Adapting to the new normal
The world is in an ambiguous state, cautiously envisioning a post-pandemic world, while slowly re-building the new-normal. We have all had to integrate aspects of our pre-corona lives with necessary adaptations for a post-Covid life. It’s not just us as individuals which are adapting: organisations and businesses are emerging in new markets, discovering new arenas for growth opportunities while continuing to serve members and clients.
IETA is no exception. In recent years, several Latin American countries have successfully implemented carbon pricing and, while many are in the early stages of adopting their ETS compliance programmes, there is unique momentum in the region fueled by engagement opportunities for international cooperation and private investment. It is therefore a great pleasure to announce that IETA has launched a Latin America and Caribbean Task Force, to drive meaningful, intentional and structured engagement with our members. It is our goal to establish a credible and trustworthy voice in regional climate markets and to present best practices to serve multi-sector business perspectives. We are proud to maintain a strong partnership network, broaden the pro-market stakeholder community, and further develop market opportunities in the region.
This new IETA platform will serve as a regular disseminator of regional policies while showcasing business projects, market analyses, innovations, and match-making opportunities in Latin America and the Caribbean. Additionally, the platform will display salient business carbon pricing news, studies, virtual events and initiatives. A sample of the Task Force’s priorities can be found in our work on Article 6, carbon club pilots, regional market and alignment opportunities, including tax to ETS transitions that are progressing in Mexico, Colombia and Chile.
Furthermore, the Task Force fully supports the Natural Climate Solutions (NCS) opportunities in the region. Launched at COP 25, by request from our members, IETA’s Markets for Natural Climate Solutions initiative to support global carbon markets, enable private NCS investments at scale, and deliver the Paris Agreement goals. The initiative empowers local communities through driving co-benefits and compliance demands.
The initiative is in its pilot phase, and is currently operational in Colombia, Mexico, Canada, South Africa, the UK, Singapore and Australia. Through a series of NCS option papers, exploring domestic contexts, market pathways, and local business and NGO support, IETA is working with governments to provide viable NCS solutions including tax and ETS systems and private sector investments. Contact us to learn more and to get involved!
Natural Climate Solutions Market Development Advisor
For more information about IETA and our work, check out www.ieta.org
IETA Live: Carbon Market Virtual Series
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IETA Member's Corner
How is Carbon Finance Labs involved in the carbon market?
Carbon Finance Labs is a start-up created by the Oxy Low Carbon Ventures, the low carbon venture capital group of Occidental Petroleum, a large US oil, gas and chemicals company with global operations.
Carbon Finance Lab helps reduce atmospheric carbon for oil and gas companies with innovative solutions. The oil and gas sector knows that having a social license to operate means being part of climate solutions. Change is required and inevitable.
This means new thinking about solutions and partnerships. Carbon Finance Labs creates products, markets and marketplaces using economics and finance as the feedback loop to make things happen at scale.
Why did you join IETA?
Carbon Finance Lab needs help training and educating our partners in the oil and gas sector on the role they can play in climate solutions. At the same time, we need to communicate our economic innovations and opportunities to the broad climate world.
IETA helps educate our partners and teams about the carbon markets and economic drivers for opportunity. We look forward to collaborating with IETA to share our economic innovations and tools with the broader climate market.
David Ungar and Nick Gogerty
Carbon Finance Lab
IETA's Carbon Market Business Briefs offer an easy-to-read overview of the world's carbon markets. Aimed at business executives, these briefs outline the coverage, deadlines, penalties, flexibilities, trading dynamics and other features for each market. The briefs provide commentary from local IETA members and partners on recent market developments, and enable simple at-a-glance comparisons for business.
This year's GHG Market Sentiment Survey offer a snapshot of the impact that carbon market practitioners expect Covid-19 to have on prices and an outlook for the years to come. It also surveys how many businesses are adopting net zero targets and how they plan to meet these goals. This year's survey also, for the first time, included responses from IATA members on the development of CORSIA.
IETA's Council released its guidance on net zero ambition, highlighting its support for the Paris Agreement and the role for markets in achieving net zero. This commitment to net zero will be adopted into IETA's working groups and guide the organisation's work going forward.