Denmark, Germany, the …
Paris, 4 December 2015. The Kyoto Protocol is currently suffering from an 11 gigatonne hot air loopholes that undermines its environmental effectiveness. In this context, Denmark, Germany, the Netherlands, Sweden and the United Kingdom today announced that they will cancel part of their pre-2020 surplus units (AAUs) under the Kyoto Protocol.
Paris is hosting the 21st climate summit and the hopes are high that the conference will produce a new climate treaty to help keep global warming to below dangerous levels. The measure of success of the Paris climate treaty hinges on its ability to promote new climate actions while containing the dangers that hot air …
Paris, 2 December. Today, Carbon Market Watch and Pixel Impact launch the new COP21 video game CAPMAN. The interactive video game about the superhero CAPMAN, the heroic embodiment of real climate action, is promoting actions that limit CO2 emissions and cap global warming at 1.5C. The game is accessible at www.cap-man.net and will be launched at 7pm CET at the EU Pavilion in the COP21 venue.
CAPMAN is promoting actions that will limit emissions of CO2 and cap global warming at 1.5C. CAPMAN wants to make sure our planet remains a liveable and beautiful environment. However, like every superhero, CAPMAN has some evil enemies that are determined to stop him
A key consideration for the Paris treaty is how to incentivize real additional climate action while avoiding the laundering of bogus hot air credits. Under the Kyoto Protocol the lack of environmental integrity in market mechanisms has resulted in an 11 gigatonne hot air loophole. These hot air units are called AAUs which will not pose a problem for the Paris climate treaty since they cannot be used after 2020. However, the fate of the hot air units of existing domestic emissions trading systems still hangs in the balance.
Since carbon markets make it cheaper to reduce emissions, some countries argue that they can take on higher targets if they use carbon markets. But to date this hope has been in vain: carbon markets have not led to higher commitments. On the contrary, mitigation commitments have been woefully inadequate, cap-and-trade systems have been severely oversupplied and offsetting mechanisms have been tarnished by insufficient environmental quality.
A key consideration for the Paris treaty is how to incentivize real additional climate action while avoiding the build-up of “hot air”. The lack of environmental integrity of market mechanisms under the Kyoto Protocol -such as the Joint Implementation- has undermined the viability of this international climate treaty. Similarly, experience with emissions trading systems to date shows that they are severely oversupplied and have accumulated a large amount of hot air permits. How can we avoid the problems of the past and keep hot air out of the Paris climate treaty + the EU’s climate policies?
A new study by the Stockholm Environment Institute (SEI) finds that bogus carbon offsets issued under the Kyoto Protocols’ Joint Implementation (JI) offsetting mechanism to date have increased global emissions by 600 million tonnes CO2 to date. The study came timely ahead of the ongoing round of climate talks in Bonn, concluding tomorrow, where countries need to work ensure that the new Paris climate treaty is not undermined, as Kyoto was, by hot air carbon credits.