Latest news with #Article6
Scoop
2 days ago
- Business
- Scoop
Flexibilities In 2040 Target Risk Breaking The EU Carbon Market
The EU's Emissions Trading System is essential to meeting the European Union's 2040 climate target. Watering the EU ETS down with international carbon credits or carbon removals will prove fatal, concludes a study commissioned by Carbon Market Watch. Under pressure from industry and pro-business stakeholders, the European Commission has been toying with ways to water down the EU's long-delayed 2040 climate target, which is due for release in July, without officially diluting it. Among the options being considered is to allow the use of international carbon credits generated under Article 6 of the Paris Agreement for use towards the 2040 climate target or the European climate goal in the nationally determined contribution (NDC). These Article 6 credits, just like carbon removal credits, could be considered for use in the EU ETS. However, a new study commissioned by Carbon Market Watch through the LIFE Effect project and conducted by the Oeko Institute, which considers the contribution of the EU ETS to the 2040 climate target, reveals that not only are such adjustments unnecessary, they would likely be counterproductive. 'The EU ETS has only recently reached a meaningful carbon price that, while not perfect, made the carbon market a more powerful climate tool. This latest research confirms that the ETS is well-equipped for its mission of reducing emissions for at least another decade,' says Sam Van den plas, CMW's policy director. 'Boosting ETS market liquidity can't come at the cost of the climate. Reforms must build trust in the ETS and keep the EU on track for its 2040 and 2050 climate goals.' Quick fix or in a fix? The Oeko Institute study models various climate scenarios and strategies for calibrating the Emissions Trading System to the new reality of the 2040 climate target, including enabling polluters to use international credits or carbon removals on the EU ETS. These risky options could undermine the environmental effectiveness of the ETS, the analysis concludes. The current configuration provides a cost-effective means for the European economy to decarbonise by both putting a price on emissions and channeling that revenue into climate action and investment in Europe. Meddling with the scheme runs the risk of slowing or scuppering efforts to reduce the carbon footprint of the sectors covered by the ETS s and reducing investment within the EU through the purchase of credits abroad. For international credits, the EU has been here before. In the early years of the EU ETS, polluters were allowed to use carbon credits generated by the Kyoto Protocol's Clean Development Mechanism (CDM) to offset part of their emissions. This practice led to the depression of carbon prices and delayed the decarbonisation of the bloc's heavy industry. The fact that some CDM credits will migrate to the new Article 6 carbon market raises the spectre of dilution and delay once again. Moreover, using international credits enables the EU to renege on part of its obligation, enshrined in the European Climate Law, to reduce domestically its carbon footprint, removing the responsibility of large European polluters to decarbonise instead of offsetting. The study also finds that it would be misguided to introduce carbon removals into the EU ETS, as the price on the ETS for industrial installations will not be high enough to incentivise the development of the high quality, permanent carbon removals needed to reach net zero by 2050. As recommended by the European Scientific Advisory Board on Climate Change (ESABCC) and as long advocated by Carbon Market Watch and its allies, setting separate targets for gross emissions reductions, permanent removals and land-based removals within the EU's 2040 climate target is the first step to ensuring emissions reductions occur alongside the development of high-quality carbon removals. Any integration of carbon removals in the ETS poses the risk that efforts to slash emissions today will be scaled back in favour of carbon removals tomorrow. This would, in turn, increase pressure to allow cheap and volatile natural sequestration, with its doubtful climate impact, in the future. When it comes to the EU ETS for road transport and buildings (ETS2), the report concludes that uncertainties surrounding how the new market will function and how fast emissions will fall from these two sectors means that ETS2 should be left to function and observed for several years before any changes are considered to avoid unnecessarily weakening the system. The existing safeguards in place to prevent high ETS2 prices must be accompanied by strong social climate plans under the Social Climate Fund and the dedication of all ETS2 revenue to socially targeted investments and income support to help people to decarbonise. Stability, not liquidity Two mechanisms govern the liquidity of the EU ETS: the Linear Reduction Factor (LRF), which sets the annual rate at which the cap or maximum emissions are reduced, while the Market Stability Reserve (MSR) is designed to temporarily hold excess pollution permits which are cancelled if oversupply continues or are injected back into the market if the carbon price spins out of control. The study concludes that both mechanisms are performing their roles satisfactorily and do not need any adjustments until at least 2035. Any premature watering down of either risks depressing the carbon prices and stalling decarbonisation. Don't break it Based on the findings of the study, CMW has produced an accompanying briefing which makes a number of recommendations. These can be summed up in a few words: don't break the EU ETS. This involves excluding international carbon offsets and carbon removals from the scheme. It also involves not tampering with the MSR or LRF until at least 2035. About LIFE Effect Led by Carbon Market Watch, LIFE Effect puts civil society across the EU in the driver's seat to help national policymakers navigate the design of socially fair and environmentally effective carbon pricing and revenue use for buildings and road transport
The Star
04-06-2025
- Business
- The Star
Singapore and Philippines to expand collaboration in renewable energy, sustainability and healthcare
MANILA: Singapore and the Philippines will deepen their collaboration in several areas, including renewable energy, sustainability, healthcare and civil service development. Prime Minister Lawrence Wong and Philippine President Ferdinand Marcos Jr announced this at a joint press conference on Wednesday (June 4), the first day of an introductory visit to Manila by PM Wong. At the press conference at Malacanang Palace following their meeting, PM Wong thanked President Marcos for his invitation to visit and said the bilateral relationship 'has never been better'. 'It is a partnership that has been carefully nurtured over the decades by successive generations of leaders and officials,' he said. 'It is built on a high degree of mutual trust and respect, and it has enabled mutually beneficial cooperation over a wide range of areas, for example in trade and investments.' On renewable energy, the two countries agreed to deepen both bilateral and regional cooperation, and to accelerate efforts towards realising the Asean power grid. This is a plan to connect the electricity networks of the group's 10 member countries to enable cross-border power trading by 2045. Marcos said Singapore will continue to be a major partner in the Philippines' aspiration to diversify its energy sources, and hailed the robust ties between the two countries. PM Wong said Singapore companies are interested in renewable energy in the Philippines, including solar and wind projects. 'Such projects can generate economic opportunities for the Philippines, while supporting the Philippines' renewable energy targets,' he added. On the sustainability front, the two countries are working to finalise a legally binding implementation agreement for cross-border carbon credit transfers that is aligned with Article 6 of the Paris Agreement. The Paris Agreement governs international cooperation to tackle climate change, and includes guidelines for countries to trade carbon credits to meet their climate targets. An implementation agreement will facilitate commercial participation in carbon credit projects, which can spur technology transfer, green investment and create good jobs, said PM Wong. Prime Minister Lawrence Wong is on an official visit to the Philippines on June 4, 2025, on invitation from President Ferdinand Marcos Jr, where the two countries agreed to deepen collaboration on energy, sustainability and healthcare. The two leaders also said their respective health ministries are exploring ways to deepen health cooperation, such as in upskilling and the reintegration of returning Filipinos into the Philippine healthcare system. Marcos expressed his appreciation that Singapore has ensured the welfare, safety and security of the over 200,000 Filipinos working in the city state, while PM Wong said Singapore is committed to being a good second home for them. 'They live and work in Singapore, contributing to our economy and society and enriching our cultural diversity,' said PM Wong. 'I conveyed to the President Singapore's appreciation for their invaluable contributions, especially the Filipino healthcare workers who stood with us during the Covid-19 pandemic.' Marcos noted that the two sides are working to conclude an agreement on health cooperation and a digital leadership programme between the Philippine Civil Service Commission and the National University of Singapore (NUS). Besides NUS' leadership programme, PM Wong said Temasek Foundation has also been active in the healthcare space in Taguig City – which is to the east of Manila – and the two countries will continue to step up cooperation in this field. Both countries also agreed to work 'shoulder to shoulder' at the Asean level, so as to accelerate regional integration and unlock the grouping's full potential, said PM Wong. The Philippines can count on Singapore's full support for its Asean chairmanship in 2026, he added. 'We will coordinate closely, because Singapore takes over from the Philippines the Asean chairmanship the following year,' he said. Prime Minister Lawrence Wong is on an official visit to the Philippines on June 4, 2025, on invitation from President Ferdinand Marcos Jr, where the two countries agreed to deepen collaboration on energy, sustainability and healthcare. During their meeting, the leaders reaffirmed the excellent bilateral ties between the two countries, exchanged views on regional and global developments, and underscored the importance of strengthening cooperation towards a more resilient Asean, said Singapore's Ministry of Foreign Affairs in a statement. At an official dinner held in his honour, PM Wong noted that this was his first bilateral visit since Singapore's recent general election, and also his first visit to the Philippines as prime minister. Mrs Wong and Mrs Louise Araneta-Marcos were also at the dinner. He said the visit came as the two countries have become more connected than ever, having signed an upgraded Singapore-Philippines air service agreement in May 2024. The agreement, which raised the number of code-share services between the two countries by Singapore and Philippine airlines from 35 to up to 150 flights, will enable more exchanges between the two peoples, said PM Wong. 'The Singapore-Philippines partnership is built on firm and growing connections between our countries,' he said in a toast speech. 'And I look forward to working with President Marcos Jr to take it to even greater heights.' - The Straits Times/ANN
Muscat Daily
29-05-2025
- Business
- Muscat Daily
CAA, IATA hold workshop on sustainable aviation emissions in Oman
Muscat – In collaboration with the International Air Transport Association (IATA), the Civil Aviation Authority (CAA) on Wednesday hosted a workshop focused on the implementation of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) in the Sultanate of Oman. Titled 'Understanding and Implementing the Requirements of CORSIA in the Sultanate of Oman,' the workshop aimed to raise awareness among key stakeholders about the global framework and its potential to deliver both economic and environmental benefits for the country. CORSIA, a programme under the International Civil Aviation Organization (ICAO), is designed to cap carbon dioxide emissions from international flights at 2020 levels by requiring airlines to offset any increase in emissions beyond that baseline. The workshop highlighted the alignment of CORSIA with international climate agreements, particularly the United Nations Framework Convention on Climate Change (UNFCCC) and Article 6 of the Paris Agreement. Participants were briefed on compliance requirements and the broader implications of CORSIA on the global carbon market and sustainable development initiatives. Key sessions focused on identifying and developing eligible projects under the CORSIA framework, with case studies from the Global Carbon Council and examples of Omani initiatives. These discussions explored ways to integrate local offsetting efforts with international mechanisms, encouraging collaboration among regulators, airlines, and project developers. The event also served as a platform to explore opportunities to expand Oman's participation in the global carbon market through aviation-related sustainability initiatives. It aimed to equip stakeholders with the knowledge and tools to develop, endorse, and implement CORSIA-compliant projects that align with the country's climate and development goals. The outcomes of the workshop are expected to support the creation of new carbon offset projects in Oman, foster cross-sector cooperation, and strengthen the nation's environmental credentials in line with best global practices.
Euronews
28-05-2025
- Business
- Euronews
The Qatar Economic Forum fuels ambition and innovation
In this episode, Laila Humairah interviews financial elites, policymakers and deal-making executives who showcase cutting-edge innovations that contribute to sustainable growth. ㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤ ㅤ ㅤㅤ ㅤㅤ ㅤㅤ ㅤㅤㅤ ㅤㅤ ㅤㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤㅤㅤㅤㅤㅤ ㅤㅤㅤㅤ ㅤㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤㅤㅤ ㅤㅤㅤ ㅤㅤ ㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤㅤㅤㅤㅤ ㅤㅤㅤㅤㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤㅤㅤ ㅤ ㅤㅤㅤ ㅤ ㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤ ㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤㅤ ㅤ In this episode of Energy Frontiers, COP29 President Mukhtar Babayev calls for urgent climate action and accountability from world leaders ahead of COP30 in Brazil. Speaking to Euronews, Babayev stresses the need to move beyond pledges and into implementation—highlighting outcomes from COP29 in Baku, including a $300 billion climate finance target and progress on Article 6 carbon markets. With climate leadership fragmented and global emissions still rising, Babayev says 2025 must be a turning point: 'It's time for developed countries to deliver real support to the developing world.'
Saudi Gazette
28-05-2025
- General
- Saudi Gazette
Saudi Arabia studies ways to combat forest fires and promote sustainability
Saudi Gazette report RIYADH — The National Center for Vegetation Cover Development and Combating Desertification (NCVC) has completed a study titled "Methods of Preventing Forest Fires and Addressing Their Impacts in the Southern and Southwestern Regions of Saudi Arabia," in collaboration with King Khalid University and Monash University in Australia. This study is part of its efforts to enhance forest protection and reduce the risk of fires, in order to achieve environmental sustainability goals. The study included a comprehensive assessment of forest conditions, the creation of a digital database, and the development of an integrated action plan that includes relevant agencies, defining the tasks of each agency. It utilized modern technologies such as early warning and drones. It also presented field designs and sustainable alternatives for creating strategic corridors, developed a guide for post-fire forest rehabilitation, established an organizational structure for a joint operations room, and activated the role of the community and volunteer teams in prevention and control. It also placed particular importance on community engagement, by developing a comprehensive mechanism that enables community volunteer teams in forest areas to effectively contribute to prevention and control efforts through training, qualification, and integration with the work of official agencies. This study represents a distinguished model of institutional, technical, and societal integration in the field of forest development and protection. It affirms Saudi Arabia's commitment to preserving its natural resources and confronting the challenges of climate change, reflecting a strategic vision that seeks to achieve a balance between development and the protection of ecosystems. The National Center for Vegetation Cover Development and Combating Desertification is working to enhance the presence of sustainable vegetation cover in forests. It has adopted an initiative to plant 60 million trees, equivalent to rehabilitating 300,000 hectares by 2030. In addition, it works on the executive regulations for vegetation cover development and combating desertification, through Article 6 on forest regulations. This aims to prepare and implement a national plan for sustainable forest management, work to protect, preserve, and develop forests, and regulate grazing in forest lands.
